Smart Display Market Size was valued at USD 80.6 billion in 2022. The Smart Display market industry is projected to grow from USD 94.3 Billion in 2023 to USD 331.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.0% during the forecast period (2023 - 2032). Companies are moving towards digital platforms across all industrial sectors. Hence, the hospital and healthcare management industries are likewise going through a digital transition as the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR Â for modern cars and vehicles' security systems are advancing as the automotive industry advances and become more high-end. Traditionally, primary concave mirrors have been used in cars as rearview mirrors to aid drivers in overtaking other vehicles and shifting into reverse. The physical phenomenon of lights has brought the object in the mirror closer than it was before. Sometimes this error is detrimental to inexperienced or less experienced drivers. But, thanks to advancements in automotive technology, parking or reverse cameras in vehicles can now be seen on display in the rearview mirror.
Medical experts and large hospitals can only deliver adequate treatment if their workforce can effectively communicate and manage their time. Voice-activated and touchless smart displays assist medical staff with patient communication, time management, and cleanliness. Medical staff productivity is boosted by the smart screen's advantages, such as its improved communication interface and interactive display. When the emergency department is overwhelmed with patients, this interactive display might be a lifesaver for medical personnel. This screen gives clinicians real-time access to patient data recorded on hospital servers. These are only a few of the smart screen's advantages that are helping the healthcare business expand and gain market dominance. Intelligent screen technologies have been on the rise in recent years. Market expansion is being fueled by expanding numbers of a smart house and car installations and increased acceptance of smart displays in private and public buildings. Smart displays are increasingly used in the healthcare industry, particularly for showing hospital maps and directions to visitors and patients.
Another factor contributing to the expansion of the smart display market is the rising number of people who have access to the internet; developments in digitalization; rising consumer preference for smart home appliances like smart speakers, smart TVs, and other smart home devices; and rising demand for smart mirrors in the automotive and retail industries. In addition, rising numbers of trendy shops and R&D efforts by market players to create smart displays with more features are anticipated to drive worldwide market expansion. These factors are enabling the growth of the Smart Display Market CAGR globally in recent years.
In addition, the Internet of Things has indicated a substantial promise in the energy, trash, and infrastructure sectors with the idea of smart cities. The Asian Development Bank estimates that by 2025, 70 million people will reside in urban areas throughout the ASEAN member states. Currently, urban regions are home to around half of the ASEAN population. To this end, the ASEAN Sustainable Urbanization Strategy recommends implementing technical developments, including smart city initiatives and Smart gadgets. These changes have the potential to propel the analyzed market even further. This will push the Smart Display market revenue.
Based on product, the Smart Display Market segmentation includes a smart TV, smartphone, smart wearables, and others. The smart TV segment held the majority share in 2022, contributing to around ~52-56% of the Smart Display Market revenue. Smart TVs have been more successful than conventional viewing techniques because of the digital display's ability to present compelling and realistic media content. Smart TVs are also widely utilized in public spaces, including malls, restaurants, hospitals, campuses, and airports, to improve digital interaction and convey timely, relevant content. Features such as high-quality screen displays, digital access to the actual display, and the incorporation of automation into marketing make smart signs' applications a reality.
Based on the display technology, the Smart Display Market segmentation includes TFT-LCD, OLED, and others. The TFT-LCD market category earned more revenue in 2022. This trend will continue over the forecast period due to the increasing use of LED technology and technological advancements in displays and screens. TFT-LCD screens also use less power than older technologies like cathode ray tubes and thin film transistors. The advantages of TFT-LCD displays are projected to fuel the market expansion predicted over the next several years, propelling market growth.
The Smart Display Market data segmentation has been bifurcated by touch panel into capacitive and resistive. The capacitive segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2032. High-definition video resolution provides greater frame rates and better specification, allowing for details like sharp contrast, a wide range of vivid colors, and subtle gradations in light level to be observed. Smart sign displays used for digital communication benefit greatly from having ultra-high definition (HD) resolution.
