Gesture Recognition Market (Technology - Touch Based Gesture Recognition (Gyroscope, Accelerometer, Combo Sensor), Touchless Gesture Recognition (Ultrasonic (3D Gesture), Infrared 2D Array, Camera Solutions); Application - Automotive, Hospitality, Consumer Electronics, Gaming, Aerospace and Defense, Commercial Centers, Educational Hubs, Medical Centers) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 01/06/2017 -- User-friendliness of gesture recognition enabled devices along with growing application of gesture control solutions in healthcare, retail sector, and industrial settings are some of the major factors contributing to the growing popularity of gesture recognition technology at the global level. Increasing consumer preference for gesture control devices which includes tablets, PCs, laptops are contributing in the growing popularity of gesture recognition technology globally.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.
The importance of gesture recognition technology lies in developing efficient interaction between humans and machines. Increasing application of gesture recognition technology in consumer electronics is among the key factors boosting the gesture recognition market at the global level. 3D vision and gesture tracking solutions in gaming consoles along with 2D gesture recognition technology in smart TVs, PCs, and tablets is fueling the demand for touch less gesture recognition technology. Limited numbers of recognizable gestures along with inaccurate and inefficient systems are certain factors hindering the growth of the gesture recognition market globally. However, technological advancements in the gesture recognition market coupled with rising demand for this technology in smartphones are offering great opportunities for the major players in the gesture recognition market.
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Development of 3D Vision and gesture tracking technology along with growing prominence of 2D gesture recognition technology in the consumer electronics is expected to have a huge impact on this market in the short, medium, and long term. Furthermore, rising number of strategic partnerships between various automobile and gesture recognition technology companies is having a positive impact on the growth of the gesture recognition market. Increasing adoption of gesture recognition solutions in the automotive industry is one of the prime reasons behind the growth of global gesture recognition market. In addition, growing gesture-based interaction in factory automation and increasing application of gesture recognition solutions in the industrial sector is fueling the demand for gesture control technology at the global level.
Based on application, the market is segmented into Automotive, hospitality, consumer electronics, gaming, aerospace and defense, commercial centers, educational hubs, medical centers among others. Application of gesture recognition technology in consumer electronics such as smartphones, smart TVs, tablets, laptops is one of the major driving factors behind the growth of gesture recognition market globally in 2015, followed by automotive and gaming segments. Reliability along with user-friendliness is some of the major factors fueling the application of gesture recognition technology in consumer electronics. Furthermore, by technology the market is segmented into touch-based gesture recognition and touch less gesture recognition. Moreover, gyroscope, accelerometer, combo sensor comes under touch-based gesture recognition and ultrasonic, infrared 2D array and camera solutions comes under touch less gesture recognition. Geographically, the global gesture recognition market is categorized into North America, Europe, Asia Pacific and Rest of the World (RoW). The scope of the report offers an insight into gesture recognition market in these regions based on revenue (USD million).
The report also includes competitive profiling of leading players in the industry and their market position to aid in strategic decision making. The market attractiveness analysis and patent analysis included in the report provide insight into market dynamics, future research scope, industry competition and strategies adopted by market leaders.
The report also breaks down and reviews the various factors impacting the market growth, which can be appropriately described as market drivers, restraints, and opportunities. These factors help to determine the various existing trends and their impact on the market growth. Overall, taking into consideration the various factors affecting the gesture recognition market, the report includes a holistic analysis of the global gesture recognition market, and provides an estimate of growth for the period 2016 to 2024.
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Some major players in the gesture recognition market in North America, Europe, Asia Pacific, and RoW include GestureTek, Inc. (U.S.), Intel Corporation (U.S.), Apple Inc. (U.S.), Crunchfish AB (Sweden), Microsoft Corporation (U.S.), Google Inc. (U.S.), Cognitec Systems GmbH (Germany), OMRON Corporation (Japan), Infineon Technologies AG (Germany), SoftKinetic SA (Belgium) and Elliptic Laboratories AS (Norway).