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The global smart display market is expected to grow from $861 million in 2018 to $6,665 million by 2025, at a CAGR of 34%. The market has been segmented into three separate markets: smart home displays, smart display mirrors, and smart signage.
Smart displays are intelligent solutions that can be controlled through simple voice commands, remote devices, or with the help of IoT connectivity and artificial intelligence. Smart displays are referred to as emerging display applications where manufacturers add interactive and advanced control features to the display devices.
This offers new growth opportunities for display panel manufacturers, technology developers, signage solution providers, and OEMs. These devices are emerging use cases of displays and have the potential to revolutionize several applications including home, signage, automotive, and other industries.
Smart Signage to Hold Largest Share of Global Smart Display Market during Forecast Period
With the changing strategies in the retail industry to attract customers, context-aware signage/smart signage is becoming a powerful tool in the retail spaces and due to which smart signage accounted for a major share of the global smart display market in 2018, and a similar trend is expected to continue during the forecast period.
Factors such as increasing demand for context-aware signage and customer data analysis to enable AI-based smart signage are driving the market for smart signage. Growth in retail space worldwide and the development of flexible and transparent displays are the major opportunities for smart signage in the market during the forecast period.
Voice-Controlled Smart Displays to Grow with Highest CAGR in Smart Home Display Market during Forecast Period
Voice-controlled display is a display panel embedded smart speaker power with voice assistant. The voice-controlled smart displays are expected to grow at the highest CAGR in the smart home display market owing to the growing trend of smart speakers in the last 3 years.
Amazon was the only player in 2018 to launch voice-controlled smart displays, and with the success of smart speakers, several new players such as Google, Facebook, Lenovo, Samsung, and LG Display entered into the market in 2018. A growing number of players offering voice-controlled smart displays is expected to boost the market of voice-controlled smart displays.
Europe Accounted for Largest Share of Automotive Smart Display Mirror Market
Europe is leading the automotive smart display mirror market. Europe is home to major automobile manufacturers such as Volkswagen (Germany), BMW (Germany), and Daimler (Germany), which is expected to create a significant demand for smart display mirrors.
Consumer demand for connected mirrors is also growing due to increasing focus on vehicle safety and convenience, which is driving the automotive smart display mirror market.
Voice-Controlled Smart Display Market to Grow Rapidly in APAC during Forecast Period
The voice-controlled smart display market is expected to grow at the highest CAGR in APAC mainly due to rising production of consumer electronics and increasing demand for wireless connectivity. Also, the market is expected to grow at a high rate owing to the proliferation of internet services and rapid internet penetration.
Looking at the success of smart speakers in APAC, countries such as China, Japan, Australia, India, and South Korea have the potential for high demand in the market due to a large population, the emerging trend of smart homes, increasing purchasing power parity (PPP), and growing adoption of innovative technologies. Growth opportunity for the voice-controlled smart display market in countries other than China, India, South Korea, Australia, and Japan will largely depend on pricing strategies and regional dialects.