The global smart display market size was valued at USD 4.65 billion in 2021, presumed to reach USD 22.55 billion, expanding at a CAGR of 21.81% during the forecast period. A smart display is an advanced digital product that may be operated using voice-activated remote controls or Internet of Things (IoT)-enabled devices. The smart mirror is one example of an innovative device that may track user personal information and shopping experience in the automotive and retail sectors. Additionally, interactive and sophisticated controlling functions are being added to smart devices, which are growing as cutting-edge technical solutions. Applications for smart displays use technologies like LED, LCD, and others to project chosen content onto the display. Due to the growth in demand for cutting-edge advertising and monitoring technologies, a smart display is frequently utilized in retail, sport and entertainment, and healthcare. Additionally, machine vision technology in the medical and healthcare sector is fueled by smart display applications like signage and mirrors that improve consumer shopping experiences, welcome customers, and display advertisements in retail establishments.
Due to the rise in demand for the Internet of Things and artificial intelligence-based smart applications in the residential sector brought on by increasing purchasing power in developing nations, the smart display market share is anticipated to expand over the forecast year. Additionally, it is expected that increased demand for smart mirror systems in the automobile industry will fuel the market for smart displays. In addition, it is anticipated that rising demand for digital advertising in the healthcare, retail, and business sectors will drive demand for smart displays. Given these elements, it is predicted that the smart display market share will expand rapidly in the coming years.
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The Growing Demand for AI and IoT-Enabled Smart Devices
The adoption of smart home apps has increased across the globe as a result of improvements in fundamental technology and high-speed internet. The rise has aided the expansion of smart home apps in smartphone adoption. Adopting smart home application technologies, such as smart displays in the residential sector, to control digital applications like smart lights, thermostats, and more is another result of global advancements in home automation. The demand for the smart automation technology for controlling lights, fans, security cameras, and other devices is also anticipated to increase due to the technological advancement of AI-powered smart display technology in the residential sector, which will further fuel demand for smart display technology globally.
Demand for Smart Mirrors in Automotive Sector
Due to the demand for more excellent safety, comfort, and convenience, smart mirror applications have spread throughout the world and are now a significant component of the automotive industry. The car industry's smart displays are utilized for various functions, such as Bluetooth and wi-fi, temperature, navigation, turn signal, back camera, and more. As a result, the market for smart displays is anticipated to expand due to increased demand for smart display mirrors in the automobile sector. Additionally, the rise of electronically connected cars is quickly adopting smart display technology because the necessary hardware is readily available. Consequently, anticipated to fuel the smart display market expansion in the upcoming years.
Risk of Customer Data Breach
Electronic data storage technology has expanded due to the increased use of smart devices like smartphones, smart displays, and other computer-based equipment worldwide. Smart display mirrors can track and save user-specific data. The smart display mirror also keeps track of client data, including past purchases, preferences, and more. Additionally, there is a chance that the personal information will reach the wrong person, which could result in a security breach. One of the main things keeping the market for smart displays from expanding is misusing this expert data.
The Advent of Smart Technologies in Developing Nations
The E-commerce platform has used accessibility and the internet to obliterate the retail industry worldwide. The need for smart signage solutions, such as smart displays, has increased due to customers' growing purchasing power and discretionary money on a global scale. Major worldwide merchants are implementing digital solutions like smart signs, including Alibaba, Walmart, Amazon, and others. Additionally, since customers may use their smartphones to pay at the movement, the smart display can be used as a payment mechanism to cut down on line waiting during checkout. Therefore, it is anticipated that these reasons will present chances for the smart display market growth in the coming years.
The global smart display market is classified based on type, display size, resolution, end-use, and region.
The segments include signage, smart mirror, and home display based on type.
The signage section is projected to advance at a CAGR of 20.3% and hold the largest market share. Through the use of convincing and realistic media material on a digital display, digital signage has outperformed traditional viewing methods. Additionally, smart signage technology is frequently used in shopping centers, eateries, hospitals, universities, and other locations to facilitate digital communication and disseminate up-to-date information and entertainment. Applications for smart signs are being made possible by features like high-quality screen displays, digital access to the actual display, and the integration of automation into marketing.
