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.
Rise in popularity of smartphones and tablets, development of smart homes, and consumer awareness towards data security,are the major factors driving the global gesture recognition market. However, increased competition is the major challenge for market players. Rise in consumer awareness towards electronic devices withgesture recognition would provide several growth opportunities for the market in the coming years.
The global gesture recognition market has been segmented on the basis of application and technology.By application, the market is segmented into automobile, hospitality, consumer electronics, gaming, aerospace & defence, commercial centres, educational hubs, medical centres, and others. By technology, the global gesture recognition market has been segmented into, 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 ultrasonicand infrared 2D – array. By application, the consumer electronics segment accounted for the largest market share in 2016, owing to increased adoption of gesture recognition electronic devices in the global market. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
North America accounted for the largest market share of 35% in 2016, owing to, increased penetration of smartphones, cameras, and smartTVs in the region. Europeaccounted for thesecond largest market share of 30.1%.In terms of growth, Asia-Pacificis to attain the fastest CAGR of 17% during the forecast period 2016-2024, owing to increased consumer demand for electronic devices, and high growth in automobile sector.
The major players in the market include ArcSoft, Crunchfish, eyesight Technologies, Intel, Microsoft, PointGrab, Samsung, SoftKinetic, Sony, Google Inc. among others.