Market Research Future (MRFR), in its recently published research report, asserts that the global gesture recognition market 2020 is expected to grow exponentially over the review period, recording a substantial market valuation of USD 26.94 billion and a healthy 27.58% CAGR in the forecast period.
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Drivers and Restraints
Gesture recognition is the conversion, using a mathematical algorithm, of a hominid gesture or signal to order. In the absence of any physical devices, it enables any individual to interrelate with the computer as an input mechanism for performing desired actions within a program. The technology interprets human expressions and motions, such as hands, fingers, back, head or whole body movement. It helps users to only use their gestures to operate and monitor devices. It is projected to expand due to increased per capita income, increased technological advances and burgeoning digitization across numerous industries such as automotive, consumer electronics, and healthcare. The increasing usage of consumer electronics, the increasing introduction of the Internet of Things (IoT), and the rising need for comfort and convenience in product usage also provide an upthrust to the industry. Lower installation costs and improved user experience in different applications drive the Gesture Recognition industry primarily. The development is fueled by the introduction of gesture recognition technology in smart phones and automotive equipment.
Nonetheless, lack of knowledge among end users and complex manufacturing environment hinder market growth across all major regions.
Covid-19 Impact on Gesture Recognition Market Key Players 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 global gesture recognition market is analyzed on the basis of product, technology, application and region.
On the basis of technology the gesture recognition market is segmented into 2D gesture technology, sensors, and 3D gesture technology. Based on technology, the global market for gesture recognition is led by sensor technology, while the 3D technology segment is poised to grow with the fastest CAGR of 30.65% over the review period.
By the product, the market is bifurcated into touch less and touch based system. Based on product, the global market for gesture recognition is led by the touch-based product type, whereas the touchless product is projected to grow with the fastest CAGR of 32.42% during the forecast period.
The gesture recognition technology is having comprehensive area of applications such as automotive, healthcare, consumer electronics, transportation, IT, commercial, telecom and many more. Based on application, the global market for gesture recognition is led by the consumer electronics segment and also projected to grow with the fastest CAGR of 30.37% over the forecast period.
The geographical overview of the global market has been analyzed in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East and Africa).
In terms of sales, the Asia Pacific region dominated the gesture recognition market in 2016, and is anticipated to rise significantly over the forecast period. over the review period, Asia-Pacific is expected to grow at the highest CAGR of 30.28 per cent. Demand growth in the area is driven by the global technological developments and early adoption of gesture recognition technology. With the rapidly increasing acceptance of touchless biometric products, the Asia-Pacific region is expected to hold the largest share of revenues in the future. Companies take partnering approaches to reach untapped markets and product developments.
The global gesture recognition market at present is led by North American and European countries on account of higher safety and hygiene concerns. North America was assessed as the largest market share of 38.55% in 2016, with a market share of USD 1.85 billion, the market is anticipated to register 26.76% CAGR during the forecast period.
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