The global gesture recognition is consolidated due to just few players operating in the market. These few players in the market include Google, Apple, Intel, and Microsoft, elucidates an upcoming Transparency Market Research (TMR) report. These key players in the market are always at a forefront to bring in technological advancement to introduce the latest product and diversify the global gesture recognition market. The small players at regional level are also spreading their wings by attracting large companies to invest in them.
Rising technological advancement and automation is predicted to expand the gesture recognition market. The global gesture recognition market is predicted to expand at 16.2% CAGR over the projected period 2015 to 2024. Also, the same was registered value worth US$ 11. 60bn in 2015, at this robust pace of growth the global gesture recognition market is projected to reach estimation worth US$ 48.56 bn by the end of 2024.
On the regional front, North America is expected to dominate the global gesture recognition market. The reason for growth can be attributed to the presence of latest technology and optoelectronic companies. Asia Pacific is expected to emerge as a strong region in the future. On the basis of segmentation, the global gesture recognition market is divided into automotive, hospitality, gaming, and consumer electronics, in terms of end users. Among these, the consumer electronics sector is projected to lead the global gesture recognition market in the following years.
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Rising Demand for Smart Electronic Products to Boost Growth
In the era of digitalization, there is a rising demand for smart electronic products such as Ipad, tablets, mobile phones, smart tv’s, cameras, etc. In all these applications gesture recognition is used to make them user friendly and to access them effortlessly. Thus, the upswing of electronic goods due to increasing standard of living is projected to nudge the global gesture recognition market in the future.
Rapid urbanization is raising the demand for latest technology to upkeep the pace in automated and technologically advanced world. Ever booming travel and hotel industry may increase the demand for gesture recognition for integrating them in hand dryers, faucets, shower, and flushes. Thus, owing to the substantial expansion of the global gesture recognition market.
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Automated Homes to Create Growth Opportunities
Homes are getting smarter these days with advent technological advancement at a fast pace. Now, let us get into future, soon the homes are going to be completely automated. The future technology is expected to take over all home devices to be controlled by gesture recognition. Such as switching on TV, lights, music systems, etc. Thus, the future is expected to provide lucrative opportunities for gesture recognition, owing to expansion of the global gesture recognition market in the future.
Moreover, gesture recognitions are used in automobile industry for blind spot recognitions, parking assistance, etc. The demand for gesture recognition sensors from automobile industry is projected to surge the global gesture recognition market in the upcoming years. Further, gaming industry and corporate sector may boost demand, imagine the day when the P C can be controlled using just and fingers. Making presentation may no longer be a tedious task in the future. Thus, the global gesture market is likely to provide lot of potential in terms of future applications.
High cost associated with implementation of the same and unpredictability to discover the correct user may restrain the growth in the global gesture recognition market. Nonetheless, growing research and development in this field is projected to provide substantial growth opportunities in the coming years.
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