A review by Transparency Market Research (TMR) states that the global gesture recognition market is estimated to expand at a CAGR of 20.3% during the forecast period, from 2022 to 2031.
The TMR report provides in-depth analysis of key factors influencing the market growth. Moreover, it sheds light on the top gesture recognition companies, challenges, and opportunities of the gesture recognition market.
Due to improving spending power of people from many developed and developing nations globally, this population base is increasing the demand for different types of luxury cars with next-gen amenities such as infotainment, intelligent driving assistance together with the latest safety features and electronics control units. This factor is leading to rise in the demand for gesture recognition systems in the automotive industry, notes a TMR study on the global gesture recognition market.
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Gesture Recognition Market: Key Findings
- Automotive gesture recognition systems (AGRS) are being increasingly adopted in different vehicle types owing to their ability to provide high level of precision and advance the vehicle control as well as safety. These systems can be operated using human touch or other gestures in order to initiate and complete the required actions. Vehicle manufacturers across the globe are increasing the demand for technologically advanced tools in their products in order to offer higher level of safety standards and avoid the distraction of drivers. As a result, the demand for automotive gesture recognition system is being increasing globally.
- Touchless gesture recognition systems are gaining traction as they utilize different technologies including camera-based gesture, motion sensor fusion, short-range wireless, proximity touchscreen, voice recognition, and eye-tracking. The global gesture recognition market is prognosticated to expand at considerable pace during the forecast period owing to the emergence and adoption of technological advancements such as big data, AI/ML, IoT, and Natural User Interface (NUI). Moreover, rise in the use of gesture recognition technology in different end-use segments is fueling the sales growth in the global market, which is estimated to be valued at US$ 51.3 Bn by 2031.
Gesture Recognition Market: Growth Boosters
- The development of more precise infrared cameras, accelerometers, and related technologies is leading to rise in the adoption of gesture recognition systems globally
- Increase in the need for security and safety in the automotive sector is resulting into a surge in the demand for gesture recognition technology
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Gesture Recognition Market: Regional Analysis
- The gesture recognition market in North America is estimated to attract profitable prospects during the forecast period owing to rapid expansion of the consumer electronics industry in the region
- The market is projected to gain sizable demand opportunities in the Europe and Asia Pacific regions owing to many factors including rise in the product incorporation in automotive, industrial automation, and consumer electronics applications
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Gesture Recognition Market: Key Players
Some of the key players profiled in the report are:
- Cognitec Systems GmbH
- Apple Inc.
- Intel Corporation
- Gesturetek
- Microsoft Corporation
- Microchip Technology Inc.
- Sony Corporation
- NVIDIA Corporation
- Semiconductor Components Industries, LLC (Onsemi)
- Ultraleap Limited
- Synaptics Incorporated
- STMicroelectronics
- Vishay Intertechnology, Inc.
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