Smart Display Market Trends

Growth Drivers

• Growing Adoption of Smartphones - By 2023, there would be about 5 billion smartphone users worldwide, or approximately 85% of the world's population.  The widespread use of smartphones has made it easier than ever to use smart home appliances. Several smart applications have been released, further enabling the use of smartphones to control smart devices.
• Rise in Retail Sale - In the United States, physical storefronts still account for about 86% of sales, while e-commerce makes up approximately 12% of all retail sales. This growth in the sale could be attributed to increasing purchasing power of the consumer. Also, owing to the growing sale the retail businesses is anticipated to boost. So, the demand for smart signage solutions to attract customers' attention and entice them inside stores is increasing. In order to do this, these smart stores are focused on using programmatic advertising to raise brand recognition. Smart signage may additionally be included into the payment process.
• Surge in Investment in Healthcare Digitalization - Over 44 billion dollars were invested by investors in the digital health sector in 2021 worldwide, more than doubling the amount from the year before and by far the most since 2010. Hence, the smart display market is also estimated to increase.
• Growth in Internet User - About 4 billion people used the internet as of January 2023, or approximately 63% of the world's population.
• Government Initiatives for Development of Smart Cities - Projects listed under the government's major urban development programme, "Smart City Mission," would be finished in 22 cities by April 2023. Around 90% of the projects have been finished in Bhopal, compared to approximately 81% in Surat, about 77% in Udaipur, 75% in Bhubaneswar, and 75% in Indore, Varanasi, and about 69% in Ahmedabad. Hence, with the growing smart cities initiatives the demand for smart devices is also estimated to increase, further boosting smart display market growth.

Challenges

• Growing Risk to Customer Data by Theft & Breach
• High Price of Smart Display
• Malfunctioning of These Devices - Network technology, communication protocols, and device interconnectivity standards are key components of smart home systems. The interoperability of all the devices is necessary for smart home goods to function. The hardware, software, and service sectors are all part of the smart home ecosystem. The effective and coordinated operation of all three segments is crucial to the efficient and dependable operation of every single product. Users may have a number of financial and technical difficulties as a result of any of these failing or disconnecting. Hence, reducing the likelihood of device failure and ensuring its smooth operation presents a significant challenge for manufacturers of smart home solutions.