According to a new report published by Allied Market Research, titled, “Smart Display Market By Type, Resolution, Display Size and End Users: Global Opportunity Analysis and Industry Forecast, 2020–2028,” the smart display market size was valued at $3.78 billion in 2020, and is projected to reach at $18.25 billion by 2028, growing at a CAGR of 21.6% from 2021 to 2028.
A smart display is an enhanced touch screen and voice-assisted solution used across the retail, commercial, and automotive sectors. The surge in demand for smart display applications is designed with the ability of audios to build in screen in the residential and commercial sectors is fueling the growth of the market.
Further, the advancement in digital technology in the retail and commercial sector, such as smart and signage can display digital images and video for advertisement. Moreover, smart mirror technology offers user images over the screen as a mirror but with advanced features. Besides, the smart display can be operated through smartphone, voice control, and Internet of Things-enabled devices and is lucrative for automotive smart display market.
The rise in adoption for smart mirror applications in the automotive industry, owing to rise in demand for higher safety, comfort, and convenience and surge in demand for the Internet of Things and artificial intelligence-based smart applications in the commercial sector is influencing the automotive smart display market growth. However, the high risk of malfunction and customer data breach is hampering the early adoption. Further, increase in demand for enhanced smart display applications in healthcare and growth in the number of smart stores worldwide are expected to provide lucrative opportunities for the smart display industry during the forecast period.
According to smart display market trends, the signage segment was the highest contributor to the market in 2019. Surge in internet penetration fuels the growth of the signage segment; thereby, enhancing the smart display market growth.
The emergence of COVID-19 has significantly impacted the smart display industry. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced demand for smart display during the pandemic. However, rise in demand for signage display in sport & entertainment sectors has grown during the pandemic. Hence, the sport & entertainment sector is expected to witness prominent growth post-pandemic for the smart display.
Region wise, Asia-Pacific holds significant share in the global smart display market size. Asia-Pacific accommodates major population of the globe. Adoption of smart phones and smart electronic appliances in residential, commercial, and industrial sectors is expected to propel smart display industry in this region. Furthermore, technological advancements in appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators are increasingly becoming smart. This means that they can be connected to the internet. Hence, all such factors are anticipated to boost the market growth.
Key Findings of the Study
In 2020, the signage segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 20.1% during the forecast period.
The UHD segment is projected to grow by 22.6% from 2021 to 2028 in the smart display market share.
The between 32 inch to 52 inch in size segment of the smart display market is projected to growth at a CAGR of 23.2% during the forecast period.
Asia-Pacific contributed major share in smart display market analysis, accounting for more than 24.2% share in 2020.
The key players profiled in the report include Samsung, LG Electronics, Alphabet (Google LLC), Panasonic Corporation, Japan Display Inc., Sony, Alpine Electronics, Sharp Corporation, Leyard Optoelectronic, and Manga International Inc. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the smart display market. Allied Market Research