Gesture Recognition Market: Increasing popularity of Consumer Electronics with Gesture Recognition to Encourage Market Growth
The increasing popularity of consumer electronic gadgets that come with the capability of gesture recognition and rising and newfound applications in various industries such as automobiles, smart homes, and industrial automation. The industry of automobiles is anticipated to gain momentum and the said industry is expected to fuel the growth of world gesture recognition market in the years to come.
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The said market is marked with the presence of extensive work on research and development and an immense flow of investment due to the presence world’s most popular and largest brands of technology. The international market for gesture recognition has experienced the constant introduction of cutting edge and innovative gesture recognition features and applications. This technology comes with the capability to enable communication between machines and humans. TMR reports that the world market for gesture recognition has reached a market valuation of around US$ 11.60 bn in the year 2015. Rising at a double digit growth rate of 16.2% over the forecast period that extends from the year 2016 and 2024, the said market is prophesied to reach a market valuation of US$ 48.56 bn by the year 2024.
North America to Offer Lucrative Growth Opportunities throughout the Forecast Period
Some of the leading global optoelectronic and technology companies are present in the region of North America. The said regional market has experienced an immense inflow of investments that is meant for the progress of the technology of touch-less and 3D gesture recognition in the last couple of years. North America also account for the largest share of revenue, almost around 35%, to the world gesture recognition market in the year 2015.
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Due to the increasing usage of the technology of gesture recognition across various industries such as industrial automation, medical centers, defense, automotive, aerospace, and consumer electronics, the market in North America is prophesized to continue with it role as a prime contributor to the world market for gesture recognition from the year 2016 to 2024. The North American market is forecasted to rise at a growth rate of 15.1% CAGR over the mentioned forecast timeframe. Asia Pacific, being an emerging market is estimated to take away some of the North American share over the period of forecast. A large base of consumer who are opting for consumer electronic gadgets together with opportunities of market growth in the technically advanced automobiles sector are anticipated to fuel market growth.
Growing Demand for Gesture Recognition in the Industrial Segment to Stimulate Market Growth
Increasing adoption of the application of gesture recognition in place of touch-based control systems is prophesized to influence the international market for gesture recognition immensely. The industry of automobile is forecasted to have a positive impact on the international market for gesture recognition because more and more automobile companies are increasingly making use of gesture recognition technologies in the vehicles they manufacture.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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