New York, June 29, 2023 (GLOBE NEWSWIRE) --
The global smart display market is estimated to grow at a CAGR of ~36.40% over the forecast period. The market is estimated to garner a revenue of USD 136.86 Billion by the end of 2035, up from a revenue of USD 3.3 Billion in the year 2022. This growth is attributed to the increasing demand for digital advertising solutions for home automation and the rising adoption of AI-based voice assistant technology.
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AI voice assistant was used by 65 percent of US adults between the ages of 25 and 35 in 2021. AI is on track to become mainstream in virtually every industry. It is predicted that by 2023, 9 billion voice assistants will be powered by AI. AI voice assistant can provide a more natural and intuitive way for users to interact with devices, allowing them to control the device using only voice commands. This has made them very popular and has led to a surge in demand for smart displays that are compatible with voice assistants.
Smart Display Market: Key Takeaways
- The Asia Pacific region is forecast to have the highest growth rate
- Retail is expected to have the fastest growth rate among all segments
- A significant level of growth is expected in North America during the next few years
Extensive Adoption of Smart Displays in the Automobile Industry to Boost Market Growth
The automotive sector is experiencing a technological transformation, and the increasing demand for advanced technologies such as touchscreens, augmented reality, AI, and machine vision is driving the growth of the market. Additionally, the high disposable income of people in this region is creating a high demand for luxury cars, which is leading to increased adoption of smart displays in cars.
A total of 309,800 units were sold by the luxury car manufacturer in 2022, a 3% increase over 2021. In the financial year 2022, Mercedes sold around 12 million vehicles in India, making it the leading luxury car brand. Smart displays are an interactive interface between the user and the car, providing access to features and information such as navigation, music, climate control and more. Smart displays offer a convenient way for drivers to control their vehicles, while also providing an enhanced user experience.
Rapidly Growing Consumer Electronics Industry to Drive the Market Growth in the Asia Pacific Region
The smart display market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional market is driven by technological advancements in display and increasing penetration of consumer electronics such as mobile devices, wearables, TVs, laptops, tablets, and computers. In terms of sales and production of consumer electronics, China ranks first globally, with major consumer electronics brands such as Huawei, Konka, Oppo, and Xiaomi dominating the Chinese industry.
In April 2023, more than 119 million cellphones will be produced in China, and approximately 1.6 billion were produced in 2021. Approximately 295 million notebook computers were manufactured in China in 2021. Smart displays provide an intuitive, interactive user experience that is more engaging than traditional displays. They are equipped with features such as voice control, gesture recognition, facial recognition, and AI-powered chatbots, which are increasingly becoming popular in the consumer electronics industry.
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Increasing Deployment of Smart Homes and Smart Devices to Boost Market the Growth in the North America Region
The smart display market in North America region is estimated to garner the largest revenue by the end of 2035. North America is home to some of the most technologically advanced countries in the world, including the United States, Canada, and Mexico. As a result, the region has seen a proliferation of smart home devices, such as smart speakers, thermostats, and lighting systems, which has driven up demand for smart displays.
There is at least one smart device in 70% of U.S. households, and over 15% have multiple smart devices in their homes. As more people purchase smart devices, the demand for smart displays is also increasing, as these displays enable users to seamlessly control their smart devices. This eliminates the need to manually control each device, making the home automation process much simpler and more efficient. Moreover, the increased demand for energy efficiency and automated solutions, as well as the growing need for intelligent home and office management are expected to bolster the growth of the market in North America.
Smart Display Segmentation by End User
- Smart City
- Automotive
- Retail
- Sports & Entertainment
- Healthcare
The retail segment in smart display market is anticipated to hold the largest revenue by the end of 2035. The growth in retail businesses has created a need for more effective customer engagement solutions. Smart displays offer a great opportunity for businesses to interact with customers and provide them with personalized services.
As of Q3 2020, there were about 1,045,421 retail establishments in the United States, a 4,800 increase from Q2 2020 and the highest total ever for a Q3 in the past ten years. Smart displays are more efficient than traditional methods of displaying product prices and information. They allow retailers to update their inventories and pricing in real-time and can be tailored to specific shoppers. This allows retailers to better manage their inventory, resulting in less waste and lower costs. Additionally, these displays can be used to track customer behavior and preferences, allowing retailers to better target their marketing efforts.
Smart Display Segmentation by Technology
- LED
- LCD
The Light-emitting diode (LED) segment in market is anticipated to hold the largest revenue by the end of 2035 owing to the increasing demand for energy-efficient lighting solutions and the low power consumption of LEDs. Additionally, LED displays are brighter and more durable than traditional LCD and plasma displays, making them more attractive to consumers.
Moreover, the development of LED displays with higher resolution and higher refresh rates, as well as the emergence of OLEDs in smartphones, have made LED displays the most sought-after for gaming and home theater applications. It is anticipated that by 2026, OLED panels will represent 50% of the smartphone market worldwide. Additionally, the growing demand for outdoor displays due to their higher brightness and better visibility in direct sunlight is likely to further drive the demand for LED displays.
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Smart Display Segmentation by Type
- Smart Display Mirror
- Smart Home Display
- Smart Signage
Few of the well-known market leaders in the global smart display market that are profiled by Research Nester are Amazon.com, Inc., BenQ Corporation, Japan Display Inc., Lenovo, NEC Corporation, LG Electronics, Alpine Electronics, Inc., Sony Corporation, Panasonic Holdings Corporation, Samsung Electronics, and other key market players.
Recent Development in the Market
- Sony Corporation has unveiled the BRAVIA XR X95K Mini LED TV, a 216 cm (85) television. It features an XR Backlight Master Drive that accurately regulates the brightness of the newest Mini LED backlight using the Cognitive Processor XR. A recently released TV offers unheard-of dynamic range, with bright lighting and deep blacks that capture the original intention of the creator.
- LG Electronics (LG) introduced the 32-inch LG SMART Monitor in 4K UHD. A variety of exciting entertainment applications, including well-known streaming services, can be accessed without a computer connection, enabling remote workstations, at-home workouts, cutting-edge gaming, and a variety of entertainment applications.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
