Smart displays are mainly being used in smart home spaces. Their simple interface allows for easy interaction with users. The hospitality, retail, and automotive industries are among the early adopters of the technology and are harnessing it for business advantage. New use cases of smart displays are emerging at an accelerated pace which would augment the growth of the market over the forecast period.
On the other hand, the growth of the smart display market might be threatened by smart TVs. Smart TVs might displace some smart display use cases. Moreover, there is very little content that is available for smart displays. Meanwhile, the expanding consumer base of smart displays is providing incentives to content developers and content providers to curate more smart display content which can provide opportunities to the market over the forecast period.
Smart displays are basically smart speakers with a visual element added to it in the form of a screen which provides voice-interactive experience to the users. First introduced by Amazon, Echo Show was the first smart display launched in the market. In its initial stage, users considered the displays unnecessary for the core use case of smart speakers and substantial inertia was observed among users. However, of late, smart displays are gaining rapid adoption among users. As per a survey conducted by Voicebot and Voicify, the installed user base for voice-interactive smart displays among U.S. adults rose 558% in 2018. Market Research Future (MRFR) has recently published its exhaustive report on the global smart display market which comprises of valuable market insights based on the analysis of the pertinent macro and micro-economic factors that are likely to govern the smart display market over the forecast period of 2018-2023. MRFR’s study has projected that the smart display market is expected to catapult to USD 340.85 Bn by 2023 from USD 143.25 in 2017 at a CAGR of 15.61%.
Various smart display devices have trickled down into the market in the last few years. Major technology giants have entered the smart display space such as Amazon, Facebook, and Google and are spending a fortune on R&D activities to bring out innovative products to the market. Fierce competition has been witnessed among these companies who are vying for gaining the upper hand over the market.
Also Read: http://www.marketwatch.com/story/smart-display-market-to-rise-at-1561-cagr-by-2023-smart-display-market-investment-opportunities-market-leaders-size-share-growth-and-industry-analysis-2020-04-29
Region-wise, the smart display market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America, being a fast adopter of advanced technologies, is the leading market for smart displays. Smart displays are being extensively adopted in various end-use applications in the region.
Europe has been pretty swift in the adoption of smart displays, with maximum demand being generated from the automotive industry. The region has exhibited heightened interest in smart display technology for facilitating enhanced vehicle safety and convenience in driving.
The APAC market is anticipated to demonstrate remarkable growth over the forecast period. The clustering of major players in the region such as Japan Display Inc. (Japan), Kyocera Corporation (Japan), LG Display (South Korea), Sony Corporation (Japan) who are the biggest names in the industry have provided the region with unprecedented leverage. These market players are actively invested in the development of technology and are bringing innovative products to the market. Additionally, the economic upturn in the region has induced high demand for smart displays from end users.
The smart display market size has been segmented based on touch panel type, display technology, and end user.
On the basis of touch panel type, the smart display market has been segmented into capacitive and resistive.
On the basis of display technology, the smart display market has been segmented into LCD, OLED, TFT-LCD, and others.
On the basis of end user, the smart display market has been segmented into commercial, automotive, residential, education, healthcare, and others.
Sony Corporation (Japan), Lenovo (Hong Kong), Innolux Corp. (Taiwan), LG Display Co., Ltd. (South Korea), Harman International Industries, Incorporated (US), ViewSonic (US), Google Inc. (US), Sharp Corp. (Japan), Panasonic Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), and BOE Technology Group Co. (China) are the notable players in the smart display market.