What is the global market size of Smart Display Market?

Global Smart Display Market size was valued at USD 5.12 billion in 2021 and is poised to grow from USD 6.21 billion in 2022 to USD 28.89 billion by 2030, at a CAGR of 21.2% during the forecast period (2023-2030).

Who are the key vendors in the Global Smart Display Market?

The Global Smart Display Market is experiencing significant growth, driven by increasing consumer demand for smart home automation and digital assistant-enabled devices. The market is highly competitive, with several key players vying for market share. Some of the major players have established strong brand recognition and extensive product portfolios. To gain a competitive edge, companies are focusing on product innovation, integrating advanced technologies like voice recognition, artificial intelligence, and gesture control. Additionally, partnerships, collaborations, and strategic acquisitions are common strategies employed by market players to expand their market presence and enhance their product offerings. The competitive landscape in the global smart display market is characterized by intense rivalry and continuous technological advancements to cater to evolving consumer demands. 'Amazon.com, Inc. (US)', 'Google LLC (US)', 'Apple Inc. (US)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Sony Corporation (Japan)', 'LG Electronics Inc. (South Korea)', 'Panasonic Corporation (Japan)', 'Lenovo Group Limited (China)', 'Microsoft Corporation (US)', 'Toshiba Corporation (Japan)', 'Philips N.V. (Netherlands)', 'Xiaomi Corporation (China)', 'Hisense Co., Ltd. (China)', 'TCL Technology Group Corporation (China)', 'Facebook, Inc. (US)', 'Sharp Corporation (Japan)', 'NEC Corporation (Japan)', 'Vizio Inc. (US)', 'Hitachi, Ltd. (Japan)', 'Huawei Technologies Co., Ltd. (China)'

What is the key driver of Global Smart Display Market?

Consumers are increasingly seeking more immersive and interactive visual experiences. Smart displays offer enhanced visual content delivery through features like high-resolution displays, touchscreens, and augmented reality (AR) capabilities. These displays are used in various sectors, such as retail, hospitality, and healthcare, to provide personalized and engaging experiences. An example is the use of smart displays in retail stores, where they can showcase product information, offer virtual try-on experiences, and enable interactive product demonstrations.

What is the key market trend for Global Smart Display Market?

Integration of voice assistants and AI capabilities: Smart displays are increasingly incorporating voice assistants like Amazon Alexa, Google Assistant, or Apple Siri, enabling users to control the device through voice commands. These voice assistants also provide additional functionalities such as voice search, personalized recommendations, and natural language processing. For example, the integration of Amazon Alexa with smart displays allows users to control their smart home devices, access information, and even make voice-enabled purchases.

Which region accounted for the largest share in Global Smart Display Market?

In terms of dominating regions, North America stands at the forefront of the smart display market. The region boasts a significant market share, primarily attributed to the strong presence of tech-savvy consumers and early adopters of smart home devices. The advanced infrastructure, high disposable income, and the presence of major market players in North America contribute to its dominance. Additionally, the region's emphasis on technological advancements and the widespread acceptance of IoT (Internet of Things) devices further propel the growth of the smart display market.

Smart Display Market Size, Share, Growth Analysis, By Type(OEM Rearview Display Mirror, Aftermarket Rearview Display Mirror, Side-view Display Mirror), By Component(Display Panels, Camera & Sensor Modules, Glass & Hardware, Software), By Smart Home Display(Voice-controlled/Assistance Smart Display (Display Panels, Hardware Components, Software), Smart Appliance Display (Display Panels), By Smart Signage(Application (Retail & Hospitality Facilities, Transportation Hubs & Public Places, Sports & Entertainment Venues, and Others)), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25E2117 | Region: Global | Published Date: August, 2024
Pages: 223 | Tables: 93 | Figures: 76

Smart Display Market Dynamics

Drivers

Popularity of Smart Homes

Smart homes have become more popular than ever before and this hike in popularity of smart homes around the world is boosting sales of smart home products. Smart displays are an important part of smart home products, which is why as their demand increases, they drive market growth as well.

Advancements in Display Technologies

Investments in development and advancement of novel display technologies are increasing rapidly. These advancements are opening new scope of application for smart displays, thereby driving market development potential as well.

Restraints

Limited Consumer Awareness

While smart displays are quite popular, they still have a long way to go as most consumers in underdeveloped and developing countries are not aware of their benefits. This limited consumer awareness is inhibiting the smart display market from reaching its full growth potential.

High Costs of Advanced Display

Advanced smart displays utilize advanced technologies which are quite expensive to develop and deploy. This results in expensive smart displays, which are not accessible or affordable for many consumers. This limited accessibility due to high costs is projected to hamper smart display sales outlook in the long run.

Smart Display Market Report Snapshots

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FAQs

Global Smart Display Market size was valued at USD 3.50 Billion in 2022 and is poised to grow from USD 4.59 Billion in 2023 to USD 40.32 Billion by 2031, at a CAGR of 31.20% during the forecast period (2024-2031).

Smart Display Market can collaborate with smart home companies or launch their own smart display hubs to provide centralized access to smart home devices and appliances. Smart display companies can also focus on expanding the smart capabilities of their displays to gain a competitive advantage over other market players. Launching new smart displays with advanced features that rival the products available in the market is the preferred strategy for all companies 'Samsung Electronics (South Korea) ', 'LG Electronics (South Korea) ', 'NEC (Japan) ', 'Sony (Japan) ', 'Panasonic Corporation (Japan) ', 'Amazon (United States) ', 'Apple (United States) ', 'Facebook (United States) ', 'Gentex (United States) ', 'Magna International (Canada) ', 'Qualcomm (United States) ', 'Intel (United States) ', 'Honeywell (United States) ', 'Lenovo (China) ', 'Electric Mirror (United States) ', 'Qisda (Taiwan) ', 'Alphabet (Google) (United States) ', 'Leyard Optoelectronic (Planar) (China) ', 'Robert Bosch GmbH (Germany) ', 'ALPS Alpine Co., Ltd. (Japan) ', 'IBM (United States) ', 'Smart Parking (Australia) ', 'Dirror (Germany) ', 'Myra Mirrors (United States) '

Smart homes have become more popular than ever before and this hike in popularity of smart homes around the world is boosting sales of smart home products. Smart displays are an important part of smart home products, which is why as their demand increases, they drive market growth as well.

The retail industry is undergoing some major changes to enhance customer experience and boost operational efficiency. The use of interactive kiosks, smart payment systems, and digital signage in the retail industry is projected to create many new opportunities for smart display providers in the long run. Targeting this industry could pay off big time by the end of the study period.

The Asia-Pacific region is projected to account for a dominant share of the global smart display market going forward. The growing use of smart displays for multiple applications and evolving consumer preferences are primarily helping the dominance of this region. The presence of robust display manufacturing activity in this region coupled with the presence of key display providers also helps the region’s dominance. India, China, South Korea, and Japan are slated to be the most opportune markets for smart display companies in this region. Improving the standard of living of people in this region will also help boost sales of smart displays over the coming years.

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Smart Display Market Dynamics

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What is the global market size of Smart Display Market?

Who are the key vendors in the Smart Display Market?

What is the key driver of Smart Display Market?

What is the key market trend for Smart Display Market?

Which region accounted for the largest share in Smart Display Market?

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