Smart Display Market To Reach USD 18.25 Billion By 2028 Growing At A CAGR of 21.6% - Valuates Reports

BANGALORE, India, April 14, 2022 /PRNewswire/ -- Smart Display Market is segmented By Type (Signage, Mirror, and Home Display), Resolution (UHD, FHD, and HD), Display Size (Below 32 Inch, Between 32 to 52 Inch and Above 52 Inch) and End User (Automotive, Residential, Retail, Healthcare, and Sports and Entertainment): Global Opportunity Analysis and Industry Forecast, 2021–2028.  It is published in Valuates Reports under the Software Category.

The Smart Display market size was valued at USD 3.78 billion in 2020 and is projected to reach USD 18.25 billion by 2028 growing at a CAGR of 21.6% from 2021 to 2028.

MAJOR FACTORS DRIVING THE GROWTH OF THE SMART DISPLAY MARKET

Increasing demand for AI and IoT-based smart home solutions due to rising disposable incomes and a wide range of connectivity options will propel the smart display market in the coming years. Smart displays also enhance conversion rates and drive store traffic through visual appeal in the retail industry which will expand the market in the future.

Moreover, widespread application in healthcare, automotive, and a growing number of smart stores worldwide will accelerate the market during the forecast period.

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TRENDS INFLUENCING THE GROWTH OF THE SMART DISPLAY MARKET

Smart displays are being used increasingly in households for entertainment, safety, security,  appliances, lighting, etc. The emergence of a variety of connectivity options like wifi, internet broadband, Bluetooth has increased the application of smart home appliances across the globe. The key market players have seen the immense potential of smart home technologies thereby developing products that drive home automation. Moreover, smartphones have simplified the entire process as access to these devices can be done through the push of a button. Thus the growing preference for smart home automation and the emergence of advanced technologies will propel the smart display market during the subsequent years.

The digital age has augmented the demand for smart displays in hospitals and clinics. Healthcare professionals rely heavily on positive patient experience for boosting the organization's brand and achieving better health status of patients. The most innovative way to project real-time crucial information to a variety of people visually is on a screen. Digital signage systems are able to achieve the exact thing and help in guiding patients properly. Personalized healthcare becomes easy and digital. Moreover, smart mirrors and a broad range of connectivity options including LED, LCD screens inside vehicles provide convenience, comfort, and safety.  Thus the growing usage of smart displays in the healthcare and automotive sector will drive the market growth during the forecast period.

The purchasing power of consumers is growing. The large basket customer base has led to a spurt in the number of shopping malls and retail spaces across the globe. Smart signage systems are being adopted in retail stores as these devices drive better in-store traffic, sales, increase purchasing decisions and create brand awareness through visual appeal in the form of targeted advertisement and entertainment. This is creating huge scope for the growth of the smart display market during the forecast period.

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SMART DISPLAY MARKET SHARE ANALYSIS

Based on type, the signage segment dominated the market and will continue to grow at a CAGR of 20.1% during the forecast period due to growing internet penetration.

Based on resolution, The UHD segment will grow by 22.6% from 2021 to 2028 in the smart display market share.

Based on display size, between 32 to 52 inches will dominate and will grow at a CAGR of 23.2% during the review period.

Based on region, the Asia-Pacific segment dominated the market and contributed a 24.2% share in 2020. The region will continue to provide lucrative opportunities for growth in the smart display market share due to large-scale manufacturing in the automotive, consumer electronics industries and wide scale adoption of smart displays.

Based on end-user, the healthcare segment is expected to be the most lucrative segment and will grow at a CAGR of 25.0% during the forecast period.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Market By Company

• Samsung
• LG Electronics
• Panasonic Corporation
• Japan Display Inc.
• Sharp Corporation
• Alpine Electronics
• Alphabet (Google LLC)
• Magna International Inc.
• Leyard Optoelectronic
• Sony Corporation

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SIMILAR REPORTS

-  The global Head-Up Display market size is projected to reach USD 3291.9 million by 2027, from USD 1286.4 million in 2020 at a Compound Annual Growth Rate (CAGR) of 17.0% during 2021-2027.

-  The global Volumetric Display market size is projected to reach USD 650.3 million by 2026, from USD 192.4 million in 2019, at a CAGR of 18.9% during 2021-2026.

-  The global Automotive Smart Display market size is estimated to be worth USD 869.6 million in 2022 and is forecast to a readjusted size of USD 2504.4 million by 2028 with a CAGR of 19.3% during the review period.

-  Due to the COVID-19 pandemic, the global Wearable Display market size is estimated to be worth USD 2644.6 million in 2022 and is forecast to a readjusted size of USD 7023.9 million by 2028 with a CAGR of 17.7% during the review period.

-  The global organic LED market was valued at USD 32,463.5 million in 2019, and is projected to reach USD 203,069.9 million by 2027, registering a CAGR of 21.7% from 2020 to 2027.

-  Due to the COVID-19 pandemic, the global AMOLED Display market size is estimated to be worth USD 83880 million in 2022 and is forecast to a readjusted size of USD 319970 million by 2028 with a CAGR of 25.0% during the review period.

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