4K STB market expected to hit $3.65 billion by 2024 (hopefully, by then we’ll have a 4K Apple TV)

The global 4K Set Top Box (STB) market size is expected to reach $3.65 billion by 2024, according to a new report by Grand View Research. Hopefully, by then, we’ll have an Apple TV that supports 4K.

Content providers have begun offering sharper and immersive video content to the consumers on account of “significant breakthroughs” in the 4K technology, according to Grand View Research. Large scale penetration of smart TVs has proved to be instrumental in escalating the demand for such sophisticated set top boxes. Industry vendors have leveraged on providing set top boxes with enhanced broadcast capabilities on Digital Video Broadcasting-Satellite (DVB-S/DVB-S2) standards, according to the research group.

By the end of 2017, most 50-inch-and-larger TVs worldwide will feature 4K resolution, according to IHS, a global source of critical information and insight. With its comparatively strong economy and consumer penchant for large-screen TVs, 4K TV household penetration in the U.S. will reach 34% in 2019.  However, unlike streaming boxes from Amazon, Roku, and Nvidia, the fourth gen Apple TV doesn’t have 4K capability. That’s not a major problem (yet) because most people don't actually have 4K TVs, and most programming isn't even available in 4K. However, that’s changing rapidly, and Apple likes to “future proof” its products.

Also, the amount of 4K content continues to grow. Netflix and Amazon are shooting their new original series in 4K, and there are some YouTube videos that show off the quality of 4K.

What’s more, I think Apple should Apple offer 4K content on the iTunes Store. This seems like a natural move. After all, the iMac with 5K Retina practically screams for such content. The MacBook Pro line comes, with one exception, with Retina displays. iPhones and iPads have Retina displays. The 12-inch MacBook has a Retina display. 

The iPhone 6s and 6s Plus can film 4K video. iMovie for iOS devices lets you edit that video. And an Apple Thunderbolt 5K Retina Display is a near-certainty for release in the near future (at least I think so, though I’ve been expecting one for a looooong time now).