Smart Display Market by Smart Home Display (Voice-Controlled, Appliance), Smart Display Mirror (Automotive-Rearview & Side-View, Retail, Home), Smart Signage (Retail & Hospitality, Sports & Entertainment), Components, and Geography – Global Forecast to 2025
The global smart display market is expected to grow from USD 861 million in 2018 to USD 6,665 million by 2025, at a CAGR of 34.0%. The market has been segmented into 3 separate markets—smart home displays, smart display mirrors, and smart signage.
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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.
Factors such as the success of smart speakers as the gateway to smart home gadgets, availability of multiple voice assistants, and implementation of AI in smart home devices and increasing demand for IoT-enabled smart appliances are driving the global smart home display market. Factors such as new and innovative features offered by smart mirrors, transition from traditional stores to smart stores in the retail industry, and increasing demand for smart display mirrors in the automotive industry are driving the global smart display mirror market. Factors such as increasing demand for context-aware signage and customer data analysis to enable AI-based smart signage are driving the smart signage market.
Smart home display market is expected to grow rapidly at the highest CAGR during the forecast period. The growth in this segment is expected to happen rapidly in 2018, 2019, and 2020. Smart home display market consists of 2 major smart home devices—voice-controlled/assistant smart display and smart appliance display. Being a consumer device, higher growth in these displays is estimated in the next 3 years considering the growth trends of smart speakers in the last 3 years. Whereas, the majority growth in smart appliance display system market is expected to happen from refrigerators during the forecast period.
The retail and hospitality application is expected to account for the largest share of the smart signage market, owing to increasing installation of smart signage in growing number of malls and shopping centers, and also due to emerging use cases to improve guest experience. The scope for smart signage in retail solutions is increasing due to the presence of new technologies in the market such as RFID-triggered advertising and BLE beacon context-aware marketing that have an impact on important factors, such as customer loyalty, retaining the customer, rise in the sales, and brand loyalty, of the retail industry.
Automotive smart display mirrors are expected to capture a significantly larger share in the smart display mirror market during the forecast period. The growth in the automotive smart display mirror market will mainly be driven by both aftermarket and OEM-fitted rearview mirrors. Increasing demand from consumers for driving comfort and safety features in cars has created an opportunity for automakers to embed the display panel in the rearview and side-view mirrors. Currently, rearview mirrors are offered in both aftermarket and OEM-fitted cases. For aftermarket, companies such as Xiaomi and Junsun offer rearview display mirrors, while for OEM-fitted case, companies such as Gentex and Magna offer rearview display mirrors. Rearview display mirrors are OEM-fitted in GM, Nissan, Toyota, and Jaguar Land Rover; however, a majority of the smart display mirrors are shipped in the aftermarket segment and a minor portion is in OEM-fitted segment.
Growth potential for display panel manufacturers, telecom operators, OEMs, and application developers and increasing number of smart homes provide high growth opportunities in the smart display market. High growth opportunities can be found in emerging use cases of smart home displays, smart mirrors, and smart signage.
