Gesture Recognition Market to Reach US$ 93773.2 Mn by 2030

The global Gesture Recognition Market was valued at US$ 14148.4 Million in 2021 and is expected to surpass US$ 93773.2 Million by 2030, registering a CAGR of 23.6% during the forecast period (2022-2030), according to the Global Gesture Recognition Market, By Component Type ( Touched System and Touchless System), By End-Use Industry (Automotive, Aerospace & Defense, Healthcare, Retail, Gaming and Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.

The increasing demand for gesture recognition technology in the automobile sector is expected to drive market growth during the forecast period. Technological advancements are enabling automotive vehicle manufacturers to implement gesture recognition feature in vehicle that allow driver/user to manage the control system of a car with ease. Gesture recognition technology also enhances car safety on the road. Moreover, increasing awareness regarding driver and passenger safety has led automakers to install various safety features in automobiles which can provide safety without affecting the interior system of the vehicle. Moreover, implementation of sensor-based electronic components has also increased in the past decade. The human-machine interface in the form of gesture recognition is also installed in automobiles. Additionally, government regulations to ensure driver safety are driving demand for gesture recognition features. However, adoption of touchless gesture recognition in simple operations can create complexity and hinder market growth.

Moreover electrification of automotive industry has led to introduction of autonomous and electric vehicles that are the highest consumers of electronic devices. An autonomous vehicle consists of an electronic device where the vehicle is guided by sensors with less human intervention. Sensor-based gesture recognition technology is being installed in several autonomous and electric vehicles. The growing importance of driver safety and the electrification in the automotive industry is creating new opportunities for growth of the gesture recognition market. In January 2020, Grupo Antolin announced a partnership with Eyesight Technologies. Through this partnership, Eyesight Technologies Driver Sense (Driver monitoring system) can track the driver's eye, eyelid, pupil, and head to determine the activeness, alertness, and attentiveness of the driver. Automotive manufacturers and product development engineers are developing a gesture detection systems based on different sensors and 3D tracking technology in order to achieve high efficiency. Disruptive innovation that focuses on reducing driver distraction and increasing comfort of drivers at affordable cost is also being introduced in the automotive industry.

 Key Developments

• Major companies in the market are focused on new contracts, in order to gain a competitive edge in the market. For instance, In November 2020, Elliptic Laboratories A/S, an AI Virtual Smart Sensors developer, signed the first touch-free gesture proof-of-concept contract with a PC manufacturer. With this Elliptic Laboratories A/S, the AI Virtual Smart Sensor Platform, which includes both the AI Virtual Gesture Sensor and the AI Virtual Presence Sensor, will be integrated into the customer's smartphone.

Global Gesture Recognition Market - Impact of Coronavirus (Covid-19) Pandemic:

Several industries have seen significant changes as a result of the COVID-19 outbreak. Nevertheless, the aviation industry's shift to biometric onboarding and had a favorable impact on the global gesture recognition market's growth. The adoption of new technological solutions like facial recognition and biometrics was already underway at airports, and following COVID-19, these technologies were implemented at a faster pace. This new technology aided in the containment of the coronavirus while also speeding up the onboarding process. Hence the global gesture recognition market witnessed growth during the pandemic.

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https://www.coherentmarketinsights.com/market-insight/gesture-recognition-market-4288

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Key Trends and Analysis of the Global Gesture Recognition Market:

• North America held dominant position in the global gesture recognition market in 2021 and is expected to retain its dominance throughout the forecast period. This is attributable to increasing investments in artificial intelligence and machine learning technologies. Moreover, adoption of advanced technologies is driving various organizations to adopt gesture recognition solutions. For example. 2D and 3D gesture technology can provide more realistic and interactive experience to users.
• Asia Pacific is expected to exhibit significant growth during the forecast period owing to rising population and digitization. Countries such as India and China are some of the fastest growing economies in the world. Moreover, the increasing disposable income in these countries is expected to drive the market growth. According to the World Bank report, the population in India reached US$ 1,341.0 million in March 2020, from 1,327.0 million in March 2019
• Among end-use industry, the consumer electronics segment held dominant position in the market in 2021 and is expected to retain its dominance during the forecast period due to increasing implementation of gesture recognition technology in smart wearables such as smartwatches and smartwear. According to Coherent Market Insights report, the adoption rate of smart wearables across the globe increased from 523.3 million in 2017 to 832.3 million in 2020.
• Major players operating in the global gesture recognition market include Intel Corporation, Qualcomm Technologies, Inc., IBM Corporation, Google Inc., Microsoft, Facebook, Inc., Samsung Electronics Co., Ltd., Baidu Inc., Cisco Systems, Inc., Apple, Inc., Infineon Technologies AG, PointGrab Inc., Elliptic Laboratories A/S, Microchip Technology Inc., OmniVision Technologies, Inc., OMRON Corporation, Sony Corporation, Texas Instruments Incorporated, Sony Depthsensing Solutions, Jabil Inc., and Ultraleap.