Gesture Recognition Market - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 02/09/2017 -- The market is characterized by intensive research and development activities and an extensive influx of investment owing to the presence of some of the globe's largest and most popular technology brands. The market has witnessed the continuous introduction of innovative and cutting-edge gesture recognition applications and features, which promise to empower the communication between humans and machines. 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.
Consumer Electronics to Dominate but Hospitality to Grant Most Attractive Growth Opportunities
The momentous scale of sales achieved by mobile devices such as smartphones and tablets in the previous decade have made this segment a major contender in the consumer electronics industry, and an important determinant of development of innovative technologies such as gesture recognition. In the near future, the rising demand for mobile devices enabled with innovative gesture recognition features will have a major impact on the overall development of the global gesture recognition market.
Increased integration of gesture recognition features in consumer electronics products such as cameras, smart TVs, and multimedia consoles used in automobiles will make consumer electronics one of the most attractive application areas, exhibiting over 14.6% CAGR from 2016 through 2024. The sector is also presently the leading application segment, accounting for a 35.5% share in the global market in 2015.
Applications of gesture recognition in the hospitality sector, which accounted for a comparatively modest 8.1% revenue share of the market in 2015, are expected to witness expansion at the highest, 17.0% CAGR, across other application areas over the said period. The flourishing travel industry and the rising numbers of high-end hotels across the globe will favor the adoption of systems such as touchless biometric recognition, hand dryers, and automated faucets and flushes.
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North America to Show Highest Growth Potential
North America features the presence of some of the largest and dominant technology and optoelectronic companies of the world. The regional market has witnessed a huge influx of investments aimed at the development of 3D and touchless gesture recognition technologies in the past few years. The region also contributed to the largest revenue share, nearly 35%, to the global gesture recognition market in 2015.
Owing to the rising applications of innovative gesture recognition technologies across application areas such as consumer electronics, aerospace and defense, automotive, medical centers, and industrial automation, the North America market is projected to remain a major contributor to the global market from 2016 to 2024 as well.
The regional market is expected to expand at a 15.1% CAGR over the said period but witness a slight decline in its share in the global market by 2024. North America, being a mature market in terms of usage and awareness, will lose to a certain extent to Asia Pacific by 2024. A vast consumer base of consumer electronic devices and potential growth opportunities for technologically advanced automobiles, will pave way for gesture recognition technologies in the region.