Global Gesture Recognition Market Report, published by Variant Market Research, forecast that the global market is expected to reach $43.6 billion by 2024 from $13.1 billion in 2016; growing at a CAGR of 16.2% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 17% and 15.9%, respectively, during the forecast period.
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Development of gesture based smartphones and tablets is supplementing the growth of the global gesture recognition market. Rise in consumer awareness regarding data security is also expected to boost the market growth in the coming five to six years. However, stiff competition is the major challenge for market players. Rising consumer awareness towards gesture recognition based smartphones and other electronic devices would provide new business opportunities for the market in the near future.
The segmentations of the global gesture recognition market are application, and technology. The application segment comprise automobile, hospitality, consumer electronics, gaming, aerospace & defense, commercial centers, educational hubs, medical centers, and others. The technology segment includes, touch-based gesture recognition and touch less gesture recognition. Touch-based gesture recognition is further classified by sensors into gyroscope, accelerometer, and combo censor. On the basis of sensors, touch less gesture recognition is classified into ultrasonic and infrared 2D – array. Consumer electronics was the largest revenue generating segment by application, in 2016. The growth is majorly seen due to increased adoption of gesture recognition electronic devices throughout the globe. Geographically segments of the market are, North America, Europe, Asia-Pacific, and Rest of the World (RoW).
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In 2016, the largest market share of 35% was accounted by North America owing to, increased penetration of smartphones, cameras, and smart TVs in the region. The second largest market share of 30.1% was accounted by Europe. Asia-Pacific is expected to grow at the fastest CAGR of 17% during the forecast period 2016-2024. The growth would be majorly driven by high growth in automobile sector and increased consumer demand for electronic devices.
The major players in the market include ArcSoft, Crunchfish, eyesight Technologies, Intel, Microsoft, PointGrab, Samsung, SoftKinetic, Sony, Google Inc. among others.
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