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DUBLIN--(BUSINESS WIRE)--Sep 12, 2022--
The "Gesture Recognition - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Gesture Recognition Market to Reach US$24.8 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Gesture Recognition estimated at US$11.8 Billion in the year 2022, is projected to reach a revised size of US$24.8 Billion by 2026, growing at a CAGR of 17% over the analysis period.
The technology is gaining prominence among consumers and original equipment manufacturers or OEMs because of increased user convenience while handling laptops, navigation devices, personal computers, smartphones, among others. Manufacturers are focusing on innovation to add gesture recognition features in different consumer electronics, which in turn, has improved safety, reliability, and convenience. By combining image processing and computer vision, the technology executes commands through gestures.
The demand for touchless sensing is attributed to increasing demand for superior user experience, ease of use, and rising digitization across several sectors. Hygiene concerns owing to the COVID-19 pandemic have significantly boosted growth in the market.
Escalating demand from various end-use sectors like banking and finance along with automotive which is witnessing a staggering increase in connectivity demand is likely to further augment growth in the market. The high accuracy of next-generation systems is likely to drive a substantial increase in touchless sensing demand in the years ahead.
Touch-Based, one of the segments analyzed in the report, is projected to grow at a 12.2% CAGR to reach US$12 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Touchless segment is readjusted to a revised 21.8% CAGR for the next 7-year period.
This segment currently accounts for a 44% share of the global Gesture Recognition market. A large number of companies across industries are making efforts to retrofit existing touch-based interfaces to touchless. The touchless human machine interface technology holds numerous benefits, including safety. In the coming years, touchless HMI technologies are anticipated to register significant uptake and provide lucrative opportunities for market participants.
The U.S. Market is Estimated at $2.7 Billion in 2022, While China is Forecast to Reach $5.2 Billion by 2026
The Gesture Recognition market in the U.S. is estimated at US$2.7 Billion in the year 2022. The country currently accounts for a 23.4% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$5.2 Billion in the year 2026 trailing a CAGR of 19.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.1% and 16.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.3% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period.
Proliferation of AI and ML technologies is causing paradigm shifts in the way we experience the world. Gesture recognition unfurls a spectrum of feature-enriching applications in smart navigation, consumer electronics, healthcare delivery, augmented reality gaming, automation of homes, live video streaming and virtual shopping.
AI-enabled gestural recognition rendered robotic surgeries to be precise and dependable along with accurate and easier health monitoring. Advent of wearable sensors further fortified the utility of AI-based gesture recognition systems by enhancing the sensitivity through the integration of visual and somatosensory data almost identical to the skin.
Propped by consumer electronics, gestural recognition technology made a steady progress and gained customer acclaim in the recent years and is all set to make rapid strides in design, education, security and real estate fields.
Technology leaders Apple, Microsoft, Intel and Google dominate the market with their innovative gesture recognition based human machine interaction interfaces that are widely used across board. AI systems utilize Time-of-Flight principle (ToF) and in-built data libraries for Static Gesture Recognition to identify and track gestures.
Consumer electronics market is abuzz with innovation spree powered by gesture recognition and haptic feedback. Limix, an Italian company, developed a gesture to text conversion solution that identifies gestures in the sign language format and converts them to machine readable texts and audio captions optimized for playing on smart mobiles.
uSens` HGR solution enables smart TVs to track hand gestures and finger movements. Automated homes also deploy gesture recognition largely for actionable commands. Gestoo developed an AI based HGR solution for contactless audio system and lighting monitoring through smart phone interface.
What's New for 2022?
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 76 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/65bfhn
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/12/2022 05:36 AM/DISC: 09/12/2022 05:36 AM
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