According to Market Research Future analysis, global function as a service market has been valued at USD ~27 million by the end of forecast period with ~27.58% of CAGR during forecast period 2017 to 2023
Gesture recognition is a type of perceptual computing user interface that allows computers to capture and interpret human gestures as commands. It is an ability of a computer to understand gestures and execute commands based on those gestures. The Gesture Recognition Market is segmented by various end-users, as Automotive, Healthcare, Consumer Electronics, Transportation, Commercial, IT/Telecommunication and others. Out of these end-users, the adoption of Gesture Recognition is expected to be the largest in the consumer electronics sector.
Gesture technology and invisible user interface and helps to change the way people interact with technology. It is one of the key things that invisible UI or natural interfaces change our lives is that they stop the dominance of the screen in front of your face. For instance, Amazon Echo, which is a voice operated device that allows you to turn music on and off, and also can be integrated with the smart homes for the controlling several consumer electronics and even the lighting system.
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Google recently acquired a small gesture recognition startup called Flutter. This company is renowned for letting the webcam detect motion instead of a completely new device. Flutter can enable recipients to control their computers using gestures that are identified through webcams. This acquisition will prove to be beneficial for the market in the upcoming years.
Some of the key players in the market are Microsoft Corporation (U.S.), Intel Corporation (U.S), Apple Inc. (U.S), Iris guard (Jordan), Qualcomm Inc.(U.S), Prime Sense Limited (Isreal), Omron Corporation (Japan), SoftKinetic (Belgium), Texas Instruments (U.S.), Infineon Technologies (Germany) and others.
The worldwide market for gesture recognition has been segmented into three equal parts. All of the three and their respective sub-segments are as below:
- Products – Touch less and touch based systems.
- Technology – 3D gesture technology, sensors and 2D gesture technology. In the technology segment, sensors dominate the market and secure the highest number of shares. In the previous year, this sub-segment generated USD 2.08 million. Over the forecast period, the market is expected to grow at the rate of 24.92%.
- Applications – IT, commercial, automotive, consumer electronics, telecom, transportation and healthcare. Out of these the consumer electronics sub-segment is expected to lead the market. It accounted for the largest share of the market in the previous years and earned around 1.06 billion. During the forecast period it is anticipated to tread forward at the CAGR of around 30.37%.
Comprehensive Regional Analysis
The gesture recognition market is not constrained in terms of region, its presence is felt all across the globe. Some of the major reasons where it is observed majorly are North America, Europe, Asia Pacific and Rest of the World.
After an in-depth study of the regional trends the research report by MRFR (Market Research Future) concluded that North America is at the forefront for this market region-wise. It has a total market share of 38.55% back in 2016 and it registered a turnover of around USD 1.85 billion in that same year. The chief reason for its success are the large scale funding programs being carried out in this area like the Visa Waiver Program (VWP). After it Asia Pacific seems to be the fastest growing region, it is projected to expand at the CAGR of 30.28% during the forecast period.
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- Component and equipment suppliers
- Original equipment manufacturers (OEMs)
- Original design manufacturers (ODMs)
- Installers and maintenance service providers
- Research organizations
- Component integrators
- Technology providers
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