May 20, 2024

Smart Display Market Size to Reach USD 51.47 Billion by 2033

The global smart display market size was estimated at USD 7.62 billion in 2023 and is projected to reach around USD 51.47 billion by 2033, growing at a CAGR of 21.05% from 2024 to 2033.

Key Points

  • Asia Pacific led the smart display market with the largest market share in 2023.
  • North America is expected to witness the fastest growth in the market during the forecast period.
  • By technology, the LED display segment dominated the market with the largest market share in 2023.
  • By type, the smart home display segment held the largest share of the market in 2023.
  • By end users, the retail segment led the smart display market in 2023.

Smart Display Market Size 2024 to 2033

The smart display market refers to a segment of electronic devices that combine the functionality of a traditional display with smart assistant capabilities, such as voice command integration and internet connectivity. These devices often feature touchscreens and are designed to provide interactive and intuitive user experiences beyond what conventional displays offer. Smart displays have gained significant traction in recent years due to the growing popularity of smart home devices and the increasing demand for connected technologies.

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Growth Factors

The growth of the smart display market is fueled by several key factors. Firstly, the rise of smart home ecosystems has spurred demand for devices that can serve as central hubs for controlling various connected devices and accessing information. Additionally, advancements in voice recognition technology and artificial intelligence have enhanced the capabilities of smart displays, making them more versatile and user-friendly. Moreover, the increasing adoption of internet of things (IoT) devices and the trend towards integrated home automation systems further contribute to the market’s expansion.

Regional Insights

The adoption of smart displays varies across different regions. North America, particularly the United States, leads the market due to high consumer awareness, strong purchasing power, and a tech-savvy population. Europe follows closely, with countries like the UK and Germany showing significant growth. Asia Pacific is also a key region for the smart display market, driven by increasing urbanization, rising disposable incomes, and a growing interest in smart home technologies across countries like China, Japan, and South Korea.

Smart Display Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 21.05%
Smart Display Market Size in 2023 USD 7.62 Billion
Smart Display Market Size in 2024 USD 9.22 Billion
Smart Display Market Size by 2033 USD 51.47 Billion
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Technology, By Type, and By End-Users
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

 

Smart Display Market Dynamics

Drivers

Several drivers propel the smart display market forward. The convenience of voice-activated control and the integration of smart assistants like Amazon Alexa and Google Assistant appeal to consumers seeking seamless interaction with their digital environments. Moreover, the expanding range of applications for smart displays in areas such as entertainment, communication, and home management continues to attract new users. Additionally, competitive pricing and the introduction of innovative features by manufacturers stimulate market growth.

Opportunities

The smart display market presents promising opportunities for further expansion. Continued advancements in display technology, including improvements in resolution, size, and design, can enhance user experiences and attract more consumers. Furthermore, partnerships between smart display manufacturers and content providers or IoT device makers can create synergies that drive product innovation and market penetration. Additionally, expanding into emerging markets with rising disposable incomes and increasing internet penetration presents untapped potential for market players.

Challenges

Despite its growth prospects, the smart display market faces certain challenges. Privacy concerns related to voice data collection and security vulnerabilities in connected devices remain key issues that manufacturers must address to build and maintain consumer trust. Moreover, competition from alternative smart home control interfaces, such as smartphones and voice-enabled speakers, poses a challenge to market expansion. Additionally, the cost of smart displays compared to conventional displays may hinder widespread adoption in price-sensitive markets.

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Smart Display Market Recent Development

  • In May 2024, Yale, a leading player in the smart home solutions and division of ASSA ABLOY unveiled Yale Smart Outdoor Camera, Yale Smart Indoor Camera, and Yale Smart Video Doorbell at the Smart Home Expo 2024 in Mumbai’s Jio Convention Centre. The devices are designed to enhance the home security system with intelligent features offering easy control and compatibility with other devices of Yale.
  • In May 2024, Smart Node, a leading home automation brand introduced the range of smart home products includes KNX DALI Gateway with Wi-Fi, HomeLink Screen Panel central control unit, Wi-Fi DALI Gateway, Curtain Motor, KNX Phase Cut Dimmer, customizable Keypads, and KNX Analog Dimmer.
  • In May 2024, VueReal, a Canadian Microsolid pioneer company launched the ColourFusion microDisplay, an augmented reality display that can be used in the automotive, consumer electronics, medical, aerospace, and industrial applications.
  • In May 2024, Boult, a rapidly expanding wearable technology brand is expanding its array into the smart home audio segment with the launch of BassBox SoundBars and Space Transforming SoundBar.
  • In April 2024, VueReal is introducing its MicroSolid Printing platform and demonstrate its versatility in mass adaptation of MicroLED display and other micro-semiconductor devices with the portfolio of products including AR/VR solutions, and smartphone displays.

B2B Payments Transaction Market Companies

  • Samsung Electronics
  • Alphabet (Google)
  • LG Electronics
  • NEC Corporation
  • Panasonic Corporation
  • Leyard Optoelectronic (Planar)
  • Sony
  • Magna International

Segments Covered in the Report

By Technology

  • LEDs
  • LCDs

By Type

  • Smart Display Mirror
  • Smart Home Display
  • Smart Signage

By End-Users

  • Retail
  • Automotive
  • Smart city
  • Sports & Entertainment
  • Healthcare
  • Others

By Geography

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

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