Gesture Recognition Market Projected to exhibit 16.2% CAGR holds an Opportunity Worth US$48.56 bn by 2024

Press Release   •   Oct 08, 2016 14:19 IST

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.

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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.

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.

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