U.S. Smart Display Market is expected to reach USD 5.78 billion by 2030
Emphasis on energy efficiency and increasing focus on sustainability are driving up demand for the U.S. Smart Display market during the forecast period.
U.S. Smart Display Market was valued at USD 1.30 billion in 2022, and is predicted to reach USD 5.78 billion by 2030, with a CAGR of 18.9% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The growing emphasis on sustainability has been a key driver in the widespread adoption of smart home solutions, with a prominent role played by smart displays. These innovative devices empower homeowners to precisely manage their energy consumption, resulting in cost savings, by offering real-time information and control over smart thermostats, lighting, and appliances.
This alignment with the concurrent trends of digitalization and increasing energy consciousness positions smart displays as essential components within the evolving smart home ecosystem in the United States, effectively bridging the gap between eco-friendly living and cutting-edge technology.
However, a significant hurdle in advancing the Smart Display market stems from the absence of standardized procedures. When standardized protocols are lacking, it may encourage manufacturers to develop their proprietary systems, making replacement or upgrades challenging. This situation can result in companies overly depending on a single vendor's technology, restricting their ability to collaborate with multiple service providers.
Vendor lock-in can lead to increased expenses, decreased flexibility, and limited opportunities for innovation, all of which can negatively impact the growth of the Smart Display market. Apprehensions about being tied to a specific vendor's technology may dissuade companies from investing in automation systems, thereby impeding the market's expansion.
On the other hand, the increasing adoption of cloud-based automation solutions presents a significant growth opportunity for the Smart Display industry. These solutions offer several benefits such as increased efficiency, productivity, and profitability for businesses. They can be easily scaled up or down, making them suitable for businesses of all sizes.
Additionally, cloud-based solutions offer enhanced control and transparency within industrial processes, resulting in substantial reductions in expenses related to the upkeep and enhancement of hardware, software, and infrastructure. This cost-saving feature allows companies to redirect resources towards their core competencies and other strategic areas of their operations. The increasing adoption of cloud-based solutions for handling and harnessing 3D data acquired from reality capture devices indicates a noticeable surge in interest toward embracing these technologies.
For instance, in January 2022, Accenture made a strategic investment via Accenture Ventures in Cintoo, a company that offers cloud-based solutions for the management and utilization of 3D data acquired from reality capture devices. As a result, continued growth and innovation in the Smart Display industry is expected in the future.
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According to the report, leading players in the U.S. Smart Display market include Samsung Electronics, Qisda Corporation (BenQ), LG Corporation, Sharp Corporation, Lenovo Group Limited, Alps Alpine Co., Ltd, Sony Corporation, Google, LLC., Leyard Optoelectronic Co., and Amazon.com, Inc.
Key Insights from the U.S. Smart Display Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the U.S. Smart Display market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the U.S. Smart Display market is provided in the report along with their competitive analysis.