Market Size of Smart Display Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 3.74 Billion |
Market Size (2029) | USD 13.03 Billion |
CAGR (2024 - 2029) | 28.40 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Smart Display Market Analysis
The Smart Display Market size is estimated at USD 3.74 billion in 2024, and is expected to reach USD 13.03 billion by 2029, growing at a CAGR of 28.40% during the forecast period (2024-2029).
The rapidly growing demand for smart and connected home products is encouraging the manufacturers in the market to add new functionality, greater reliability, and higher product utilization to their offerings. This factor is expected to drive the market's growth during the forecast period.
- The increasing demand for smart home devices drives market growth. According to the Malaysian Investment Development Authority (MIDA), globally, the smart home market is anticipated to reach about USD 400 billion in 8 years. At this point, the sales of smart home devices will account for 40% of the total sales of all household devices.
- Further, according to IBEF, India support ambitions such as 'Housing for All' and 'Smart Cities Mission. The government allocated INR 13,750 crores (USD 1.89 billion) to AMRUT and Smart Cities Mission.
- In April 2022, Walmart announced its collaboration with Google. This partnership will allow customers to add things to their cart utilizing the Alexa voice control through a phone, speaker, or smart display. Such developments in smart stores will extend further opportunities in the smart display market. Therefore, the growing applications and adaptability of such displays will bolster the market demand over the next five years.
- Furthermore, the concept of smart cities has marked a significant prospect with the Internet of Things in the energy, waste, and infrastructure sectors. According to Asian Development Bank, around 50% of the population in the nations making up the Association of Southeast Asian Nations (ASEAN) live in urban areas, and 70 million more are anticipated to become urban dwellers by 2025. Hence, the ASEAN Sustainable Urbanization Strategy identifies technological advances such as smart city projects and Smart devices as a solution to tackle these urbanization challenges. Such developments may further drive the studied market growth.
- However, the high cost of advanced smart displays in some cases and the cybersecurity threat are the factors expected to hinder the market's growth during the forecast period.
- Besides, the Covid-19 pandemic impacted the demand for voice-enabled smart displays and reduced sales, owing to reduced customer spending on electronics and other non-essential goods. In addition, the manufacturing sector noticed severe losses due to temporary plant shutdowns and low production volumes, temporarily hampering the growth of the automotive, electronics & semiconductor sectors. As economies recover and markets start to function normally, the demand for such displays is expected to boost further. The trend towards reducing the touchpoints in the marketplace and public areas is still ongoing, which is anticipated to provide significant growth opportunities for market expansion.
Smart Display Industry Segmentation
Smart Displays study tracks voice assistant speakers with the display deployed across regions. The study emphasizes technological developments. As the market category is relatively new, the study focuses on factors that enable the consumer to transition from smart speakers to smart displays. The impact of Covid-19 on the market and impacted segments are also covered under the scope of the study. Further, the disruption of the factors affecting the market's expansion in the near future has been covered in the study regarding drivers and restraints.
The Smart Display Market is segmented by Voice Platform (Google, Alexa) and Geography.
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Geography (Smart Display Shipments) | |
North America | |
Europe | |
Asia Pacific | |
Rest of the World |
Smart Display Market Size Summary
The smart display market is poised for significant expansion, driven by the increasing demand for smart and connected home products. Manufacturers are responding by enhancing product functionality, reliability, and utilization, which is expected to propel market growth over the forecast period. The global shift towards smart home devices is a key factor, with smart displays playing a crucial role in this transition. The integration of the Internet of Things (IoT) in homes is facilitating this shift, as consumers seek more efficient and convenient solutions. Additionally, developments in smart city projects and the growing adoption of smart devices in urban areas are further contributing to the market's expansion. However, challenges such as high costs and cybersecurity threats may impede growth.
The market is characterized by the presence of major players who hold substantial shares, yet the demand for advanced features is encouraging new entrants. Companies are actively launching innovative products and forming strategic collaborations to enhance their market presence. The Asia Pacific region, in particular, is witnessing robust growth due to rising consumer electronics demand and technological advancements. Key players like Amazon, Google, and Lenovo are continuously improving their offerings, with new product launches and investments driving market dynamics. As economies recover and the trend towards reducing touchpoints continues, the smart display market is expected to experience substantial growth, offering significant opportunities for expansion.
Smart Display Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Voice Assistant (Smart Display Shipments) (Google, Alexa, others)
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2.2 By Geography (Smart Display Shipments)
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia Pacific
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2.2.4 Rest of the World
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Smart Display Market Size FAQs
How big is the Smart Display Market?
The Smart Display Market size is expected to reach USD 3.74 billion in 2024 and grow at a CAGR of 28.40% to reach USD 13.03 billion by 2029.
What is the current Smart Display Market size?
In 2024, the Smart Display Market size is expected to reach USD 3.74 billion.