Screening Success: The Ascendance of the $9.7 Billion Smart Display Market

It is projected that the global Smart Display Market would develop significantly, with a compound annual growth rate (CAGR) of 33.4%, from USD 2.3 billion in 2022 to USD 9.7 billion by 2027.

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Smart Display Market

The growing popularity of smart home displays, which include voice-activated and smart appliance interfaces, as well as their incorporation into a number of industries, including retail, hospitality, sports, and entertainment, are the main factors driving the market's growth. The paper highlights the growing importance of smart displays in contemporary residential and commercial settings, emphasising how they improve user interaction and offer creative solutions for a range of applications.

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The COVID-19 pandemic's disruptions posed serious hurdles for the worldwide smart display business. There were clear signs of production halts, falling sales, and a need for strategic reevaluation among major industrial players. A number of factors in the automotive industry, including the delay of model launches, rescheduling of projects, efforts to stabilise dealer networks, strict cash flow management, and portfolio reviews, have had a significant impact on global production and sales of passenger and commercial vehicles. As a result, the size of the smart display market shrank in 2021. Large nations with sizable market shares suffered negative consequences, which decreased the use of smart displays in the automotive and other industries.

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

The market for smart home appliances and solutions is changing as more and more suppliers choose cutting-edge technology over conventional methods. Smart gadgets are becoming more and more popular over traditional options because of their advantages, which include lower energy usage and effective device control. Businesses in the consumer electronics industry are increasing their investments in the smart device market as a calculated response to the growing demand for linked gadgets. In the near future, it is expected that this increase in investment will have a beneficial impact on the growth trajectory of the smart home display industry. Additionally, the ease and user-friendly features of AI- and IoT-based gadgets are credited with their growing popularity, which further advances the development of the smart home ecosystem.

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APAC to grow with highest CAGR during the forecast period

The Asia-Pacific (APAC) smart display market has significant growth potential due to the region's strong economic growth, population expansion, and fast urbanisation, which are driving up demand for sophisticated infrastructure. Based on projections, the Compound Annual Growth Rate (CAGR) for the APAC market is expected to be the highest throughout the forecast period. The primary drivers of this growth are the growing need for automation in both new and current residential projects, the retail sector's rapid expansion, and the region's rising automobile industry. The convergence of these variables highlights the region's critical role in propelling the smart display market's increasing trajectory.

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).

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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