, /PRNewswire/ -- The global size is calculated at in 2023 and is expected to be worth around by 2030, growing at a CAGR of 6.3% from 2023 to 2030, according to Coherent Market Insights. Growing trend of streaming services and need for powerful decoding capabilities among STBs is anticipated to boost the demand for STB chipsets during the forecast period.
The STB chipsets allow integration of Wi-Fi, Bluetooth, voice control and apps which enables access to internet content, OTT platforms and smart home devices, thus fueling their adoption across residential as well as commercial sectors. The Set Top Box (STB) Chipset market is primarily driven by growing digitalization of cable TV services and rising adoption of HD channels. Digitalization allows consumers access to value added services such as video-on-demand and ability to pause live TV.
Additionally, digitalization helps cable operators in reducing operational costs through improved bandwidth management and targeted advertising. Furthermore, rising demand for HD content due to increasing disposable income of consumers globally is another factor fueling the market growth. For instance, cable TV operators in countries such as U.
S., , are offering bundled services with high-speed internet along with HD and Ultra-HD subscription packages to attract more customers. There is growing demand for over-the-top (OTT) streaming devices with the proliferation of smart TVs and streaming applications.
OTT devices such as Amazon Fire TV s.