The worldwide set-top box market is expected to reach $25.45 billion by 2022, according to a report released this month by Grand View Research. The market was at just over $21 billion in 2014, according to Grandview, and is “poised for unprecedented growth over the forecast period owing to rapid adoption of smart TVs and increasing penetration of high-definition channels among consumers.”

Technology proliferation and increasing demand for high-quality picture and sound is at the top of the list for boosting STB market growth. Increasing demand for IPTV models in developed regions from North America and Europe has further bolstered industry growth, the research firm reports, and lower prices of smart TVs and the growing availability of HD channels across all platforms are expected to push demand for advanced STBs.

New regulations around digitization in countries such as India are further expected to increase growth because “these protocols can provide monetary relief to viewers, and in some cases, funding for broadcasters to enable a digital switch over to take place by a given deadline.”

Asia Pacific dominated the global set top box industry contributing to over 35% of the global revenue in 2014, according to Grand View. But it adds that IP transmission recording features and higher storage specifications are expected to ensure a steady growth in North America.