Albany, NY -- (SBWIRE) -- 01/26/2018 -- Gesture Recognition Market Drivers

Rising popularity of consumer electronic devices with gesture recognition capabilities and newfound and rising applications in the fields of industrial automation, smart homes, and automobiles are expected grant momentous growth to the global gesture recognition market in the future.

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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

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.

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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.

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.

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.