ALBANY, New York, June 14, 2019 /PRNewswire/ -- A recent report by Transparency Market Research sheds light on the growth of global gesture recognition market. The market scenario across the globe is likely to be consolidated, with just a handful of players leading and innovating the technology. The well-known and established players in the global gesture recognition market are Google, Intel, Microsoft, and Apple. These firms along with their own R&D team are getting into tie-ups with other AI firms to improve upon the existing technology and launch upgraded products in the market. Small players are also projecting significant growth and attracting investors to put their resources in product development. With rising popularity of gesture recognition technology, sectors such as automation, automobiles, consumer electronics, and smart homes are rapidly adopting it in their products. Among these, the automobile sector is foreseen to gain impetus in coming years.
The report by TMR prognosticates the global gesture recognition market to expand at an impressive CAGR of 16.2% within the forecast period from 2016 to 2024. The gesture recognition market is likely to reach around worth of US$48.56 bn by the end of forecast period, from the initial value in 2015 worth US$11.60 bn.
Based on the sector, the usage of gesture recognition technology in hospitality industry accounted for 8.1% revenue in 2015. This sector is foreseen to sustain its dominance in the span of upcoming years as well, with the highest CAGR of 17.0% within the forecast period. Geographically, North America is a hub for dome of the most advanced and leading technologies and presence of optoelectronic firms in the world. The region is experiencing flooding investments with the aim of development in touchless and 3D gesture recognition technologies. The region in 2015, accounted for 35% share of global gesture recognition market.
Touchless Gestures is Becoming a Latest Trend in Global Gesture Recognition Market
Touch-based technology has now become run-of-the-mill in the electronics market. Its position is replaced and led by gesture recognition technology, which includes touch and touchless gestures. This is among the propelling factors responsible for the growth in global gesture recognition market. The technology is being implemented widely in various sectors, especially automobiles and smart devices. The recent applications of gesture recognition can be seen commonly in smart phones. Drawing gestures instead of thumb impression to unlock the screen, shaking the phone to turn on flash light, circling on the screen to open the camera are to name a few. Defense, aerospace, medical centers, are some of the other prime contributors in the growth of global gesture recognition market.
Touchless gesture recognition is also benefiting visually impaired users, since it doesn't require touch and thus, tasks can be performed by making gestures in front of the device. There are different types of models to sense various signals for gesture recognition. This technology is comparatively cost-effective and gaining gradual reliability in terms of performance and security of the devices. Besides, the technology gets a brownie point for being user-friendly and effective for specially abled users as well.
Efficiency and Accuracy to Recognize Gestures Becomes an Important Factor in Devices
However, the technology comes with certain drawbacks for now. Gesture-based user interfaces require the inputs to be maintained. The device usually fails to recognize different gestures for the same task and does not respond positively. Moreover, it is very critical for the makers to ensure that gestures are recognized instantly and accurately. Moreover, users also need to follow certain ground rules to let the device perform according to the command. Nevertheless, these impediments are hopefully for the time-being, as the companies are working consistently to overcome them as soon as possible to provide top-class user experience.
This analysis is based on a recent market research report by Transparency Market Research, titled, "Gesture Recognition Market (Technology - Touch Based Gesture Recognition (Gyroscope, Accelerometer, Combo Sensor), Touchless Gesture Recognition (Ultrasonic (3D Gesture), Infrared 2D Array, Camera Solutions); Application - Automotive, Hospitality, Consumer Electronics, Gaming, Aerospace and Defense, Commercial Centers, Educational Hubs, Medical Centers) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024."
Gesture Recognition Market has been segmented as follows:
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