Market Research Future (MRFR) predicts the global gesture recognition market to expand at 27.58% CAGR from 2020 to 2027 (forecast period).
Gesture recognition is a cutting-edge technology that uses a computing device to interpret human motion. It employs a variety of methods, including facial recognition, voice recognition, IRIS, eye tracking, leg movement, and lip movement. It is a different user interface that delivers real-time data to a computer system. The technological advancements in the gesture recognition market, together with the necessity to give distant fewer gesture presentations in the workplace setting, are projected to give the significant potential for leading gesture recognition market participants.
The gesture recognition market is primarily driven by low installation costs and improved user experience in a variety of applications. The use of gesture recognition technology in smartphones and automotive equipment drives the advancement of this technology. However, a lack of understanding among end-users, as well as a difficult framework for manufacturers, limit market growth across all key regions.
COVID-19 Impact on the Global Gesture Recognition Market
The COVID-19 pandemic has highlighted the need for contactless interaction. This has been a boon for gesture recognition, which has stayed in the recesses of AR/VR and biometric authentication. The development of platform-agnostic gesture recognition systems has the potential to expand the market significantly. Furthermore, consumers’ familiarity with AR/VR systems and minimal interactions with displays can broaden its usefulness in a variety of verticals. The advertising space can integrate with smartphones to pass on relevant Ads as well as give information in the digital domain easily. This is in response to the enormous number of smart city initiatives that will be implemented in various countries.
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The global gesture recognition industry has been segmented into technology, application, and product.
By technology, the global gesture recognition industry has been segmented into Sensor, 2D Gesture Technology and 3D Gesture Technology.
By application, the global gesture recognition market has been segmented into automotive, healthcare, consumer electronics, transportation, commercial, IT/Telecom and others.
By product, the global gesture recognition market has been segmented into touchless and touch-based.
Region-wise, the global gesture recognition market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global gesture recognition market, followed by Europe and the Asia Pacific.
Infineon Technologies AG (Germany), Qualcomm Incorporated (U.S.), SoftKinetic Inc. (Belgium), Iris guard (U.K.), Apple Inc. (U.S.), Omron Corporation (Japan), Texas Instruments (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.).
The global gesture recognition market is dominated by companies that have already invested in AR, VR, and mixed reality. These players’ hedges include ongoing machine learning improvement and the incorporation of multiple sign languages to improve the system. Acquisitions, collaborations, and agreements are important techniques used by market participants to gain a competitive advantage.
LamasaTech has introduced VisiPoint, a platform that allows employees and visitors to sign in with their current temperature. This can be beneficial for individuals who return to work following the relaxation of limitations on offices and businesses. The platform’s contactless nature adheres to COVID-19 rules specified by governments and registers entry logs for review by owners.
The global gesture recognition market is predicted to expand at 27.58% CAGR from 2020 to 2027 (forecast period). Gesture recognition is a security feature incorporated into systems that allow authorized employees to gain access. Sensor improvements and its broad scope in adhering to COVID-19 requirements may drive its demand over the projection period. Other variables expected to shape the market are IoT implementation, consumer electronics growth, and user convenience.
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Global Gesture Recognition Market Research Report: Information By Technology (Sensor, 2D Gesture Technology and 3D Gesture Technology), Application (Automotive, Healthcare, Consumer Electronics, Transportation, Commercial, IT/Telecom and others), Product (Touchless and Touch-Based) – Forecast till 2027