Smart Display Market Outlook - 2028
The smart display market size was valued at $3.78 billion in 2020, and is projected to reach at $18.25 billion by 2028, growing at a CAGR of 21.6% from 2021 to 2028.
A smart display is an intelligent digital solution used to be controlled through voice remote devices or with the Internet of Thing (IoT) enabled devices. The smart display application in the automotive and retail sector such as the smart mirror is an innovative technology capable of tracking the user’s personal information and shopper’s experience. Further, smart emerging as an advanced technological solution is adding interactive and advanced controlling features.
Smart display applications utilize technologies such as LED, LCD, and other projections onto the display on a preselected content. A smart display is popularly used across retail, sport & entertainment, and healthcare, owing to surge in demand for next-generation advertising and monitoring technology. Besides, smart display applications such as signage and mirrors are designed to enhance customer shopping experiences, greet customers, and display advertisements in retail stores, which fuels its adoption of machine vision technology in the hospital and clinical sector.
The smart display market is expected to witness growth during the forecast period, owing to rise in demand for artificial intelligence and Internet of Things based smart application in the residential sector due to surge in disposable income in developing countries. Further, the market for smart display is expected to be driven by increase in demand for smart mirror systems in the automotive industry. Moreover, increase in demand for digital advertisement across healthcare, retail, and commercial sectors is expected to boost the demand for smart display. Considering these factors, the smart display market is estimated to experience a steep growth in the future.
Home Display segment is projected as one of the most lucrative segments.
Rise in number of smart retail stores worldwide and surge in demand for enhanced smart display solutions are expected to offer lucrative opportunity for the growth of the automotive smart display market during the forecast period. However, high risk of data breach and device malfunction acts as a major challenge for this market. Further, surge in adoption of smart home application in the residential sector is opportunistic for the market growth.
The global outbreak of COVID-19 has significantly affected the growth of the smart display market in 2020, and the market is estimated to witness relatively slow growth till the end of 2021. Further, the global selling market was primarily hit by several obstacles due to COVID-19 in the manufacturing and selling industries such as lack of availability of raw material and skill workforce, contractual obligations, and project delays or cancellations. Thus, it resulted in decreased demand for the market for automotive.
UHD Segment holds a dominant position throughout the forecast period.
The smart display market is segmented on the basis of type, resolution, display size, end user and region. On the basis of type, it is fragmented into signage, smart mirror, and home display. The signage segment dominated the market, in terms of revenue in 2019, and is expected to follow the same trend during the forecast period. On the basis of resolution, the market is segregated into UHD, FHD, and HD. The HD segment dominated the market, in terms of revenue in 2019, however, the UHD segment is projected to witness significant market share during the forecast period. By end user, the market is divided into residential, retail, automotive, healthcare, and Sport & Entertainment. The smart display market share of retail segment accounted highest in 2019, and the automotive segment is expected to grow at a high CAGR from 2021 to 2028.
Region wise, the smart display market trends are analyzed across North American (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). APAC is expected to develop at highest rate during the forecast period. APAC, specifically Japan, remains a significant participant in the global supply chain market; organizations in the country are intensely putting resources into the technology; for example, usage of multifunction printing technology for cost-efficient methods.
By Display Size
Between 32 to 52 Inch segment is projected as one of the most lucrative segments.
Covid-19 Impact Analysis
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increase in panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown in growth of the smart display industry in 2020.
According to the smart display market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.
The emergence of COVID-19 has declined the growth of the personal market size in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for this decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.
Top Impacting Factors
Significant factors that impact the growth of the global smart display industry include rapid adoption of artificial intelligence and Internet of Thing enabled smart applications in commercial, residential, and industrial sectors and surge in demand for smart mirror in the automotive industry. However, high risk of customer data breach and device malfunction is acting as a major barrier for early adoption, which hampers the smart display market growth. On the contrary, growth in numbers of smart stores globally is anticipated to provide lucrative opportunities for the smart display market during the forecast period.
By End User
Healthcare segment will grow at a highest CAGR of 25.0% during 2021 - 2028
Competitive analysis and profiles of the major smart display market players such as Samsung, LG Electronics, Alphabet (Google LLC), Panasonic Corporation, Japan Display Inc., Sony, Alpine Electronics, Sharp Corporation, Leyard Optoelectronic, and Manga International Inc. are provided in this report.
Asia-Pacific would exhibit the highest CAGR of 24.2% during 2021-2028
Key Benefits For Stakeholders
- This study comprises analytical depiction of the smart display market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall smart display market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current smart display market forecast is quantitatively analyzed from 2019 to 2028 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the smart display market share of key vendors and smart display market trends.
Key Market Segments
- Home Display
By Display Size
- Below 32 Inch
- Between 32 and 52 Inch
- Above 52 Inch
By End User
- Sports & Entertainment
- LG Electronics
- Panasonic Corporation
- Japan Display Inc.
- Sharp Corporation
- Alpine Electronics
- Alphabet (Google LLC)
- Magna International Inc.
- Leyard Optoelectronic
- Sony Corporation
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Smart Display Market Report Highlights
By Display size
Key Market Players
Magna International Inc., Japan Display Inc. (JDI), Samsung, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., Alpine Electronics, Inc. (Alps Alpine Co., Ltd.), Alphabet Inc. (Google LLC), Sony Corporation, Leyard Optoelectronic Co., Ltd.
Smart display is a digital screen designed to use around the home, retail, and automotive sectors for digital communication, which sometimes also includes a sizable touch screen. Further, the home display devices can be for more than just control but support entertainment, video chats, information videos, and control other smart applications inside homes.
Smart display is popular for use in retail sectors for digital communication and can be programmed, scheduled as per user preferences, especially with set daily routines to display images and videos information. Moreover, smart display application such as home display has advance features such as Bluetooth speaker with screen to make it more user friendly. These devices can be easily installed by consumers and are compatible with wide range of smart electronic appliances.
Globally, various key players are investing in smart display application to make them compatible with various industrial platforms. For instance, Leyard launched a new 216-inch, 8k video wall with 0.6 mm fine pitch suitable for digital communication across retail, healthcare, automotive, and other sectors. In addition, LG Electronics has launched new three series of outdoor LED displays with a pixel compatible of all weathers.
The key players profiled in the report include Samsung, LG Electronics, Alphabet (Google LLC), Panasonic Corporation, Japan Display Inc., Sony, Alpine Electronics, Sharp Corporation, Leyard Optoelectronic, and Manga International Inc.