Smart Display Market Size (2023 - 2030)

The global smart displays market size is expected to reach USD 6.8 billion by 2030 with a CAGR of 42% from USD 1.4 billion in 2023 during the forecast period 2023 - 2030. 

Industry Overview:

A smart display is a brilliant digital solution that is used to be controlled through voice remote devices or with the help of IoT-enabled devices. Smart display applications use technologies such as LED, LCD and are widely used in retail, sports and entertainment, and healthcare. 

COVID-19 Impact on the global Smart Display Market:

The brisk spread of the novel coronavirus (COVID-19) has become the world's most severe and life-threatening and has created worldwide deaths. The business people, consumers, and merchants have suffered a loss in the economy. The pandemic period has seriously influenced the production and manufacturing process exhibiting deceleration in the smart displays market. The slowdown for the smart display market is due to the lockdown imposed across the nations is one major cause. Due to the pandemic period, the majority of the population are working from home and they found administering their smart homes and other activities through smart display products. The demand for voice-enabled smart display sales has declined due to a decrease in customer spending on electronics and other goods. Despite that, the smart display sales have come back to their normal price during the second half of 2020. As the majority of the population infected with the virus continues to increase. Baidu applies its Artificial Intelligence technology to combat in less direct ways on top of smart display investments and telemedicine. 

Market Drivers:

Factors that drive the global smart display market include the growing adoption of IoT-enabled smart home appliances. The increasing concentration on advertising, growing perforation of smartphones has benefitted the use of smart home devices using a push button, and advanced technologies in smart technologies further provide significant technologies to the smart displays market.  The growing demand for smart mirror systems in the automotive sector is surging the smart displays market and is expected to see a steep growth in the upcoming years. Also, the decrease in device rates and booming extreme focus on market players through the mainstream market. Factors like 

Market Restraints:

One major factor diminishing the smart display market is the increasing cost of the smart displays as they are featured with advanced technologies. The cost of smart displays is high due to advanced technologies is limiting the market growth during the period. The risk associated with cybersecurity hinders the market. 

SMART DISPLAY MARKET REPORT COVERAGE:

Segment Analysis:

The global Smart Display Market has been segmented and sub-segmented based on the type, resolution, display size, and end-user.

Smart Display Market - By Type

• Signage

• Mirror

• Home Display

Smart display signage is witnessed to experience the largest share during the forecast period. The swing in accomplishing smart signage solutions is accumulating because of their stunning features like being capable of connecting with IoT products. 

Smart Display Market - By Resolution

• UHD

• FHD

• HD

By resolution, HD and FHD segments lead the smart display market in 2020. UHD segment is expected to experience ample share in the smart display market during the forecast period. 

Smart Display Market - By Display Size

• Below 32 Inch

• Between 32 and 52 Inch

• Above 52 Inch

The between 32 and 52-inch segment is said to dominate the smart display market with an increasing CAGR of 22.0% throughout the historical period. The below 32-inch segment is anticipated to have considerable growth with a CAGR of 21.6%. 

Smart Display Market - By End-User

• Residential

• Retail

• Automotive

• Healthcare

• Sports & Entertainment

The automotive end-user segment is dominating the smart display market during the forecast period. In automotive applications, smart displays are widely used. The manufacture of automotive vehicles is increasing along with technological developments and growing customer preferences are significantly increasing the market growth. The retail and healthcare segments are witnessed to have the largest in the smart display's signage mart due to augmenting installation of smart signage and rising number of malls and shopping centers. 

Regional Analysis:

• Geographically, North America is an advanced region compared to other regions globally with advanced technologies forming a strong foundation in the smart displays market. 

• The European smart display market has witnessed a considerable growth rate in 2020 due to rising production activity with growing investments made by OEMs like Jaguar, Land Rover, and more. Europe is considered home to major automobile industries like Daimler (Germany), Volkswagen (Germany), and BMW (Germany). In Europe, the increasing demand for consumer demand for connected mirrors owing to the rising focus on comfort and vehicle safety boosting the automotive smart display mirror market. The quickly enhancing automotive industry is experiencing considerable demand in the smart display market due to the growing demand for smart devices boosting the market growth in the future. 

• Asia-Pacific is foreseen to have the largest growth rate throughout the timeline period. The region's market growth depends on factors like the presence of small and medium-scale merchants. In countries like India, China, South Korea, Australia, and Japan have the highest capability and huge demand in the smart displays market. The factors owing to the market growth are a huge population base, growing smartphone trend, and augmenting purchasing power parity (PPP).

• Latin American smart displays market is the second-largest region to grow with the quickest CAGR rate during the foreseen period. Brazil, Mexico, Peru, Chile, and Argentina are the major contributors to the market share. 

• The smart displays market in the Middle East & African region is expected to have noteworthy growth. The smart and wearable device adoption level is slow and exhibits significant demand in consumer electronic products, smartphones, and smart electronic appliances. 

Smart Display Market - Key players

Some of the major market players involved in the smart display market include  

1. Samsung Electronics (South Korea)

2. Amazon (US) 

3. Alphabet (Google) (US)

4. NEC Corporation (Japan) 

Notable Happenings in the global Smart Display Market

• On March 04, 2021, Amazon and Microsoft extend their support for Alexa to Xbox gaming consoles. The companies launched a new app Alexa app created for gaming platforms. https://tech.hindustantimes.com/tech/news/amazons-new-alexa-app-for-xbox-turns-your-gaming-device-into-a-smart-display-71614869233135.html

• On June 02, 2021, Sharp NEC Display Solutions, launched a creative and cooperative AV Solution, ActiveScene, partnering with Avery Dennison. Active Scene offers extensive AV Solutions in transforming current windows into eye-catching displays. https://www.businesswire.com/news/home/20210602005082/en/%C2%A0Sharp-NEC-Display-Solutions-Partners-with-Avery-Dennison-To-Bring-ActiveScene%E2%84%A2-Complete-Digital-Display-Solution-to-Market

• In June 2021, Amazon has collaborated with Verizon. With this collaboration, Verizon developed the smart display built on Amazon's Alexa. 

• In June 2021, Amazon launched advanced Echo Show 10, Echo Show 5 in India. Customers make use of Echo Show 10 through the Alexa app on their smartphones or any other Echo Show devices with the ability to pan the display and camera to have a look at the complete room.