Technological Advancements to Drive the Smart Display Market during 2022–2028
According to our latest market study on "Smart Display Market Forecast to 2028 –Global Analysis – by Coverage Size, Size, Resolution, and Industry," the market is expected to grow from US$ 1,443.74 million in 2021 to reach US$ 11,547.23 million by 2028; it is anticipated to grow at a CAGR of 36% from 2022 to 2028.
On account of smart display’s benefits, it is witnessing growing demand from numerous end-use industries, such as hospitality, retail, healthcare, and automotive. With the increasing use of technologies, the use of smart devices is increasing, which is directly proportional to the growth of the smart display market. With technological advancement, smart display manufacturers add extra elements to tap new applications, such as signage, infotainment, and home and industrial automation. This is encouraging technology pioneers to provide Artificial Intelligence (AI) based smart display solutions. Big hospitality and retail chains are also adopting smart displays to decrease operational costs and reduce staff size. The rising success of smart speakers contributes to the innovation of smart displays. For instance, in April 2021, Google Nest Hub partnered with Guest Supply and Volara. Furthermore, Google Nest Hub provides its contactless guest information and services with Volara’s voice assistant to Guest Supply hotels in the US. The rising adoption of advanced technology by various industries and increasing competition in the market are driving the growth of the smart display market.
The global smart display market is categorized into five regions, including North America, Asia Pacific Europe, the Middle East & Africa (MEA), and South America (SAM). Increasing disposable household income and penetration of Artificial Intelligence (AI) and Internet of Things (IoT) in various industries, such as manufacturing, healthcare, automobile, and hospitality, are driving the market growth. The popularity of online games is increasing among the young population, which is encouraging them to purchase smart displays. Further, the demand for smart displays in luxury cars is rising. All these factors are contributing to the market growth. North America is known for adopting technologies at an early phase. Footprints of players offering smart displays are a major factor boosting the growth of the smart display market size in the region.
APAC is the largest region in the smart display market in 2021 and is anticipated to be the fastest-growing region during the forecast period. APAC comprises several developing economies such as China, India, Singapore, Vietnam, and other Southeast countries and developed economies, including Japan and Australia. Growing manufacturing industries such as electronics and semiconductor in China, Japan, Taiwan, India, and South Korea is forecasted to create lucrative opportunities for the adoption of smart displays.
The smart display market analysis is segmented into coverage size, size, resolution, and industry. Based on coverage size, the market is further segmented into up to 12 inches, above 12 inches - up to 32 inches, above 32 inches - up to 52 inches, and above 52 inches. On the basis of size, the smart display market is segmented into signage, display, and mirror. Based on resolution, the market is segmented into full high definition, ultra high definition, and others. On the basis of industry, the market is segmented into consumer & home appliances, automotive, healthcare, retail, and others.
Smart Display Market Share— by Geography, 2021
Smart Display Market Global Analysis and Forecast 2021, 2028
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Smart Display Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Size (Up to 12 Inches, Above 12 Inches - Up to 32 Inches, Above 32 Inches - Up to 52 Inches, and Above 52 Inches), Type (Signage, Display, and Mirror), Resolution (Full High Definition, Ultra High Definition, and Others), and Industry (Consumer & Home Appliances, Automotive, Healthcare, Retail, and Others)
Smart Display Market Global Analysis and Forecast 2021, 2028
Download Free SampleSmart Display Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Size (Up to 12 Inches, Above 12 Inches - Up to 32 Inches, Above 32 Inches - Up to 52 Inches, and Above 52 Inches), Type (Signage, Display, and Mirror), Resolution (Full High Definition, Ultra High Definition, and Others), and Industry (Consumer & Home Appliances, Automotive, Healthcare, Retail, and Others)
Alphabet Inc.; Amazon.com, Inc.; LG Electronics; LENOVO GROUP LIMITED; Magna International Inc; Panasonic Corporation; Sony Corporation; BenQ Corporation; NEXCOM International Co., Ltd.; and Samsung Electronics Co., Ltd. are among the key players profiled during this study on the smart display market. In addition, several other important market players were studied and analyzed during the course of this market study to get a holistic view of the global market and its ecosystem.
Due to the COVID-19 pandemic, low-income buyers seemed to be less optimistic toward non-essential expenditure, and their spending declined by ~9% in 2020 compared to 2019. This negatively impacted the sales of various consumer electronics products, such as smartwatches, wearable fitness trackers, and smart displays in the US. However, during the Q3 of 2020, the industries started to open, which resumed the supply chain operations. Therefore, the effects of the COVID-19 pandemic weakened North America's smart display market; however, the market experienced a positive impact as the demand for smart displays started growing in the US as the end-user industries started their operations from Q3 of 2020. The COVID-19 pandemic in 2020 had a significant influence on the greater US economy and the technology industry. With investments in health care, public safety, and other public facilities, the technology sector is predicted to do well, and the residential segment is expected to recover more quickly. Because smart displays are widely utilized in smart homes, the factors listed above will aid the smart display market's recovery from the COVID-19 pandemic.
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