Smart Display Market Report Forecasts 33.4% CAGR Through 2027

According to the Smart Display Market Report Share, it is projected to be worth USD 2.3 billion in 2022 and grow at a compound annual growth rate (CAGR) of 33.4% to reach USD 9.7 billion by 2027.

Pune, 31/07/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The Smart Display Market, as detailed in the new market research report "Smart Display Market with COVID-19 Impact Analysis by Smart Home Display (Voice-controlled, Smart Appliance), Smart Display Mirror, Smart Signage (Retail & Hospitality Facilities, Sports & Entertainment Venues), Geography - Global Forecast to 2027," is set to experience significant growth. Valued at USD 2.3 billion in 2022, the market is projected to reach USD 9.7 billion by 2027, growing at a robust CAGR of 33.4% during the forecast period.

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This growth is driven by the increasing adoption of smart home displays, including voice-controlled devices and smart appliances, and the rising demand for smart signage in retail, hospitality, and sports and entertainment venues. The COVID-19 pandemic has further accelerated the need for advanced display technologies, enhancing user experiences and streamlining operations in various sectors. With the continuous innovation and integration of smart technologies, the smart display market is poised for substantial expansion in the coming years.

COVID-19 has significantly impacted the global smart display market, halting production, reducing sales, and forcing key players to reevaluate their strategies. In the automotive industry, the pandemic led to rescheduled model launches, project delays, efforts to stabilize dealer networks, tight cash flow management, and a thorough review of investment portfolios. These challenges affected the production and sales of passenger and commercial vehicles worldwide, resulting in a decline in the smart display market size in 2021. Major markets experienced reduced adoption of smart displays across automotive and other applications due to the pandemic's adverse effects. However, the smart display market is anticipated to witness a significant boost during the forecast period as the industry recovers and adapts to the new normal.

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

Most smart home device and solution providers are transitioning from traditional practices to advanced technologies. Smart devices offer numerous advantages, including reduced energy consumption and effective management of household devices, over traditional alternatives. Consumer electronics companies are capitalizing on the rising demand for connected devices and solutions by increasing investments in the smart device market. This increased investment is expected to positively impact the growth of the smart home display market in the near future. Furthermore, AI- and IoT-based devices have gained significant traction recently due to their convenience and ease of use, driving further adoption in smart homes.

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APAC to grow with highest CAGR during the forecast period

The smart display industry in the Asia-Pacific (APAC) region has high growth potential, driven primarily by strong economic growth, a rising population, and rapid urbanization. These factors are fueling the demand for sophisticated infrastructure. The market is expected to record the highest CAGR during the forecast period due to the increasing demand for automation in numerous new and existing residential projects, expanding retail spaces, and a growing automotive industry in the region. The convergence of these elements makes APAC a significant hotspot for the smart display market, offering substantial opportunities for growth and innovation.

The report profiles key players in the smart display companies 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:

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