According to the research outfit, the proliferation of set-top technology and growing demand for high-quality pictures and sound will boost the market, with increasing demand for IPTV boxes in mature regions and growth in HD further bolstering growth.
Digital switchover in countries including India will further boost demand for boxes, particularly in cases where the supply is subsidised by governments.
According to the research group, digital-terrestrial boxes accounted for over 25% of market revenue in 2014. Regionally, the Asia Pacific market accounted for over 35% of 2014 revenues, with this market expected to grow at a compound annual growth rate of almost 2.5% between now and 2022.
HD devices were estimated to account for over 60% of global industry revenue in 2014.
IP transmission features and higher storage specifications are expected to deliver revenue growth in the North American region over the next few years, according to the group.
According to Grand View Research, procurement costs and the cost of pay channels could have some negative impact on growth.