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Smart Display Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Size, Type, Resolution, and Industry

Smart Display Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Size, Type, Resolution, and Industry

  • May 2022
  • 205 pages
  • ID: 6289937
  • Format: PDF
  • The Insight Partners

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The Smart Display market is expected to reach US$ 11,547.23 million by 2028 from US$ 1,443.74 million in 2021; it is estimated to grow at a CAGR of 36.0% from 2022 to 2028.

The overall market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America.Increasing disposable household income and penetration of Artificial Intelligence (AI) and Internet of Things (IoT) in various industries, such as manufacturing, healthcare, automobile, and hospitality, are driving the smart display market growth.

The popularity of online games is increasing among the young population, which is encouraging them to purchase smart displays.Further, the demand for smart displays in luxury cars is rising.

All these factors are contributing to the smart display market size.

APAC is the largest region in the smart display market in 2021 and is anticipated to be the fastest-growing region during the forecast period.APAC comprises several developing economies such as China, India, Singapore, Vietnam, and other Southeast countries and developed economies, including Japan and Australia.

Growing manufacturing industries such as electronics and semiconductor in China, Japan, Taiwan, India, and South Korea is forecasted to create lucrative opportunities for the adoption of smart displays.In September 2020, Samsung Electronics partnered with district, a design company based in Seoul.

This partnership is expected to provide various opportunities to Samsung SMART signage and help to fulfill the company’s ‘screens everywhere’ vision. In April 2020, Qualcomm Technologies joined with BOE Technology Group to manufacture smart display products and implement the Qualcomm 3D Sonic ultrasonic fingerprint sensor.

The continuous growth in the number of virus-infected patients compelled government authorities to impose stringent lockdowns across the US and other countries for the first three quarters of 2020.The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the automotive, electronics & semiconductor, and retail sectors.

Moreover, the social or physical distancing measures put limitations on the operations of logistics and other service providers.Due to the COVID-19 pandemic, lower-income buyers seemed to be less optimistic toward non-essential expenditure, and their spending declined by ~9% in 2020 compared to 2019.

Furthermore, lower-income buyers negatively impacted the sales of various consumer electronics products, such as smartwatches, wearable fitness trackers, and smart displays in the US.However, during the Q3 of 2020, the industries started to open, which regained the supply chain operations.

Therefore, the effects of the COVID-19 pandemic weakened North America’s smart display market; however, the market experienced a positive impact as the demand for smart displays started growing in the US as the end-user industries started their operations from Q3 of 2020. The COVID-19 pandemic in 2020 had a significant influence on the greater US economy and the technology industry. With investments in health care, public safety, and other public facilities, the technology sector is predicted to do well, and the residential segment is expected to recover more quickly. Because smart displays are widely utilized in smart homes, the factors listed above will aid the smart display market’s recovery from the COVID-19 pandemic.

The global smart display market analysis is segmented into size, type, resolution, and industry.Based on size, the smart display market is segmented into up to 12 inches, above 12 inches – up to 32 inches, above 32 inches – up to 52 inches, and above 52 inches.

Based on type, the smart display market is segmented into signage, display, and mirror.Based on resolution, the smart display market is segmented into full high definition, ultra high definition, and others.

Based on industry, the smart display market is segmented into consumer & home appliances, automotive, retail, healthcare, and others.

Advancements such as augmented reality (AR), artificial intelligence (AI), Internet of Things (IoT), and virtual reality (VR) to upgrade customers’ shopping experience and improve operations and inventory management are some of the factors that are providing lucrative opportunities for the growth of smart display market.Augmented reality is especially changing the retail business by allowing brands to communicate directly with customers.

A smart display on reception helps customers find solutions as per their requirements without staff intervention.In April 2022, Walmart announced its partnership with Google.

This partnership will enable customers to add things to their cart using the Alexa voice command through a phone, speaker, or smart display. Such developments in smart stores will open new opportunities in the smart display market.
The adoption of smart signage enables various content to be displayed and scheduled multiple times in a day or week.The context-aware smart signage provides active and real-time information.

Further, it can provide information related to weather; during the rainy season, it can show advertisements for umbrellas, or in summer, it can display advertisements for sunglasses.It can also provide information such as user location and physical items obtained with the help of locating system.

This smart signage does not require any centralized server. The increasing number of malls, retail stores, and hotels lead to the growing competition in providing better facilities, thereby increasing the use of context-aware signage.

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. are among the key smart display market players operating in the global smart display market.

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