smart display Market

The Smart Display market is expected to reach US$ 11,547.23 million by 2028 from US$ 1,443.74 million in 2021; it is estimated to grow at a CAGR of 36.0% from 2022 to 2028.

The smart display market has been divided into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. The growth of the smart display market is being fueled by the increasing disposable household income and the penetration of Artificial Intelligence (AI) and Internet of Things (IoT) in various industries like healthcare, manufacturing, automobile, and hospitality. The young population's rising interest in online games is also driving the demand for smart displays. In addition, the demand for smart displays in luxury cars is on the rise, which is contributing to the overall size of the smart display market.

APAC has been identified as the largest region in the smart display market for 2021, and it is projected to experience the highest growth rate during the forecast period. APAC consists of several developing economies, such as China, India, Singapore, Vietnam, and other Southeast Asian countries, as well as developed economies, including Japan and Australia. The growing electronics and semiconductor manufacturing industries in China, Japan, Taiwan, India, and South Korea are expected to create significant opportunities for the adoption of smart displays. In September 2020, Samsung Electronics announced a partnership with district, a design company based in Seoul, which is expected to provide multiple opportunities for Samsung SMART signage and support the company's "screens everywhere" vision. Similarly, in April 2020, Qualcomm Technologies collaborated with BOE Technology Group to produce smart display products and integrate the Qualcomm 3D Sonic ultrasonic fingerprint sensor.

Due to the increase in virus-infected patients, the US and other countries implemented strict lockdowns during the first three quarters of 2020, resulting in significant losses for the manufacturing sector, which impacted the growth of various industries such as automotive, electronics, semiconductor, and retail. In addition, social distancing measures limited the operations of logistics and other service providers. As a result of the pandemic, lower-income buyers became less optimistic toward non-essential spending, leading to a decrease of approximately 9% in their spending on consumer electronics products like smartwatches, wearable fitness trackers, and smart displays in the US. Although the COVID-19 pandemic initially had an adverse effect on the North American smart display market, the market experienced a positive impact as the demand for smart displays grew with the resumption of end-user industries' operations in Q3 of 2020. Investment in healthcare, public safety, and other public facilities is expected to support the technology industry's recovery, particularly in the residential segment where smart displays are commonly used. Thus, the smart display market is expected to recover from the COVID-19 pandemic due to the factors mentioned above.

The analysis of the global smart display market is divided into several segments, including size, type, resolution, and industry. In terms of size, the market is categorized into four segments: up to 12 inches, above 12 inches - up to 32 inches, above 32 inches - up to 52 inches, and above 52 inches. The type segment is further divided into signage, display, and mirror. The resolution segment comprises three sub-segments: full high definition, ultra-high definition, and others. Finally, the industry segment is classified into consumer & home appliances, automotive, retail, healthcare, and others.

The smart display market is benefiting from various advancements, including augmented reality (AR), artificial intelligence (AI), Internet of Things (IoT), and virtual reality (VR), which are being used to enhance the shopping experience for customers, improve operations, and manage inventory. Retail businesses are being transformed by AR, which allows brands to communicate directly with customers, while smart displays at reception areas enable customers to find solutions to their requirements without assistance from staff. In April 2022, Walmart partnered with Google, enabling customers to add items to their shopping carts using the Alexa voice command via a phone, speaker, or smart display. Such developments in smart stores are expected to create new opportunities for growth in the smart display market.

Smart signage adoption allows for the display and scheduling of various content multiple times per day or week. Additionally, context-aware smart signage provides real-time information, such as weather updates, displaying ads for umbrellas during the rainy season or sunglasses during the summer. It can also provide information based on user location and physical items through a locating system, without the need for a centralized server. The increasing number of malls, retail stores, and hotels creates competition to provide better facilities, leading to the growth of context-aware signage.

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 smart display market players operating in the global smart display market.