The Smart Display Market is expected to grow from USD 2.3 billion in 2022 to USD 9.7 billion by 2027; it is expected to grow at a CAGR of 33.4% during the forecast period. Major factors driving the growth of the smart display industry are increasing number of internet users and growing adoption of smart devices according to consumer preferences, surging demand for AI-powered and IoT-enabled smart home appliances, increasing trend of context-aware signage, growing adoption of smart signage in retail sector, high demand for smart mirrors from automotive industry, and new and innovative features offered by smart mirrors.

Key Players

Samsung Electronics (South Korea), LG Electronics(South Korea), NEC Corporation(Japan), Sony (Japan), Panasonic Corporation (Japan), Amazon(US), Apple(US), Facebook(US), Gentex(US), Magna(Canada) are among the key players operating in the smart display market.

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Driver: Surging demand for AI-powered and IoT-enabled smart home appliances

The advent of high-speed internet broadband, Wi-Fi, and Bluetooth has broadened the use of smart appliances worldwide. Several companies have seen the potential of the successful adoption of smart home technologies. Hence, they have developed smart devices enabling home automation. The increased penetration of smartphones has facilitated the use of smart home devices with the push of a button. Further, with the growth in the number of smartphone users worldwide, the smart home market is expected to witness a major boost during the forecast period. AI-powered smart displays can lead to tremendous investment due to their applications in smart homes for controlling lights, fans, security cameras, TV, and so on.

Smart signage to account for a larger share of the smart display market by 2027

Smart signage is expected to hold a larger share of the smart display market in 2027. Nowadays, the trend of implementing smart signage solutions is increasing rapidly due to their attractive features, such as the ability to connect with IoT-enabled products and display consumer-specific advertisements, which creates a highly personalized in-store shopping experience for customers. Technological advances have transformed brick-and-mortar stores into modernized ones, thereby attracting more customers by reducing their frustration and boredom and displaying important information about product lines, discounts, etc., which influence their shopping behavior.

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Smart home displays to witness a higher CAGR during the forecast period.

Most of the smart home device and solution providers are shifting away from traditional practices towards advanced technologies. Smart devices offer many advantages, such as reduced energy consumption and effective management of devices, over traditional devices. Players offering consumer electronics are also capitalizing on the rising demand for connected devices and solutions by increasing investments in the smart device market. The increased investment is also expected to have a positive impact on the growth of the smart home display market in the near future. Moreover, AI- and IoT-based devices have recently gained traction owing to their convenience and ease of use.

APAC to grow with highest CAGR during the forecast period

The smart display market in APAC has high growth potential, primarily driven by strong economic growth, rising population, and rapid urbanization leading to the demand for sophisticated infrastructure. The market is expected to record the highest CAGR during the forecast period owing to the rising demand for automation in a large number of new and existing residential projects, increasing retail space, and growing automotive industry in the region.

News Covered:

https://www.prnewswire.com/news-releases/smart-display-market-worth-9-7-billion-by-2027--exclusive-report-by-marketsandmarkets-301479557.html

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