Increasing digitization initiatives across several industries are key to the rising adoption rate of these solutions.
PORTLAND, PORTLAND, OR, UNITED STATE, October 3, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 88.2 Billion Gesture Recognition Market Reach to by 2031 | Top Players such as – GestureTek, Qualcomm and Infineon.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global gesture recognition market was valued at $13.9 billion in 2021, and is projected to reach $88.2 billion by 2031, growing at a CAGR of 20.6% from 2022 to 2031.
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The growing demand for augmented and virtual reality applications serves as a potential opportunity for the expansion of the global gesture recognition market. The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global gesture recognition market, owing to an increase in the need for contactless interfaces, which remains even after the pandemic situation.
The global gesture recognition market is segmented into technology, industry vertical, and region. By technology, it is classified into touch-based gesture recognition and touchless gesture recognition. Based on industry vertical, it is bifurcated into consumer electronics, gaming, healthcare, automotive, aerospace & defense, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on industry vertical, the consumer electronics segment accounted for the highest share in 2021, contributing to nearly one-third of the global gesture recognition market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the aerospace and defense segment are expected to manifest the highest CAGR of 24.8% from 2022 to 2031.
Based on technology, the Touch-based Gesture Recognition segment held the highest share in 2021, accounting for more than half of the global gesture recognition market. However, the Touchless Gesture Recognition segment is expected to register the highest CAGR of 21.5% from 2022 to 2031 and is expected to continue its leadership status during the forecast period.
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Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global gesture recognition market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 23.1% during the forecast period.
Leading market players of the global gesture recognition market analyzed in the research include Apple Inc., Google LLC (Alphabet), Hitachi Ltd., IBM Corporation, Qualcomm Technologies, Inc., Orbbec, Intel Corporation, GestureTek Technologies, Microchip Technology Incorporated, Infineon Technologies AG, Microsoft Corporation, LTU technologies, Amazon.com, Inc., Cipia Vision Ltd. (Formerly known as Eye Sight Technologies Ltd.)
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● The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global gesture recognition market, owing to an increase in the need for contactless interfaces, which remains even after the pandemic situation.
● Furthermore, contactless interfaces have always been a common choice for public places and high-traffic locations as they reduce the likelihood of transferring infectious diseases.
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