TMR finds that the market was valued at US$11.60 bn in 2015. With growth prospects as excellent as 16.2% CAGR between 2015 and 2024, the market is projected to rise to US$48.56 bn by 2024.
Albany, NY -- (SBWIRE) -- 08/26/2016 -- The highly dynamic marketplace for gesture recognition technologies is booming with technological advancements and sweeping investments from technology giants such as Apple Inc., Google Inc., Intel Corporation, and Microsoft Corporation. Rising sales of consumer electronic devices with gesture recognition capabilities are will persuade optoelectronic components companies in undertaking extensive research and strengthening their market presence through new research centers and sales offices, states a recent report by Transparency Market Research. The high influx of new vendors in the already fragmented market will intensify competition, prompting companies to differentiate their offering through innovative gesture recognition technologies and solutions in the future years.
There has been a sizeable rise in the global sales of camera-enabled consumer electronic devices, such as smartphones, tablet computers, and wearable devices with gesture recognition capabilities based on 2D images captures by the device's camera. Gesture recognition technologies enabling touchless interaction in camera-enabled consumer electronic products, such as face recognition in smartphone cameras, have also witnessed vast appreciation on the consumer front.
In the highly competitive consumer electronics industry, inclusion of gesture recognition technology can help companies gain an edge over competitors. The increased realization of this trend has compelled companies such as Sony and Lenovo to integrate gesture recognition technologies in their new product ranges.
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Rising Applications of Gesture Recognition in Industrial Settings to Fare Well for Market
The market for gesture recognition is also expected to witness major traction from the rising adoption of gesture recognition applications as an alternative to touch-based controls in industrial settings. The increasingly complex machineries and operations in the present day technologically advanced industrial setups present many challenges to manual operations and call for innovative ways of managing machines from a distance. This factor is driving the increased adoption of gesture recognition technologies in factory automation systems and is expected to have a major impact on the short and long term development of the market.
The automobile industry is also expected to have a major impact on the gesture recognition market as automobile companies are increasingly adopting gesture recognition technologies in their vehicles. Following on from the touch and voice controls already available in existing multimedia systems used in vehicles, companies are experimenting with controls that are activated by simply moving a hand over the central console. Serving the dual purpose of ensuring onboard safety and upping the technology quotient of automobiles, gesture recognition technologies will soon be a common element of a major proportion of new-generation vehicles in the near future.
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Intensive Investments and Research to Enable North America to Maintain Leading Stance
Home to some of the leading technology and optoelectronics companies in the globe, North America has led to the most lucrative growth opportunities for the global gesture recognition market in the past years. In 2015, North America accounted for a dominant 35.1% of the global market. The market is progressing in specialty application segments such as smart homes, industry automation, consumer electronics, automobiles, and aerospace and defense.
Europe, the second largest market for gesture recognition in 2015, accounted for a share of 30.04% in the global market. Asia Pacific closely followed with nearly 26% share in the global market in the same year. With the rising consumer base of interactive electronic devices such as smartphones and gaming consoles, Asia Pacific will present manifold growth opportunities for the global gesture recognition market from 2016-2024.
Over the said period, the global gesture recognition market is projected to exhibit an excellent 16.2% CAGR. The market, which valued US$11.60 bn in 2015, holds an opportunity worth US$48.56 bn by 2024.
This review of the market is based on the market research report published by Transparency Market Research, titled "Gesture Recognition Market - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024."
The market has been segmented as follows:
Global Gesture Recognition Market by Application
Aerospace and defense
Global Gesture Recognition Market by Technology
Touch based gesture recognition
Touchless gesture recognition
Ultrasonic (3D gesture)
Infrared 2D Array
Global Gesture Recognition Market by Region
Rest of Europe
Rest of Asia Pacific
Rest of the World (RoW)
Middle East and Africa