Market Trends of Smart Display Industry
This section covers the major market trends shaping the Smart Display Market according to our research experts:
Connected Device to Drive the Market Growth
- The increasing adoption of the Internet of Things is one of the significant factors driving the adoption of smart house devices and contributing to the transition of houses (from traditional to smart ones). Thus, adopting smart home devices is expected to fuel the demand for smart home displays.
- Players are increasingly expanding their products geographically, which caters to market growth. For instance, in June 2022, Samsung Electronics announced the global launch of SmartThings Home Life, offering consumers a more holistic smart home experience worldwide. The service is a new addition to the SmartThings app, providing centralized and integrated control over Samsung appliances.
- Further, according to the Consumer Technology Association, Hardware revenue for smart home devices rose by 3% growth in 2022, accounted USD 23.8 billion. As energy costs continue to increase, energy-efficient appliances offer consumers cost-saving solutions for lighting, thermostats, and smart outlets. The increased demand for smart home devices is one of the major factors contributing to the growth of the smart display market.
- Moreover, multiple factors, such as the success of smart speakers, contributed to the increased adoption of smart home gadgets. The increasing availability of various voice assistants, the implementation of AI in multiple smart home devices, and the rapidly growing demand for IoT-enabled smart devices are the factors that are expected to propel the growth of the smart display market.
- Furthermore, in June 2022, Lenovo expanded its innovative home solution range with the launch of its Smart Clock Essential in India, which comes with built-in Alexa functionality. The Lenovo smart clock has innovative digital features and hands-free voice control with Alexa.
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Asia Pacific to Hold Significant Market Share
- The rising demand for different consumer electronics in the Asian economy is boosting the growth of electronics and semiconductor manufacturing, stimulating the adoption of smart displays. Further, According to IBEF, the Consumer Electronics industry is expected to reach INR 1.48 lakh crore (USD 21.18 billion) by 2025.
- The companies in these regions focus on product innovation and investment and are launching their products to achieve a competitive advantage in the smart display market. Further, Wozart Smart devices recently launched smart security that offers a voice-controlled, secure, and energy-efficient smart home and enables control of connected appliances and lights through voice and touch using phones, tablets, speakers, televisions, and more.
- Factors such as the rising need for technological advancement broaden the adoption of smart displays, which fuels the smart display market growth in Asia Pacific. Further, in September 2022, Chinese tech giant Alibaba announced to spend a USD 1 billion investment to support its international cloud computing customers and partnerships in the chines market. In addition to the investment, the company also announced new products and services as part of its more extensive strategic roadmap. These include Cloud Enterprise Network 2.0, which provides global intelligent networking to support enterprises' international expansion.
- Moreover, in recognition of its user base, Baidu, Inc. unveiled the Xiaodu Smart Display X8, customized for the evolving needs of China's households with advanced AI-powered interaction capabilities and an enhanced Children's Mode.
- In October 2022, Google launched the highly-anticipated Pixel 7 and Pixel 7 Pro. The new devices pack the second-gen Tensor SoC, improved cameras, and smart displays. In addition, the company comes with a host of cool machine-learning features. Along with the Pixel 7 series, Google established its first Wear OS smartwatch, the Pixel Watch. Such development in smart devices will drive the studied market growth.
- With the launch of the new product, expansion, and investment, the region caters to significant market growth.
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