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According to the latest report by IMARC Group, titled "Smart Display Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart display market reached a value of US$ 4.79 Billion in 2021. A smart display refers to a digital device that is integrated with an advanced technological solution that enables interactive controlling features. It is a wireless voice-activated device that works on Bluetooth and wireless fidelity (Wi-Fi) and is augmented with display screens to enhance its usability. It is mainly utilized for watching informational and entertainment videos, chatting, streaming music, checking the weather and traffic, and connecting with the home security systems for real-time updates. The demand for smart displays is rising due to the easy product availability via online and offline organized channels and the shifting lifestyle preferences of the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Display Market Trends:
The global market is primarily driven by the increasing preference for smart and connected home appliances. This has encouraged several leading players to heavily invest in display technology. Besides this, the rising deployment of smart displays in automobiles to offer driver assistance functions, enhanced convenience and comfort is creating a positive market outlook. In line with this, continual technological advancements and the integration of artificial intelligence (AI) and the internet of things (IoT) with smart displays are providing lucrative growth opportunities for key players. Moreover, the widespread adoption of smart displays across cinema halls and shopping malls to provide assistance for wayfinding and booking is positively influencing the market growth. The market is further driven by the growing initiatives for the development and expansion of smart cities. Other factors, including the inflating disposable income levels of the masses, the penetration of high-speed internet connectivity, and extensive research and development (R&D) activities conducted by key players, are also favoring the product demand on the global level. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 16.16 Billion by 2027, exhibiting a CAGR of 22.56% during 2022-2027.
Market Summary:
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