The global Smart Display industry has been segmented based on end-users into automotive, residential, and others. The residential category held the most revenue in 2022 and is expected to create a noteworthy CAGR throughout the forecast period. This is due to the many advantages of smart LED displays in retail outlets. The proliferation of smart homes and the increasing popularity of smart screen displays for automating and streamlining the management of their many features are expected to fuel the global market. In the coming years, the smart city sector will mirror these patterns. The widespread adoption of smart screens in consumer electronics like cars and smart homes has resulted in a significant uptick in the market for smart screen displays.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. In Asia Pacific, the Smart Display market accounted for USD 36.9 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Potential development drivers for the regional market include rising smart screen usage in connected vehicles and smart cities. Market expansion is also due to the leading firms' adoption of new tactics in mergers, joint ventures, and acquisitions.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Smart Display market accounts for the second-largest market share due to the country's large capacity for producing smart and connected home products, which is expected to yield the greatest CAGR throughout the projection period. Further, the Germany Smart Display market held the largest market share, and the UK Smart Display market was the fastest-growing market in the European region
The North American Smart Display Market is expected to grow at the fastest CAGR from 2022 to 2032. New technology usage in the country's residential and industrial sectors is fueling the region's market growth, which is expected to be substantial throughout the projection period for the market expansion. Moreover, China Smart Display market held the largest market share, and the India Smart Display market was the fastest growing market in the Asia-Pacific region
For instance, the India Smart Display market is expected to multiply during the forecast period. Smart display adoption is fueled by the expansion of electronics and semiconductor production in Asia, driven by the increased demand for various consumer devices in the region. Further, The IBEF forecasts that by 2025, the consumer electronics market will be worth INR 1.48 lakh crore (USD 21.18 billion). In order to get an edge in the smart display industry, businesses in these areas are putting a premium on research and development, as well as product launches. In addition, Wozart Smart devices have just released smart security, which provides a voice-controlled, safe, and eco-friendly smart home, and which allows you to manage your smart home's connected appliances and lights with your voice or a press of a button on your smartphone, tablet, speaker, TV, or other devices.
The Major market players are raising spending on research and development projects. Market developments seek to raise their visibility by introducing new products, entering new contracts, acquiring related businesses, investing more money, and teaming up with complementary businesses. To attract even more customers, market research suggests that dominant firms in the Smart Display industry should price their wares reasonably.
The market leaders in the Smart Display industry are extending their clientele through local production to cut costs. During the estimated time frame, several successful Smart Display industry have been released. The Smart Display market major player such as BOE Technology , LG Display Co. Ltd., Harman International Industries Incorporated, Samsung Electronics Corp. Ltd., Lenovo, Sharp Corp., and others are working on expanding the market demand by investing in research and development activities.
LG Display is one of the biggest producers and suppliers of thin-film transistor liquid crystal display (TFT-LCD) panels, flexible displays, and OLEDs. With its headquarters in Seoul, South Korea, LG Display runs seven back-end assembly plants and nine manufacturing sites across Korea, China, Poland, and Mexico. After winning approval at the company's annual general shareholders meeting on February 29, LG.Philips LCD announced on December 12 that it would change its corporate name to LG Display. The firm asserted that the name change represents the company's broadening of its business focus and diversity of its business models, the shift in corporate governance brought about by the decrease in Philips' ownership holding, and LG's dedication to more responsible management.
A worldwide electronics company headquartered in Yeongtong-gu, Suwon, South Korea, is called Samsung Electronics Co., Ltd. In 2012, it generated 70% of the group's income, making it the apex of the Samsung chaebol. Due of Cross ownership, Samsung Electronics has been essential to the group's corporate governance. Around 290,000 people are employed by Samsung Electronics, which has production lines and sales networks in 74 nations. Foreign investors hold the bulk of the business. Samsung Electronics is the second-largest technology business in the world by sales as of 2019, and it has the twelfth-largest market capitalization in the world with US$520.65 billion.
January 2022Â In India, Google launched the second-generation Nest Hub. The Google smart display includes a floating glass display that can play a slideshow of Google Photos. Like its predecessor, the smart display speaker uses Nest Audio technologies.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 80.6 billion |
| Market Size 2023 | USD 94.3 billion |
| Market Size 2032 | USD 331.1 billion |
| Compound Annual Growth Rate (CAGR) | 17.0% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Display Technology, Touch Panel, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | BOE Technology, LG Display Co. Ltd., Harman International Industries Incorporated, Samsung Electronics Corp. Ltd., Lenovo, Sharp Corp., Panasonic Corporation, Innolux Corp., and ViewSonic |
| Key Market Opportunities | Rising Adoption of Smart Cities |
| Key Market Dynamics | Increasing Number of Smart Stores |
Frequently Asked Questions (FAQ) :
The Smart Display Market was valued at USD 80.6 Billion in 2022.
The global market is projected to grow at a CAGR of 17.0% during the forecast period 2022-2032.
Asia Pacific had the largest share in the global market
The key players in the market are BOE Technology, LG Display Co. Ltd., Harman International Industries Incorporated, Samsung Electronics Corp. Ltd., and Lenovo, among others
The Smart TV category dominated the market in 2022.
TheTFT-LCD display technology had the largest share in the global market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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