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The Smart Display Market is projected to expand dramatically from USD 3.09 billion in 2023 to USD 30.53 billion by 2031, achieving a remarkable CAGR of 33.1% during the forecast period from 2024 to 2031, According to the SNS Insider.
Rising Demand Across Industries Fuels Market Expansion
The smart display market’s exponential growth is fueled by several factors. In the automotive industry, smart displays replace traditional mirrors, offering enhanced safety and visibility. The increasing popularity of smart homes utilizes smart displays for controlling devices and creating a seamless experience for homeowners. Smart displays also find extensive use in retail environments where they transform customer interaction through personalized advertising and enhanced product information.
The integration of advanced technologies like voice assistants and touchless interfaces is revolutionizing healthcare by streamlining communication, enabling time management, and improving hygiene standards. The ability of smart displays to manage patient information and update doctors enhances efficiency, especially in emergencies. Home automation is another major growth driver for smart displays. AI-powered hubs in smart displays enable effortless control of devices like lights, fans, security cameras, and entertainment systems with simple voice commands. Rising smartphone penetration complements the growth of smart displays, making home automation incredibly user-friendly.
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Top Companies Featured in Smart Display Market Report:
- BOE Technology
- Harman International Industries
- Lenovo
- Panasonic
- ViewSonic
- LG Display
- Samsung Electronics
- Sharp
- Innolux
- Sony
Recent Developments
- In September 2022, LG Corporation released its innovative “LG Smart Monitor 32SQ780S,” a 32-inch 4K display offering features like AirPlay 2 support and USB-C connectivity.
- In June 2022, Samsung Electronics unveiled its “Smart Monitor M8 32-inch” featuring enhanced Google assistance and an updated Alexa experience.
- In September 2021, Amazon Inc. launched its “Echo Show 15,” a next-generation smart display equipped with a neural edge processor and advanced Alexa functionalities.
- In December 2021, Samsung Electronics introduced the HDR10+ GAMING standard for an immersive gaming experience on compatible 4K and 8K smart displays.
- In October 2021, NEC Corporation’s launch of C Series large format displays (C750Q and C860Q) targets applications in corporate, retail, and educational sectors.
Smart Display Industry Segmentation as Follows:
BY PRODUCT
- Smartphone
- Smart TV
- Interactive Kiosks
- Digital Signage
- Head-Up Display
- Smart Wearable
by Product: The digital signage segment leads the market, fueled by its popularity in retail environments. Digital signage can connect with IoT devices and display personalized advertisements for an enhanced customer experience.
BY TECHNOLOGY
- TFT
- OLED
- LCD
- TFT-LCD
- Others
by Technology: OLED displays dominate the market due to the increasing adoption of the technology, superior image quality, and notable energy efficiency compared to older display types.
BY INDUSTRY
- Automotive
- Healthcare
- Residential
- Commercial
- Education
- Others
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Impact of the Russia-Ukraine War
The ongoing Russia-Ukraine war has a multifaceted impact on the smart display market. Supply chain disruptions, particularly affecting raw materials and semiconductor availability, create challenges for manufacturers. Inflationary pressures resulting from the conflict can also influence consumer spending patterns and may temporarily slow down adoption rates in some sectors.
The Asia Pacific (APAC) region dominates the global market with a 54.23% share in 2023 due to several factors:
- The increasing use of smart screens in smart vehicles and smart cities is driving market growth.
- Leading companies in APAC are adopting strategic measures like partnerships, collaborations, and acquisitions to propel market growth.
- Local government authorities and public sector organizations in APAC are taking an active interest in smart city initiatives, further boosting the smart display market.
Japan, a frontrunner in APAC, is expected to be the fastest-growing market due to its advanced display production capabilities, rapid technology adoption, and strategic initiatives by companies.
Key Takeaways for the Smart Display Market Study
- The smart display market is projected to experience substantial growth, driven by technological advancements, integration with smart home technologies, and demand for interactive experiences across diverse industries.
- Smart displays are transforming various sectors of the economy, including healthcare, retail, automotive, and home automation.
- OLED technology is gaining prominence within the market due to its superior image quality and energy efficiency.
- The Asia Pacific region leads the smart display market with significant growth potential driven by initiatives in smart cities, innovative manufacturing, and a strong presence of key industry players.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Display Market Segmentation, By Product
9. Smart Display Market Segmentation, By Technology
10. Smart Display Market Segmentation, By Industry
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
Continued….
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