Smart Display Market Research Report and Outlook by 2028

The Smart Display sector is projected to achieve a value of US$ 11,547.23 million by 2028, rising from US$ 1,443.74 million in 2021, with an anticipated compound annual growth rate (CAGR) of 36.0% from 2022 to 2028.

The smart display sector is categorized into various regions, including North America, Europe, Asia Pacific (APAC), the Middle East and Africa, and South and Central America. The expansion of the smart display sector is driven by factors such as increasing disposable income among households and the growing integration of Artificial Intelligence (AI) and the Internet of Things (IoT) across diverse industries, including healthcare, manufacturing, automotive, and hospitality. Additionally, the surge in interest among younger demographics in online gaming is propelling the demand for smart displays. The rising need for smart displays in luxury vehicles is also contributing to the overall growth of the smart display sector.

In 2021, APAC emerged as the leading region in the smart display market and is expected to witness the most rapid growth during the forecast period. This region encompasses several developing nations, such as China, India, Singapore, Vietnam, and other Southeast Asian countries, alongside developed nations like Japan and Australia. The burgeoning electronics and semiconductor manufacturing sectors in countries like China, Japan, Taiwan, India, and South Korea are anticipated to create substantial opportunities for the adoption of smart displays. For instance, in September 2020, Samsung Electronics announced a collaboration with District, a design firm based in Seoul, which is expected to open numerous avenues for Samsung SMART signage and bolster the company?s vision of "screens everywhere." Similarly, in April 2020, Qualcomm Technologies partnered with BOE Technology Group to develop smart display products and incorporate the Qualcomm 3D Sonic ultrasonic fingerprint sensor.

The onset of the COVID-19 pandemic led to strict lockdown measures in the US and other nations during the first three quarters of 2020, resulting in considerable losses for the manufacturing sector and adversely affecting various industries, including automotive, electronics, semiconductors, and retail. Furthermore, social distancing protocols restricted the operations of logistics and service providers. Consequently, lower-income consumers became more cautious about non-essential expenditures, leading to an approximate 9% decline in their spending on consumer electronics, including smartwatches, wearable fitness trackers, and smart displays in the US. Although the pandemic initially negatively impacted the North American smart display market, a rebound was observed as demand for smart displays surged with the resumption of operations in end-user industries in Q3 of 2020. Investments in healthcare, public safety, and other public facilities are expected to facilitate the recovery of the technology sector, particularly in the residential market where smart displays are frequently utilized. Therefore, the smart display market is anticipated to recover from the effects of the COVID-19 pandemic due to these factors.

The global smart display market analysis is segmented into various categories, including size, type, resolution, and industry. In terms of size, the market is divided into four categories: up to 12 inches, above 12 inches to 32 inches, above 32 inches to 52 inches, and above 52 inches. The type segment includes signage, display, and mirror categories. The resolution segment is further divided into three subcategories: full high definition, ultra-high definition, and others. Lastly, the industry segment encompasses consumer and home appliances, automotive, retail, healthcare, and other sectors.

The smart display market is benefiting from numerous technological advancements, including augmented reality (AR), artificial intelligence (AI), Internet of Things (IoT), and virtual reality (VR), which are enhancing customer shopping experiences, streamlining operations, and managing inventory. Retail environments are being revolutionized by AR, enabling brands to engage directly with consumers, while smart displays in reception areas allow customers to find solutions independently. In April 2022, Walmart collaborated with Google, allowing customers to add items to their shopping carts using Alexa voice commands via a phone, speaker, or smart display. Such innovations in smart retail are expected to generate new growth opportunities within the smart display market.

The adoption of smart signage facilitates the display and scheduling of various content multiple times throughout the day or week. Moreover, context-aware smart signage provides real-time updates, such as weather information, displaying advertisements for umbrellas during rainy periods or sunglasses in the summer. It can also deliver information based on user location and physical items through a locating system, eliminating the need for a centralized server. The increasing number of malls, retail outlets, and hotels fosters competition to enhance facilities, thereby driving the growth of context-aware signage.

Key players in the global smart display market include Alphabet Inc., Amazon.com, Inc., LG Electronics, LENOVO GROUP LIMITED, Magna International Inc., Panasonic Corporation, Sony Corporation, BenQ Corporation, NEXCOM International Co., Ltd., and Samsung Electronics Co., Ltd.