Market Definition
The Smart Display Market size was valued at USD 2.29 billion in 2022 and is predicted to reach USD 21.42 billion by 2030 with a CAGR of 32.1% from 2023-2030.
A smart display is a touchscreen display with voice assistant technology that facilitates user interaction through digital assistants such as Amazon Alexa or Google Assistant. Such displays are widely used for displaying information, streaming music or videos, making video calls, controlling smart home devices, and setting reminders among others. Smart displays are often powered by artificial intelligence and machine learning algorithms, which allow them to learn a user's behavior and preferences over time and provide personalized recommendations. Some examples of smart displays include the Amazon Echo Show, Google Nest Hub, and Facebook Portal.
Market Dynamics and Trends
The growing adoption of smart displays in the automotive industry for providing a higher level of interactivity and advanced features to drivers and passengers is driving the growth of the market. Smart displays find their application in luxury cars in various forms, such as in digital instrument clusters, infotainment systems, and heads-up displays, among others. Moreover, the growing use of digital signage for advertising is further fuelling the growth of the smart display market. They provide a dynamic and interactive way to display information in various places including retail stores, airports, and hospitals. Furthermore, the integration of advanced voice assistants including Amazon Alexa and Google Assistant has made these displays more user-friendly. These in turn foster the growth of the market.
However, the limited production and distribution of OLED displays due to the complexity associated with the manufacturing of these displays are factors restraining the growth of the market. On the contrary, the integration of AI and machine learning in smart displays are expected to create ample growth opportunities for the market in the future. AI and machine learning technologies enable smart displays to learn from user interactions and provide more personalized and intelligent experiences.
Market Segmentation and Scope of Study
The global smart display market is segmented on the basis of type, display size, resolution, and industry vertical, and geography. Based on type, the market is classified into smart signage, smart mirror, and smart home display. Smart mirrors are further bifurcated into automotive smart display mirrors and others. Based on home display, the market is further sub divided into voice-controlled/assistance smart display and smart appliance display. On the basis of display size, the market is categorized into below 32inch, between 32 and 52 inch, and above 52 inch. Based on resolution, the market is categorized into UHD, FHD, and HD. Based on the industry vertical, the market is segmented into, smart city, retail, residential, healthcare, automotive, sports & entertainment. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Asia pacific dominates the global smart display market and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the factors such as the growing automotive industry in countries such as China and Japan, where smart displays are rapidly installed in vehicles to enhance the driving experience, improve safety, and offer advanced features. According the China Association of Automobile Manufacturers, China is the largest automotive manufacturing country in the world selling around 23.5 million units of passenger cars, and 3.3 million units of commercial vehicles in 2022.
Moreover, the presence of major smart display market players such as LG, Samsung, Xiaomi, and others plays a significant role in the growth of the market in the region. For instance, in September 2022, LG Corporation launched its smart screen, LG Smart Monitor 32SQ780S that comes with a 32-inch 4K panel, AirPlay 2 support, and USB-C connectivity.
On the other hand, North America shows substantial growth in the global smart display market owing to the presence of a robust media and entertainment industry coupled with the growing demand for online streaming services such as Amazon prime, Netflix, and Hulu. According to the International Trade Administration, the U.S. media and entertainment (M&E) industry is the largest in the world valued at USD 660 billion as of December 2020.
With the increasing demand for personalized and interactive experiences, smart displays are becoming an essential tool for content creators and advertisers to engage with their audiences. This presents an opportunity for companies in the smart display industry to capitalize on this growth by developing innovative products and services that meet the changing needs of the media and entertainment industry.
Furthermore, the developed healthcare industry along with the growing demand for smart healthcare devices such as smartwatches, fitness trackers, and other wearables is further propelling the growth of the smart display market in this region.
According to the National Centre of Biotechnology Information, around 30% of U.S. adults use wearable healthcare devices. Among the users, nearly half (47.33%) use the devices every day, with a majority (82.38% weighted) willing to share the health data from wearables with their care providers.
Competitive Landscape
The smart display market includes several market players such as Samsung Electronics, LG Electronics, Panasonic Corporation, Japan Display Inc., Sharp Corporation, Alpine Electronics, Alphabet (Google LLC), Magna International Inc., Amazon, Sony Corporation, NEC Corporation, Panasonic Holdings Corporation, Leyard Optoelectronic, Apple Inc., and Gentex Corporation among others. These market players are adopting various strategies including product launches and innovations to maintain their dominance in the global smart display market.
For instance, Apple is developing a new smart display that would allow users to control their smart homes. The device would feature a high-quality screen and use Siri to enable users to interact with their home automation systems. This would make it easier for Apple users to manage their smart home devices without having to use a separate app or device.
Also, in June 2022, Samsung electronics launched smart screen product, Smart Monitor M8 32-inch in India. It also features advanced Google assistance and next-generation Alexa product, making it a versatile addition to any home or office. Moreover, in December 2021, Samsung Electronics launched HDR10+ GAMING standards which will be compatible with 4K and 8K smart displays. This will give users an immersive, ultra-responsive HDR gaming experience.
KEY BENEFITS
-
The smart display market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
-
The study comprises a deep dive analysis of the smart display market trend including the current and future trends for depicting the prevalent investment pockets in the market.
-
The information related to key drivers, restraints and opportunities and their impact on the smart display market is provided in the report.
-
The competitive analysis of the market players along with their market share in the smart display market
-
The SWOT analysis and Porters Five Forces model is elaborated in the study.
-
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS
By Type
-
Smart Signage
-
Smart Mirror
-
Automotive Smart Mirrors
-
Other
-
-
Smart Home Display
-
Voice-Controlled/Assistance Smart Display
-
Smart Appliance Display
-
By Display Size
-
Below 32 inch
-
Between 32 & 52 inch
-
Above 52 inch
By Resolution
-
UHD
-
FHD
-
HD
By Industry Vertical
-
Smart City
-
Retail
-
Residential
-
Healthcare
-
Automotive
-
Sports & Entertainment
By Geography
-
North America
-
U.S.
-
Canada
-
Mexico
-
-
Europe
-
UK
-
Italy
-
Germany
-
Spain
-
Netherlands
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Taiwan
-
Vietnam
-
Rest of Asia Pacific
-
-
RoW
-
Latin America
-
Middle East
-
Africa
-
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Analysis Period |
2022–2030 |
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
Market Size Estimation |
Billion (USD) |
Market Segmentation |
By Type (Smart Signage, Smart Mirror, Smart Home Display) By Display Size (Below 32 inch, Between 32 & 52 inch, Above 52 inch) By Resolution (UHD, FHD, HD) By Industry Vertical (Smart City, Retail, Residential, Healthcare, Automotive, Sports & Entertainment) |
Geographical Segmentation |
North America (U.S., Canada, Mexico) Europe (Germany, UK, Spain, Italy, Netherlands, Rest of Europe), Asia-Pacific (Australia, China, India, Japan, South Korea, Vietnam, Taiwan, Rest of Asia-Pacific), Rest of the World (Latin America, Middle East, Africa) |
Companies Profiled |
Samsung Electronics, LG Electronics, Panasonic Corporation, Japan Display Inc., Sharp Corporation, Alpine Electronics, Alphabet (Google LLC), Magna International Inc., Amazon, Sony Corporation, NEC Corporation, Panasonic Holdings Corporation, Leyard Optoelectronic, Apple Inc., and Gentex Corporation. |