The home display section will hold the second-largest share. A sophisticated smart speaker with a touch screen connected is the smart home display. It offers hands-free voice assistant functions like playing music and checking the weather, among others. The home display market may see development prospects due to the increase in Internet of Things (IoT)-based home systems across the residential and retail sectors.
Based on display size, the segments include Below 32 inches, Between 32 and 52 inches, and Above 52 Inches.
The category between 32 and 52 inches is projected to advance at a CAGR of 23.4% and hold the largest market share. The residential and retail sectors extensively use displays between 32 and 52 inches. The rise in demand for smart mirror solutions in the healthcare, retail, and entertainment industries and the increased usage of Internet of Things (IoT) devices globally are critical trends that significantly contribute to the market's expansion.
The section below 32 inches will hold the second-largest share. Due to increased demand for home display applications, display sizes below 32 inches have seen a surge in need across the residential, retail, and automobile industries. Additionally, the smart display is being used in other goods, including smart mirrors and home displays. The primary trend that fuels demand in the 32 and display-size market is the rise in the Internet of Things and artificial intelligence-based applications in the home sector.
Based on the resolution, the segments include FHD, HD, and UHD.
The HD section is projected to advance at a CAGR of 20.3% and hold the largest market share. The high definition (HD) display resolution, commonly called 720p, is 1280x720 pixels. Sharp contrast, a variety of bright colors, and light level gradation may all be seen in high-definition video resolution, which enables higher frame rates and better specification. Ultra-definition (HD) resolution in smart sign displays for digital communication ensures a better viewing experience.
The FHD section will hold the second-largest market share. Full high definition (FHD), also called 1080p resolution, is a group of HDTV high-definition video modes with a 1920 x 1080-pixel display resolution. The increase in demand for improved video quality and enhanced enjoyment, along with the expansion of 4K digital marketing content, is the main driver behind the development of full high-definition display resolution.
Based on end-use, the segments include automotive, residential, retail, healthcare, and sport & entertainment.
The retail section is projected to advance at a CAGR of 20.2% and hold the largest market share. Global social distance laws and the rising safety trend have fueled the expansion of smart display-based applications in retail establishments worldwide. A prominent factor in the development of the global market is the high expenditure made in retail stores for installing digital signage and smart mirror solutions to enhance consumer engagement and shopping experiences.
The automotive section will hold the second-largest market share. The market for smart displays is expanding due to the rising demand for safety features, digital communication, and automobile entertainment applications. Advanced driver assistance systems frequently employ smart mirror display technologies to project entertainment and driving options into a smart screen. Additionally, the increased tendency toward road safety regulations across the board is anticipated to provide market participants with a wide range of prospects.
The region-wise segmentation of the global smart display market includes North America, Europe, Asia Pacific, and LAMEA.
The Asia Pacific and North America Will Dominate the Regional Market
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The Asia Pacific will command the market with the largest share while growing at a CAGR of 24.4%. The increase in smart signs and mirror displays in the retail, residential, and healthcare sectors is one factor driving the smart display market growth in Asia-Pacific. Additionally, demand for digital communication systems is anticipated to impact the market's expansion during the forecast period substantially. Furthermore, the Asia-Pacific smart display market is expected to benefit from the strong demand for smart home displays and surveillance displays in the automotive industry. Moreover, the development of technology in smart signage and mirrors by China, Japan, South Korea, and others, including the digital wall and 8K signage technology, is anticipated for the future development of smart display technology in this region. These factors together are fueling the smart display market growth across Asia-Pacific.
North America will expand at a CAGR of 21.2% and hold USD 7,788 million. Due to the presence of top competitors and the availability of innovative smart home solutions, North America is predicted to keep a leading position in the global market for smart displays. The introduction of smart signage technologies throughout the commercial and industrial sectors has recently propelled the market for smart displays. For instance, it is predicted that the smart display market will be driven during the forecast period by increased government initiatives in North America to construct smart infrastructure across airports, railway stations, and other commercial sectors.
The development of next-generation smart display technology by key players in this market, including Google, Amazon, Apple, and Facebook, has also contributed to the region's growth. The smart display market demand in this area is also driven by an increase in smart signage solutions in the healthcare, retail, sports, and entertainment sectors due to increased demand for customer interaction and digital communication.
List of key smart display market manufacturers profiled