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 (under 32 inches, between 32 and 52 inches and over 52 inches) and end user (automotive, residential , Retail, Healthcare, Sports and Entertainment): Global Opportunities Analysis and Industry Forecast, 2021-2028. It is published in Appreciate the reports under the Software Category.
Smart Display market size has been valued at $3.78 billion in 2020 and is expected to reach $18.25 billion by 2028 with a CAGR of 21.6% from 2021 to 2028.
KEY FACTORS DRIVING THE GROWTH OF THE SMART DISPLAYS MARKET
Rising demand for AI and IoT based smart home solutions owing to increasing disposable income and wide range of connectivity options will propel the smart display market in the coming years . Smart displays also improve conversion rates and drive in-store traffic through visual appeal in the retail industry, which will expand the market in the future.
Additionally, widespread application in healthcare, automotive and growing number of smart stores globally will accelerate the market over the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE SMART DISPLAYS MARKET
Smart displays are increasingly being used in homes for entertainment, safety, security, appliances, lighting, and more. The emergence of a variety of connectivity options like wifi, high-speed internet, Bluetooth has increased the application of smart home appliances across the world. Major market players have seen the immense potential of smart home technologies, thus developing products that boost home automation. Moreover, smartphones have simplified the whole process as access to these devices can be done with just the press of a button. Thus, the growing preference for smart home automation and the emergence of advanced technologies will propel the smart display market in the following years.
The digital age has increased the demand for smart displays in hospitals and clinics. Healthcare professionals rely heavily on the positive patient experience to strengthen the organization’s brand and improve patient outcomes. The most innovative way to visually project crucial information in real time to a variety of people is on a screen. Digital signage systems are able to do the exact thing and help guide patients correctly. Personalized healthcare becomes easy and digital. Additionally, smart mirrors and a wide range of connectivity options, including in-vehicle LED and LCD screens, provide convenience, comfort and safety. Thus, the growing use of smart displays in the healthcare and automotive sectors will drive the market growth over the forecast period.
The purchasing power of consumers increases. The large shopping cart customer base has led to an increase 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 advertisements and targeted entertainment. This creates huge growth room for the smart display market over the forecast period.
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SMART DISPLAY MARKET SHARE ANALYSIS
On the basis of type, signage segment led the market and will continue to grow at a CAGR of 20.1% during the forecast period owing to increasing 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 screen size, between 32 and 52 inches will dominate and grow at a CAGR of 23.2% over the review period.
Depending on the region, the Asia Pacific The segment dominated the market and contributed a share of 24.2% in 2020. The region will continue to provide lucrative opportunities for smart display market share growth owing to large-scale manufacturing in industries automotive and consumer electronics and the widespread adoption of smart displays.
Based on end-user, 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
- Asia Pacific
- Latin America
- Middle East & Africa
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Market by company
- LG Electronics
- Panasonic Company
- Japan Display Inc.
- Sharp Corporation
- Alpine electronics
- Alphabet (Google LLC)
- Magna International Inc.
- Leyard Optoelectronics
- Sony Company
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– The Global head-up display market the size should reach $3291.9 million by 2027, $1286.4 million in 2020 at a compound annual growth rate (CAGR) of 17.0% over the period 2021-2027.
– The Global Volumetric Display Market the size should reach $650.3 million by 2026, $192.4 million in 2019, at a CAGR of 18.9% over the period 2021-2026.
– The Global Automotive smart display market the size is estimated at the value $869.6 million in 2022 and is expected to reach a readjusted size of $2,504.4 million by 2028 with a CAGR of 19.3% during the reporting period.
– Due to the COVID-19 pandemic, the portable monitors market the size is estimated at the value $2644.6 million in 2022 and is expected to reach a readjusted size of $7,023.9 million by 2028 with a CAGR of 17.7% during the reporting period.
– The Global organic LED market was rated at $32,463.5 million in 2019, and should reach $203,069.9 million by 2027, registering a CAGR of 21.7% from 2020 to 2027.
– Due to the COVID-19 pandemic, the AMOLED display market the size is estimated at the value 83880 million USD in 2022 and is expected to reach a readjusted size of USD 319,970 million by 2028 with a CAGR of 25.0% over the review period.
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