The global smart display market size is expected to grow from USD 4,776.1 million in 2021 to USD 22831.8 million by 2030, at a CAGR of 21.6% from 2022-2030. A smart display is a digital solution controlled through voice remote devices or the Internet of Thing enabled devices. The smart display application in the automotive and retail segment, such as the smart mirror, is an innovative technology that is capable of tracking user personal information and shopper’s experience. Also, smart emerging as an advanced technological solution adds interactive and advanced controlling features.
Smart display applications utilize LED, LCD, and other projections on preselected content. A smart display is popularly used across retail, healthcare, and sport & entertainment, owing to the surge in demand for next-generation advertising and monitoring technology. Also, smart display applications such as signage are designed to enhance customer shopping experiences, greet customers, and display advertisements in retail stores, fueling its adoption of machine vision technology in the hospital and clinical sector.
The smart display market is growing during the forecast period, owing to a rise in demand for artificial intelligence and Internet of Things-based smart applications in the residential sector due to a surge in disposable income in developing countries. Further, the market for smart displays is expected to be driven by the demand for smart mirror systems in the automotive industry. Moreover, an increase in demand for digital advertisement across healthcare, retail, and commercial sectors is expected to boost the demand for smart displays.
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COVID-19 Impact on the Global Smart Display Market
Coronavirus has a large impact on various industries, including retail, consumer electronics, etc. Smart display hubs have been temporarily shut down due to the emergence of COVID-19. This has majorly affected the global supply chain of the smart display market by creating a shortage of raw materials, components, and spare parts. Moreover, the impact of COVID-19 on production has significantly affected the global supply chain.
The economic impact of the COVID-19 pandemic has been largely disruptive. Companies operating in the smart display industry state that a temporary shutdown of production sites would lead to a decline in revenues for 2020 to 2021. It is expected that the demand for new and innovative products will surge once the economy begins to recover. Rather than simply improving products using current state-of-the-art technology, companies are looking forward to investing in next-generation products using new technologies.
Global Smart Display Market Dynamics
Drivers: Increase in demand for AI and IoT enabled smart application
The advancement of principal technology and high-speed internet has broadened smart home applications globally. A rise in the penetration of smartphones has facilitated the growth of smart home applications. Further, advancement in home automation worldwide has led to the adoption of smart home application technology, such as smart display in the residential sector, to control digital applications such as smart lights, thermostats, and more. Moreover, the development of AI-powered smart display technology in the residential sector is expected to propel the demand for the smart automation technology for controlling lights, fans, security cameras, and others, further increasing the need for smart display technology globally.
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Restraints: High risk of a customer data breach
The rise in penetration of smart devices such as smartphones, smart displays, and other computer-based equipment has led to the global growth of electronic data-storage technology. Smart display mirrors are capable of tracking and store end-user personal data. For instance, smart mirror applications in the retail sector are designed to track consumer experiences and items to store data for popular products among customers. Further, the smart display mirror also records customers' purchase history, preferences, and more.
Moreover, the personal data is at risk of being transmitted to the unintended receiver, which can cause a security breach. The misuse of this professional data is one of the key factors that retain the growth of the smart display market.
Opportunities: Surge in demand for enhanced smart display application in the healthcare sector
The advancement in smart infrastructure across healthcare, such as high-speed communication, smart patient facilities, and more, influences the demand for smart display technology due to transmitting real-time content.
Moreover, the smart display solution in the healthcare sector is designed to deliver sophisticated tools required to communicate quickly and efficiently all through the facilities. Therefore, the rise in penetration of smart signage devices in the healthcare sector is expected to fuel the growth of the smart display market in the coming years.
Scope of the Smart Display Market
The study categorizes the smart display market based on type, display size, resolution, and end-users at the regional and global levels.
By Type Outlook (Sales, USD Million, 2017-2030)
- Signage
- Smart Mirror
- Home Display
By Display Size Outlook (Sales, USD Million, 2017-2030)
- Below 32 inch
- Between 32 and 52 inch
- Above 52 inch
By Resolution Outlook (Sales, USD Million, 2017-2030)
- UHD
- FHD
- HD
By End-Users Outlook (Sales, USD Million, 2017-2030)
- Retail
- Residential
- Healthcare
- Automotive
- Sport & entertainment
By Region Outlook (Sales, USD Million, 2017-2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The signage segment is projected to account for the largest market share, by type
The market includes signage, smart mirror, and home display by type. In 2021, The signage segment was the highest contributor to the market, with a market share of 41.1%. Digital signage has surpassed the traditional viewing experience through realistic and persuasive media content onto a digital display. Besides, smart signage technology is widely utilized across malls, restaurants, hospitals, universities, and other platforms for digital communication and to deliver refreshing content to promote brand awareness, inform, and entertain.
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The features such as high-quality screen displays, digital access to the physical display, and assimilation of automation into marketing create opportunities for smart signage applications. Further, the smart signage display is widely used across retail, healthcare, transportation, and other sectors to improve communication interaction and customer engagement. The above factors are expected to hinder the market growth of smart display signage types to a certain extent in the future.
Asia Pacific accounts for the highest CAGR during the forecast period
By region, the smart display market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is estimated to hold the highest CAGR in the global smart display market during the forecast period. The Asia-Pacific region includes countries such as China, Japan, India, South Korea, and the Rest of Asia-Pacific. Countries such as China and Japan have taken advantage of next-generation digital technology. Moreover, the prime factor driving the growth of the smart display market across Asia-Pacific is the advancement in technology in smart signage and mirror technology by China, Japan, South Korea, and others such as the digital wall and 8K signage technology is anticipated for the future advancement of smart display technology in this region.
The market of smart displays in Asia-Pacific is driven by the increased use of smart signage and mirror displays across retail, residential, and healthcare sectors. Besides, the rise in demand for digital communication systems is expected to significantly contribute toward the growth of the market during the forecast period. Moreover, the high demand for smart home displays & surveillance smart displays in the automotive sector is expected to create opportunities for the smart display market in Asia-Pacific.
Key Market Players
The smart display market is fragmented in nature with many players such as Samsung, Alphabet (Google LLC), Panasonic Corporation, LG Electronics, Japan Display Inc., Alpine Electronics, Sharp Corporation, Leyard Optoelectronic, Sony, and Manga International Inc. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
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