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Touch-Free Tomorrow: Gesture Recognition in Everyday Life
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According to The Business Research Company's, The gesture recognition and touchless sensing market size has grown exponentially in recent years. It will grow from $16.84 billion in 2023 to $20.36 billion in 2024 at a compound annual growth rate (CAGR) of 21.0%. The growth in the historic period can be attributed to early innovations in human-machine interaction, automotive integration of gesture controls, healthcare and medical applications, commercial and retail integration, growth in smart home automation.
The gesture recognition and touchless sensing market size is expected to see rapid growth in the next few years. It will grow to $41.94 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to application in entertainment and gaming, focus on hygiene and sanitary solutions, integration with internet of things (iot) devices, rise in contactless payment and retail applications, expansion in automotive adoption. Major trends in the forecast period include application in healthcare and medical settings, innovation in sensing technologies, rise of augmented reality (ar) and virtual reality (vr), expansion in consumer electronics.
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Market Drivers and Trends:
The increasing adoption of contactless transactions in point-of-sale applications is expected to propel the growth of gesture recognition and touchless sensing markets going forward. Contactless transactions in point-of-sale (POS) applications refer to payment processes where customers can complete transactions without physical contact with the POS terminal or device. The increasing prevalence of contactless transactions, driven by a growing demand for hygiene and convenience, signifies a broader trend favoring touchless interactions that extends to various applications, encompassing gesture recognition and touchless sensing technologies. For instance, in September 2023, according to the Consumer Financial Protection Bureau, a US-based government agency, tap-to-pay usage at POS in the U.S. was increasing, propelled by the widespread adoption of NFC technology in mobile devices and terminals. Analysts predict a significant 150% growth in the value of digital wallet tap-to-pay transactions by 2028. Thus, increasing adoption of contactless transaction in point-of-sale applications will drive the gesture recognition and touchless sensing market.
Technological innovations are a key trend gaining popularity in the gesture recognition and touchless sensing market. Major companies operating in the gesture recognition and touchless sensing market are introducing innovative products to sustain their position in the market. For instance, in May 2021, Boréas Technologies, a Canada-based technology company operating in gesture recognition and touchless sensing launched a new piezo sensor, an innovative finger-sensing technology for smartphones. This combines HD haptic feedback with gesture detection and can detect a variety of actions, including taps, swipes, clicks, and multi-level force clicks over a smartphone, allowing for a highly customizable haptic experience.
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Major Key Players of the Market:
Microsoft Corporation, Microchip Technology Inc., Apple Inc., Google LLC, Sony Depthsensing Solutions SA, Infineon Technologies AG, Cognitec Systems GmbH, GestureTek Systems Inc., OmniVision Technologies Inc., IrisGuard UK Ltd., Intel Corporation, Qualcomm Inc., Eyesight Technologies Ltd., Crossmatch Technologies Inc., Omron Corporation, SoftKinetic International SA, Prime Sense Limited, Texas Instruments Inc., Cipla Ltd., XYZ Interactive Technologies Inc., Elliptic Laboratories ASA, PMD Technologies AG, Oblong Industries Inc., Ultraleap Limited, PointGrab Ltd., Leap Motion Inc., Pyreos Limited, Xilinx Inc., MicroVision Inc., Melexis NV, Vayyar Imaging Ltd., Cognitivesignals, Cognivue Corporation,
Gesture Recognition and Touchless Sensing Market 2024 Key Insights:
• The gesture recognition and touchless sensing market size is expected to see rapid growth in the next few years. It will grow to $41.94 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%.
• Automotive Industry's Increasing Adoption Of Gesture Recognition And Touchless Sensing
• Gesture Recognition With Cutting-Edge Piezo Sensor Redefines Touchless Sensing In Smartphones
• North America was the largest region in the gesture recognition and touchless sensing market share in 2023
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