Automotive Sector Could create High-revenue Channels for Gesture Recognition Market

Press Release   •   Jan 14, 2016 05:27 EST

Transparency Market Research has published a new market report titled Gesture Recognition Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 - 2021. According to the report, the Global Gesture Recognition Market was valued at US$7.5 bn in 2014 and is anticipated to reach US$29.1 bn by 2021, at a CAGR of 20.3% from 2015 to 2021.

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. Technological advancements coupled with rising demand for this technology in smartphones are offering great opportunities for the major players in the gesture recognition market.

Global gesture recognition market was valued at USD 7.5 billion in 2014 and anticipated to reach USD 29.1 billion by 2021 at a CAGR 20.3% from 2015 to 2021. Growing prominence of 2D gesture recognition technology in the consumer electronics segment coupled with increasing adoption of gesture recognition solutions in the automotive industry is driving the market for gesture recognition at the global level.

User-friendliness of gesture recognition enabled devices along with growing application of gesture recognition solutions in healthcare, retail sector, and factories are some of the major factors contributing to the growing popularity of gesture recognition technology at the global level.

The companies involved in gesture recognition are concentrating on product innovation through research and development along with mergers and acquisitions to strengthen its foothold in the gesture recognition industry. Some of the major players involved in the gesture recognition market are Apple Inc. (U.S.), Google Inc. (U.S.), GestureTek, Inc. (U.S.), Intel Corporation (U.S.) and Cognitec Systems GmbH (Germany) among others.

Rising application of smart gesture control solutions in the automotive sector along with the increasing popularity of gesture recognition-enabled gaming consoles is strengthening the growth of the global gesture recognition market. Moreover, increasing application of gesture recognition solutions in commercial centers is among the major contributing factors behind the growing popularity of this market globally.

Furthermore, devices enabled with advanced technology such as presence detection and gesture sensing applications are gaining momentum in the aerospace and defense sectors. Smart devices that recognize hand gestures and body movements are gaining popularity in the field of aerospace and defense since no advanced training is needed to operate them. In addition, hand and body gesture control systems are gaining popularity in medical centers due to rapid advancements in operation procedures, which is boosting the market for gesture recognition solutions globally.

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.), 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).

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