The Integration of Smart Display Market in Smart Cities: A Comprehensive Overview
The Smart Display Market is anticipated to increase significantly, from USD 2.3 billion in 2022 to USD 9.7 billion in 2027, at a compound annual growth rate (CAGR) of 33.4%. The research names the key market sectors that will propel this growth as voice-controlled smart home displays, smart appliance displays, smart display mirrors, and smart signs (for retail and hospitality facilities, sports and entertainment venues). The COVID-19 epidemic has had an effect on the market as well, since people's growing interest in linked gadgets and smart homes has increased demand for smart displays. The smart display market is covered geographically in the study in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Several important factors are driving the smart display market. First, the market is expanding as a result of the increased demand for smart mirrors in the automotive industry. Second, consumers are being drawn to the novel and cutting-edge capabilities that smart mirrors are offering. Thirdly, the market is expanding as more people use the internet and smart gadgets are being adopted at a faster rate in line with customer desires. Fourth, the market is expanding as a result of the growing demand for AI-powered and IoT-enabled smart home appliances. Fifth, the market is expanding as a result of the expanding trend of context-aware signage. Last but not least, the market is expanding as a result of the retail industry's increasing embrace of smart signs.
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Surging demand for AI-powered and IoT-enabled smart home appliances
The availability of high-speed internet access, Wi-Fi, and Bluetooth has increased demand for AI-powered and IoT-enabled smart home gadgets. The proliferation of smartphones has made it simpler to control the smart gadgets that several businesses have created to enable home automation. The smart home market is anticipated to have considerable growth over the course of the projected period due to the increasing number of smartphone users around the world. Artificial intelligence-powered smart displays can be used to operate a variety of appliances in smart homes, including lighting, fans, security cameras, and televisions. As a result, significant investment is anticipated for AI-powered smart displays in the upcoming years.
Increasing number of smart stores worldwide
There are ever more shopping centres and retail locations globally, which is a symptom of the tremendous growth of the global retail business. The demand for smart signage solutions has increased as a result of this tendency in order to draw in potential customers and persuade them to approach the store. Programmatic advertising is being used by smart retailers more frequently to raise brand recognition. They are also incorporating smart signage into the payment process so that customers can pay using their mobile devices rather than standing in line at the register. Smart stores are a desirable alternative for customers because they provide personalised and improved customer experiences.
Smart home displays to witness a higher CAGR during the forecast period.
As more manufacturers of smart devices and solution providers turn to cutting-edge technology, the market for smart home displays is anticipated to expand at a faster CAGR during the forecast period. Compared to conventional devices, smart devices have a number of benefits, including less energy use and better device management. To fulfil the growing demand for linked devices and solutions, consumer electronics businesses are likewise making significant investments in the smart device sector. In the near future, the increasing investment is anticipated to positively affect the development of the smart home display industry. The popularity of AI- and IoT-based products has lately increased due to their practicality and usability, which has increased demand for smart home displays. In the upcoming years, the market for smart home displays is anticipated to experience significant expansion due to the rising acceptance of smart homes and the ongoing development of cutting-edge technology.
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APAC to grow with highest CAGR during the forecast period
Due to its robust economic development, expanding population, and fast urbanisation, which has increased the demand for advanced infrastructure, the APAC region is anticipated to register the highest CAGR in the global market for smart displays over the forecast period. The rising demand for automation in both new and existing residential projects, the expanding retail business, and the booming automobile industry are the main drivers of the region's strong growth potential. The region's high adoption of smart home technology and rising number of smart stores are likely to enhance demand for smart displays. The region also boasts a sizable population of tech-savvy consumers who favour cutting-edge technologies, which further fuels demand for smart displays.
The report profiles key players in the smart display market and analyzes their market shares. Players profiled in this report are Amazon (US), Samsung Electronics (South Korea), Alphabet (Google) (US), Apple (US), LG Electronics (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Leyard Optoelectronic (Planar) (China), Sony (Japan), Facebook (US), Magna International (Canada), and Gentex (US), Qualcomm(US), Intel(US), Honeywell(US), Lenovo(Hong Kong), Electric Mirror(US), Qisda Corporation(Taiwan), Robert Bosch(Germany), Alps Alpine(Japan), IBM(US), Smart Parking (Australia), Oak Labs(US), Dirror(Germany) and Myra Mirrors (US).
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