The gesture recognition market is expected to grow from US$ 12.93 billion in 2021; it is estimated to grow at a compound annual growth rate (CAGR) of 22.3% from 2022 to 2028.
The gesture recognition market growth is driven by numerous factors, such as surging demand from the automotive industry to provide driver safety and the rising use of gesture recognition technologies in consumer electronics such as computers, tablets, and smartphones. Moreover, leading automotive manufacturers are implementing gesture recognition in different systems, such as windows and windshield wipers and air conditioning, in order to reduce driver workload and allow safe driving, thereby propelling the market growth during the forecast period.
MARKET DYNAMICS
Gesture recognition enables users to control the functioning of smart TVs with their fingers and hand gestures. The recognition software attempts to match these gestures to a predefined set of gestures. Moreover, there is an increased adoption of gesture recognition mainly across consumer electronics, such as smartphones, smart TVs, smart homes, laptops, and set-top boxes. Gesture recognition tends to control computer devices. Several companies and organizations are implementing biometrics solutions that help digitalize large business processes, which propels the gesture recognition market growth. However, high power consumption by products with gesture recognition hampers the market growth. Conversely, due to minimal technological complexities and increased digitization across numerous industries, the adoption of gesture recognition technology is rising, , primarily across the consumer electronics industry. Technological advancements and the need to deliver remote-less gesture presentations in several businesses are anticipated to create significant growth opportunities for the gesture recognition market players during the forecast period.
MARKET SCOPE
The "Global Gesture Recognition Market Forecast to 2028" report aims to provide an overview of the market with detailed market segmentation based on technology, type, and industry vertical. The report provides key statistics based on the performance of the leading market players. It also offers key trends and opportunities in the gesture recognition market.
Strategic Insights
MARKET SEGMENTATION
The global gesture recognition market is segmented on the basis of technology, type, and industry vertical. By technology, the gesture recognition market is bifurcated into touch-based gesture recognition, touchless gesture recognition. Based on type, the market is divided into online gesture recognition and offline gesture recognition. In terms of industry vertical, the gesture recognition market is segmented into automotive, consumer electronics, sports, healthcare, advertisement and communication, aerospace and defense, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. The global gesture recognition market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The market report covers the analysis and forecast of 18 countries across the world, along with trends and opportunities prevailing in the region.
From the regional perspective, North America is expected to hold the largest share of the gesture recognition market during the forecast period. The market in North America is segmented into the US, Canada, and Mexico. In the past five years, the region has witnessed significant adoption of technologies, which has resulted in the growth of the gesture recognition market. Owing to the massive presence of key players, including Microsoft; Google, Inc.; and Intel Corporation, the adoption of gesture recognition is high in the consumer electronics and gaming industries. In January 2021, Qualcomm Technologies, Inc. (a leading wireless tech innovator) acquired Clay AIR (a US-based AI-powered hand tracking and gesture recognition technology company) to strengthen Qualcomm’s XR technology stack. In addition, the inclusion of Clay AIR provides highly accurate and power-efficient hardware-agnostic technology, interaction design, along with the machine learning professionals and industry-leading team of computer vision.
The below figure showcases the revenue growth trend in the global gesture recognition market: Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, impacting the gesture recognition market. It also provides an exhaustive PEST analysis of the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
During the COVID-19 pandemic, several industries experienced a significant shift in their business operations. There was a massive implementation of biometrics, facial recognition, and other new technology solutions, primarily at airports, to maintain a distance, which bolstered the gesture recognition market. The adoption of gesture recognition technologies helped to contain the spread of novel coronavirus infection. Also, there was a huge investment made in these technologies across several sectors. In the aviation sector, a boarding pass was printed through gestures or voice for on-boarding process. For instance, in September 2020, Spirit Airlines, Inc., a US-based airline company, launched biometric facial recognition for passenger check-ins. Moreover, biometrics firms in the US developed biometric solutions to bypass travel documents at the security checks in airports during the health crisis. Therefore, the demand for gesture recognition increased during the COVID-19 pandemic and is also set to increase during the forecast period.
MARKET PLAYERS
Various companies in the gesture recognition market are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved the way for the expansion of business and the customer base of market players. The market players are anticipated to experience lucrative growth opportunities during the forecast period owing to the rising demand for gesture recognition solutions.
The report also includes the profiles of key gesture recognition market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players’ information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years. Below is a list of a few companies engaged in the gesture recognition market.
- Synaptics Incorporated
- Qualcomm Technologies, Inc.
- Microsoft
- Microchip Technology Inc.
- Intel Corporation
- Infineon Technologies AG
- Cipia Vision Ltd.
- Apple Inc.
- Alphabet Inc
- Cognitec Systems GmbH
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.