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A smart display is a touchscreen, battery-powered device to connect, share, and interact with the devices. It is also called a wireless monitor used to conduct activities requiring little or almost no keyboard involvement. The smart display market growth is primarily attributed to the rising significance of smart or digital signage displays in retail, consumer electronic, and automotive industries. The enhanced demand for smart home appliances is one of the significant factors driving the smart display market growth. The proliferation of connected devices would be further likely to drive smart display solutions during the forecast period.
Cumulative demand for remote or mobile devices and integration of smart displays in them would be poised to drive the smart display industry. Vendors, as well as government entities, are investing increasingly in smart products and solutions developments. This factor would further likely assist in the growth of the smart display market. In July 2019, LG Display Co. Ltd announced that it has planned to invest the amount of USD 2.6 billion for developing an organic light-emitting diodes (OLED) panel plant in South Korea. Besides, the increasing adoption of smart home appliances such as smart speakers, smart LEDs, smart TVs, and other smart home devices is also supporting the smart display market growth. The capability of smart mirrors to record and track the user's data and shopper's experience is supporting their adoption in the retail industry.
According to consumer preferences, the significantly growing number of internet users, innovative features provided by smart mirrors, and rising demand for smart devices and home appliances would drive the smart display market. Besides, the incorporation of advanced technologies such as artificial intelligence and the internet of things has expanded the application areas of smart displays. This factor would be likely to impact the overall market growth positively.
Key Market Driver -
• Growing demand for AI-driven and IoT-enabled smart home appliances • The cumulative demand for smart displays in automotive, consumer electronics, and retail industry
Key Market Restraint -
• Lack of awareness and high cost to limit the adoption
The trend of context-aware smart signage display in the retail industry will also support the smart display market's growth. The rapidly developing automotive industry is increasingly looking for advanced technologies and solutions to enhance vehicle safety, comfort, and convenience, which would likely drive the smart mirror market. Apart from this, the rising demand for vehicle IoT and smart connectivity systems entices key companies in the market to offer enhanced reliability, functionality, and greater product utilization to their offering. Thus, these factors would be likely to contribute significantly to the overall market growth.
The prominent players in the global smart display market are adopting numerous organic and inorganic business growth strategies such as new product launches, product expansion, product enhancements, etc. For instance, the launch of a virtual assistant supported smart display named Google Home Hub by Google LLC. The newly launched smart display has provided an innovative feature called Ambient EQ, which combines a dedicated sensor with an imaging algorithm to tune the display's brightness and color. Similarly, in November 2018, LG Display Co., Ltd. launched a smart display called LG Xboom AI ThinQ in the United States that can be operated using Google Assistant. The significantly rising demand for innovative features and technologies in consumer electronics can create several smart display market opportunities. Vendors such as LG Display Co., Ltd., Panasonic Corporation, Sony Corporation, Samsung Electronics Co., Ltd., and others are focusing on expanding their product portfolio. Several companies implement inorganic business growth strategies such as partnerships, collaborations, acquisitions, and mergers to broaden their customer base and expand their geographic presence.
The key players operating the global smart display market include LG Display Co., Ltd., Samsung Electronics Co., Ltd., Innolux Corp., Sharp Corp., Amazon.com, Inc., Google Inc., BOE Technology Group Co., Lenovo, Panasonic Corporation, Harman International Industries, Incorporated, ViewSonic, Sony Corporation, and among others.
North America would be likely to drive significant growth, followed by Europe as the region are technologically advanced. The citizens across the region have adopted modern lifestyle which is driving cumulative demand for consumer devices to attain comfort and convenience. This factor will be likely to support the region's market growth. Also, the rising demand for smart signage display among consumer electronics and automative industry is another key factor driving the smart display market growth. The developing smart infrastructure projects, including smart homes, smart buildings, and smart vehicles, will be opportunistic for smart display market growth. South America will also be likely to contribute significantly to the global smart display market owing to the substantial adoption of smart devices and smart appliances across the region.
The rapidly developing automotive industry in Europe is likely to witness the substantial demand for the smart display solutions. The rising demand for smart appliances and wearable devices will be further likely to assist the market growth across Europe.
APAC is anticipated to register the high CAGR during the forecast period due to prominent market players such as LG Display Co., Ltd., Samsung Electronics Co., Ltd., and Sharp Corporation. A growing number of small and medium-sized retail shops in the region also supports the market growth. The region's constant economic development is further likely to assist in the smart display market growth across the Asia-Pacific.
Presently, the smart and wearable device adoption level is low amongst the Middle East and African countries. However, in the past few years, the region is showcasing significant demand for smartphones, smart electronic appliances, and other consumer electronics products, which will drive the smart display market growth in the coming years.
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