The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global gesture recognition market size is likely to reach USD 30.6 billion by 2025. It is poised to post a CAGR of 22.2% from 2018 to 2025, according to a new report by Grand View Research, Inc. Increasing digitization across various industries is benefiting the growth of the market. Ease of adoption due to low technical complexity for end users is escalating its implementation across the consumer electronics industry. Several other industries have also started using this technology. Similarly, the touchless gesture recognition market is primarily driven by factors such as rising hygiene consciousness, government measures for water conservation, low maintenance cost, and booming hospitality and tourism industry.
Surging use of consumer electronics and Internet of Things, along with increasing need for comfort and convenience in product usage, is boosting the growth of the gesture recognition market. Technological advancements and ease of use are helping the market gain momentum over the coming years. Increasing awareness regarding regulations and driver safety are bolstering the demand for gesture recognition systems in the automobile industry. Similarly, spiraling customer demand for application-based technologies is stimulating market growth.
Gestures are visible body actions through which human express information to others without saying it. In our daily lives, we see several hand gestures that are frequently used for communication purposes. Hand gesture recognition is one of the advanced research fields, which provides a way for human-machine interaction. Hand gesture recognition provides an intelligent method for human-computer interaction (HCI).
The market is volatile and is experiencing a fierce competition, therefore, witnessing high number of mergers and acquisitions. For instance, Intel Corp. acquired Omek Interactive Ltd. Some of the key players in the market are Apple, Intel, Microsoft, and Google. Along with global giants, local and regional players are also showing tremendous growth and attracting big investors. This scenario has taken the competition to a whole different level.
Further key findings from the report suggest:
- Increasing digitization across various industries and ease of adoption due to low technical complexity for end users are poised to propel the market
- The healthcare segment is projected to experience substantial CAGR of 27.0% over the forecast period
- Asia Pacific was the highest revenue contributor in 2017. It is expected to witness significant growth over the forecast period
- The key players of the market include Apple Inc.; eyeSight Technologies Ltd; and Infineon Technologies AG.