Press release
Gesture Recognition Market- Show Highest Growth Potential
The market is characterized by intensive research and development activities and an extensive influx of investment owing to the presence of some of the globe’s largest and most popular technology brands.
The market has witnessed the continuous introduction of innovative and cutting-edge gesture recognition applications and features, which promise to empower the communication between humans and machines.
TMR finds that the market was valued at US$11.60 bn in 2015. With growth prospects as excellent as 16.2% CAGR between 2015 and 2024, the market is projected to rise to US$48.56 bn by 2024.
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Consumer Electronics to Dominate but Hospitality to Grant Most Attractive Growth Opportunities
The momentous scale of sales achieved by mobile devices such as smartphones and tablets in the previous decade have made this segment a major contender in the consumer electronics industry, and an important determinant of development of innovative technologies such as gesture recognition.
In the near future, the rising demand for mobile devices enabled with innovative gesture recognition features will have a major impact on the overall development of the global gesture recognition market.
Increased integration of gesture recognition features in consumer electronics products such as cameras, smart TVs, and multimedia consoles used in automobiles will make consumer electronics one of the most attractive application areas, exhibiting over 14.6% CAGR from 2016 through 2024.
The sector is also presently the leading application segment, accounting for a 35.5% share in the global market in 2015.
Applications of gesture recognition in the hospitality sector, which accounted for a comparatively modest 8.1% revenue share of the market in 2015, are expected to witness expansion at the highest, 17.0% CAGR, across other application areas over the said period.
The flourishing travel industry and the rising numbers of high-end hotels across the globe will favor the adoption of systems such as touchless biometric recognition, hand dryers, and automated faucets and flushes.
About TMR
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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