According to the new market research report on the "Smart Display Market with COVID-19 Impact Analysis, by Smart Home Display (Voice-controlled, Smart Appliance), Smart Display Mirror, Smart Signage (Retail & Hospitality Facilities, Sports & Entertainment Venues), Geography - Global Forecast to 2025", The global smart display market size was valued at USD 1.1 billion in 2020 and is projected to reach USD 6.1 billion by 2025. It is expected to grow at a CAGR of 41.0% during the forecast period. High demand for smart mirrors from the automotive industry, new and innovative features offered by smart mirrors, an increasing number of internet users and growing adoption of smart devices according to consumer preferences, surging demand for AI-powered and IoT-enabled smart home appliances, increasing trend of context-aware signage, and growing adoption of smart signage in retail sector are the key driving factors for the smart display market.
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The smart signage market is projected to witness lucrative growth during the forecast period. A new trend of context-aware and AI-powered signage is one of the major factors driving the smart signage market. The growing number of retail shops and the increasing use of more interactive and attractive digital signage products have created several growth opportunities for the smart signage market. The smart retail market involves utilizing cutting-edge technologies and solutions, including smart signage, to improve the in-store experience of customers.
Smart home displays to witness a higher CAGR during the forecast period.
Most of the smart home device and solution providers are shifting away from traditional practices towards advanced technologies. Smart devices offer many advantages, such as reduced energy consumption and effective management of devices, over traditional devices. Players offering consumer electronics are also capitalizing on the rising demand for connected devices and solutions by increasing investments in the smart device market. The increased investment is also expected to have a positive impact on the growth of the smart home display market in the near future. Moreover, AI- and IoT-based devices have recently gained traction owing to their convenience and ease of use.
North America to hold major share of the smart display market during the forecast period.
North American countries, such as the US, Canada, and Mexico, are receptive to products enabled with advanced technologies. The penetration of smart displays is high in the US, owing to the presence of early adopters and key smart display providers in the country. The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Key players such as Amazon, Google, and Facebook offering smart displays are based in the US; thus, most of the products are launched and shipped first in the region. Companies offering smart displays in the region are highly competitive and are continuously investing in developing technologically advanced products to retain their position in the smart device market. Additionally, the penetration of smart devices in the region is also fueling the demand for smart displays.
A few of the key players in the smart display market are Amazon (US), Samsung Electronics (South Korea), Alphabet (Google) (US), Apple (US), LG Electronics (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Leyard Optoelectronic (Planar) (China), Sony (Japan), Facebook (US), Magna International (Canada), and Gentex (US).
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