At CAGR of 36.0%, Smart Display Market is expected to grow from US$ 1,443.74 Million in 2021 to US$ 11,547.23 Million by 2028 - Latest Exclusive Research by The Insight Partners

Smart Display Market: Key Insights

According to our latest market study on "Smart Display Market Forecast to 2028 -Global Analysis - by Coverage Size, Size, Resolution, and Industry," the market is expected to grow from US$ 1,443.74 million in 2021 to reach US$ 11,547.23 million by 2028; it is anticipated to grow at a CAGR of 36% from 2022 to 2028.

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On account of smart display's benefits, it is witnessing growing demand from numerous end-use industries, such as hospitality, retail, healthcare, and automotive. With the increasing use of technologies, the use of smart devices is increasing, which is directly proportional to the growth of the smart display market. With technological advancement, smart display manufacturers add extra elements to tap new applications, such as signage, infotainment, and home and industrial automation.

This is encouraging technology pioneers to provide Artificial Intelligence (AI) based smart display solutions. Big hospitality and retail chains are also adopting smart displays to decrease operational costs and reduce staff size. The rising success of smart speakers contributes to the innovation of smart displays. For instance, in April 2021, Google Nest Hub partnered with Guest Supply and Volara. Furthermore, Google Nest Hub provides its contactless guest information and services with Volara's voice assistant to Guest Supply hotels in the US. The rising adoption of advanced technology by various industries and increasing competition in the market are driving the growth of the smart display market.

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Presence of Popular Brands

Once the customers get used to a particular brand's product, they purchase other products from the same brand. Some well-known brands, such as Google; Amazon, Inc.; Bosch; Panasonic; BenQ Corporation; LG Electronics; Lenovo Group, Ltd.; Samsung Corporation; and Sony Corporation, offer various smart display solutions for automobiles, healthcare, residential, and retail industries. These brands effortlessly attract their loyal customers and are a major driving factor for the growth of the smart display market. Brands sometimes promote their products before the launch to create hype among customers. For instance, In March 2022, Xiaomi's smart display 10 was listed on multiple websites, and the product was launched in April 2022. In January 2022, Google launched its 2nd generation Google Nest Hub smart display in India at US$ 103.24. In June 2021, Amazon launched 2 new smart display products in the Indian market; the Echo show 10 and 5. Thus, the rising popularity of the brands is driving the growth of the smart display market.

Smart Display Market: Competitive Landscape and Key Developments

Alphabet Inc.; Amazon.com, Inc.; LG Electronics; LENOVO GROUP LIMITED; Magna International Inc; Panasonic Corporation; Sony Corporation; BenQ Corporation; NEXCOM International Co., Ltd.; and Samsung Electronics Co., Ltd. are among the key players profiled during this study on the smart display market. In addition, several other important market players were studied and analyzed during the course of this market study to get a holistic view of the global market and its ecosystem.

The smart display market players adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key market players are listed below:

1. The NoviSign Android Digital Signage App is currently available for all Sony BRAVIA Professional Android-based displays, according to NoviSign, an industry leader and pioneer in Android Digital Signage. The professional BRAVIA line from Sony supports 4K and HDR, has a system-on-a-chip platform, and comes in sizes ranging from 32 inch to 100 inch.

2. BenQ, a leader in interactive display technologies, joined Google's Integrated Solutions Initiative for Education. BenQ's commitment to providing education solutions that enable schools to construct more resilient active learning environments suited for in-person and distance learning is maintained by joining this effort.

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