ID: MRFR/SEM/0762-HCR | February 2021 | Region: Global | 110 pages
In 2020, the global gesture-based technology market registered USD 9.8 billion market growth. The global gesture recognition and touchless sensing market to expand with significant cagr by 2022.
The gesture recognition technology can track the human gesture or body movement involving many mathematical algorithms via a computing device. As an input mechanism to carry out necessary actions in a system, it facilitates an individual's interaction with the machine without using mechanical devices. The gesture technology is designed to measure the body gesture using arms, fingers, hands, head, or an entire body. The advancement of many innovative applications in different end-use industries has encouraged developing the gesture recognition methods. The focus of market players towards incorporating touchless technology in their product sales and the increasing number of acquisitions are expected to raise the market revenue in all the world regions. Moreover, the rising virtual market demand and other stimulation products generate more market potential for the touchless sensing products and their sales.
The report has highlighted the detailed analysis of the gesture recognition and touchless sensing market network and the various segments and sub-segments concerning regional areas. It has focused on a country's market growth and analysis concerning the current sensor technology market size and future prospective global gesture recognition and touchless sensing market. Moreover, it has explained the factors affecting sensor technology market growth by analyzing its supply chain and production cost. Further, the report has briefly analyzed the key player's core competencies and illustrating a competitive analysis for the global sensor technology market.
COVID-19 Impact on the Global Gesture Recognition and Touchless Sensing Market
The ongoing pandemic has affected almost all sectors, and the touchless technology market was one among them. The generation of sensing technology has also experienced a halt. Many of the customers were not ready to invest money in this sensing technology service for various reasons. The COVID-19 outbreak brought many major challenges for the gesture recognition and touchless sensing market, such as manufacturing material shortage, health safety challenges, labor shortage, and other related challenges.
Therefore, the touch-less sensing technologies producers are planning on lifting the increased customers’ demands for the gesture recognition service using the latest technology to enhance the global revenue generation. The pandemic situation has slowed down the global gesture recognition and touchless sensing market's economic growth, but the key players have adopted suitable measures to revive the situation for better profitable outcomes.
The growing application in automation, consumer electronics, gaming, healthcare, and automotive are the major driving factor for the global gesture recognition and touchless sensing market. The advanced sensing market is growing with the help of market drivers. Moreover, the frequent growth in healthcare and automotive gesture application is a key driver, boosting the global market.
As a result, the global gesture recognition and touchless sensing market has more demand in the worldwide market because of the growing demand for sensing computers, laptops, mobile handsets, and personal navigation devices. Thus, the market drivers play an essential role in developing the gesture recognition market.
Most of the countries prefer the gesture recognition market as it has improved advanced technologies. The high adaptation of RFID, Voice Assistance, Camera-based, Sensors, and others (NFC & Bluetooth) has brought a revolution in the market growth and is expected to boom on a larger scale. The global market's growth rate is booming with a CAGR growth rate of 20%, which is very high for successful growth in the current forecast years.
Therefore, the report explains that the global market demand worldwide is immensely growing to grab more marketing opportunities.
The inadequate standardization in the development and maintaining accepted technical standards are two constraints to the gesture recognition market that might hamper the overall market growth. The under-developed economy of some countries can be one restraint of the global market.
Another restraint was started in 2020 in the form of COVID-19 for the appliances market. But now, the global market has overcome the situation and growing its sales and productions. The key players are trying their best to improve the functionality to increase the service's sales potential.
The gesture recognition market's growing popularity can experience challenges because of the lack of awareness, requirement over the continuous power supply, and high switchover cost.
Like any other industry, the gesture recognition market has also faced a massive adverse impact due to the pandemic. The ability of the service providers to maximize their output was delayed due to the lockdown. But as situations have resumed and are getting regular, consumers' demands have increased, and the market players are putting in maximum production potential to reach those growing demands.
The global market's growth analysis is recorded the Gesture Recognition and Touchless Sensing Market Size, at CAGR 20% by the year 2022, which is purely commendable. The report states that the current forecast years' market revenue prediction is immensely higher than the previous year.
The market key drivers of various regions are putting their collective effort and efficiency to ensure that the market thrives across different regions regarding growing demands and sales.
Technology Analysis of Global Gesture Recognition and Touchless Sensing Market
Many sectors have successfully adapted to the global gesture recognition market, due to which the overall growth potential has enhanced. Some of the market's intended audiences are Raw material suppliers, Technology providers, and investors, Associations working on smart appliances, Sensor provider Sensors chip traders and distributors, Electronic design automation (EDA) & design tool vendors, Fabrication, wafer, & foundry process equipment vendors, various sensing technological manufacturing companies, and Research and development organizations, etc.
These sectors have understood the customers’ demands for increasing the segmental functionality of 2D, 3D, voice assistance, and Sensors (infrared, resistive, capacitive, ultrasonic). The key players are also enhancing the technology potential behind the service to increase sales and production opportunities.
Market Segment Overview
The global sensing market is classified into Touch-based gesture recognition, Touch-less gesture recognition, and others (Contactless cards and RFID tags) based on the product segmentation. Touch-less gesture recognition consists of Touch-less Biometric and Touch-less Sanitary Equipment. The companies and consumers have adapted these product services for diverse needs.
The report explains that these products have their significance and perks in terms of end outcomes. Various end-users pick their selected type to meet their requirement.
The global Gesture Recognition and Touchless Sensing Industry are segmented into healthcare, hospitality, retail industry, entertainment, defense, SME organizations, consumer electronics, automobile, and aerospace based on the application areas. Hence, the applicable service efficiency is preferred according to the need of the products.
Diverse companies have their requirements and choices that the sensing technological companies within the market are trying to fulfill with their best implementations.
Based on the regional analysis, the gesture recognition sensor market is widely spread across various global regions. Some of the top-performing regions worldwide are North America, South America, Europe, Asia Pacific, and the rest of the world. Out of all the regions, North America increased the adoption rate of IoT devices and achieved the region's leading countries' position.
Moreover, other regions are anticipated to give average profit to the gesture recognition market as the demand rate is considered average.
Competitive Landscape Analysis
The key players of this global gesture recognition and touchless sensing market are:
These are some of the primary key players of the global gesture recognition and touchless sensing market. The more demand over the advanced technology has brought more chance to the market players to give their effort and implementations to contribute to the gesture recognition and touchless sensing market growth. These companies have increased the service-providing efficiency by enhancing the quality of it as well. Therefore, North America’s global market intends to drive significant profit to the market in the current forecast years.
Recent Developments of the gesture recognition and touchless sensing Market
Global Market Report Overview
The report overview is as follows:
The report throws light on some of the global gesture recognition and touchless sensing market’s essential growth and development factors. It gives a highlight about the market potential being leveraged to experience better revenue generation across the world.
Touch-based gesture recognition,
Touch-less gesture recognition
others (Contactless cards and RFID tags)
By Application Areas
SME organizations consumer electronics,
The Asia Pacific,
rest of world.
Frequently Asked Questions (FAQ) :
The increasing connectivity and rise of virtual reality can drive the global gesture recognition and touchless sensing market.
APAC can dominate the global gesture recognition and touchless sensing market due to emergence of low-cost smartphones.
Apple Inc., Omron Corporation, Qualcomm Inc., Iris guard, Microsoft Corporation, Prime Sense Limited, Infineon Technologies, Texas Instruments, Intel Corporation, and SoftKinetic are notable players of the global gesture recognition and touchless sensing market.
Building of a robust customer base and integration of technology for expediting supply chains are key strategies of the players in the market.