With continual technological advancements, the global gesture recognition market demonstrates a highly competitive landscape, finds a report by Transparency Market Research (TMR). Exhibiting a fragmented structure, the market is characterized by the rivalry between Cognitec Systems, Microsoft, Infineon Technologies, Apple, Google, and Crunchfish.
The rising investment by leading technology companies in the field of gesture recognition technology is likely to intensify the competition in this market remarkably in the coming future. Market players are recommended to focus on innovation and new product development to withstand this competitive scenario.
The global market for gesture recognition held an opportunity of US$11.6 bn in 2015. Increasing at a CAGR of 16.20% between 2016 and 2024, the market is projected to reach US$48.5 bn by the end of the forecast period. Consumer electronics have emerged as the key application area of gesture recognition technology, thanks to the increased incorporation of gesture recognition features in consumer electronics, such as smart TVs, digital cameras, and multimedia consoles installed in automobiles. Rising at a CAGR of more than 14.60%, the segment is likely to maintain its lead during the forecast period.
Presence of Leading Technology and Optoelectronics Enterprises to Ensure North America’s Dominance
North America has emerged as the prime regional market for gesture recognition technology. The lucrative growth opportunities that the region offers due to the presence of a number of leading technology and optoelectronics enterprises are the key factors behind the robust rise of North America gesture recognition market. In addition, the rising adoption of this technology in specialty application segments, such as industry automation, smart homes, automobiles, consumer electronics, and defense and aerospace is expected to drive this regional market at a CAGR of 15.10% during the forecast period, ensuring its dominance.
Asia Pacific is also reporting steady growth in the adoption of gesture recognition technology on account of the increasing consumer base of interactive electronic devices, such as tablets PCs, smartphones, and gaming consoles.
Adoption of Gesture-recognition-based Applications as Alternative to Touch-based Controls to Boost Market’s Growth
“The global market for gesture recognition will gain a significant impetus from the increasing adoption of gesture-recognition-based applications as an alternative to touch-based control systems in industrial setups,” says the author of this study.
The complex machinery and operations in advanced industrial settings creates many a problem in manual operations and, hence, demands the adoption of innovative techniques, such as gesture recognition, to manage machines from a distance.
Apart from this, the increased application of gesture recognition technology in various devices deployed in automobiles is also projected to impact the global gesture recognition market positively in the coming years, notes the study.
Unavailability of Technical Standards to Limit Adoption of Gesture Recognition Technology
Although the worldwide gesture recognition market looks thriving, the unavailability of technical standards and the lack of standardization in the development process is hindering the adoption of this technology to some extent. The dearth of innovation in terms of design and features is also restricting the market from rising steadily across the world. In addition, the high cost associated with the installation and the maintenance of gesture recognition-based devices is likely to hamper the market in the near future. The high power consumption and high replacement cost will also act as restraints to this market over the next few years.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Gesture Recognition Market - Global Industry Analysis Size Share Growth Trends and Forecast 2016-2024.”
The global gesture recognition market has been segmented as follows:
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