Gesture Recognition Market – Hospitality to Grant Most Attractive Growth Opportunities

A new publication by Transparency Market Research states that the competitive landscape of the global gesture recognition market is recognized with just a few players like Microsoft, Intel, Apple and Google. The main emphasis of these key players is to produce technological beneficiaries that helps to improve their already existing products as well as diversify and expand product portfolios in the market. Regional players are also displaying enormous growth potential and attracting big investors, taking the competition to a whole new level. The increasing popularity of gesture recognition in electronic gadgets have brought about rise in various industries like smart homes, industrial automation, and automobiles. The automobile industry is predicted to gain momentum with the growth of world gesture recognition market in the years to come.

TMR reports the market valuation for gesture recognition around us$ 11.60 bn as of 2015. Over the forecast period extending from 2016 to 2024, the market is predicted to reach a valuation of US$ 48.56 bn by 2024 with a double digit growth rate of 16.2% rise.

North America accounts for the largest share of revenue at almost 35% of the global gesture recognition market as per statistics gathered in 2015 by TMR.. Over the forecast period mentioned above, the North American market is forecasted to grow at a rate of 15.1% CAGR. Asia Pacific is estimated to distribute North America’s share over the forecast period.

Consumer Electronics is estimated to account for a 35.5% share in the market globally as of 2015. Products such as smart TVs, cameras and multimedia consoles of automobiles will make consumer electronics one of the most attractive application areas with a CAGR rise of over 14.6%.

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Gesture recognition market is anticipated to experience the rise of highly advanced and innovative features. The market is undergoing immense flow of investment due to the popularity of largest technology brands and extensive research and development work. The gesture recognition technology comes with the capability to communicate machines with humans.

The adoption of gesture recognition application in place of touch-based control system is predicted to be influencing the international market immensely with a positive impact due to its rising application of gesture recognition technologies in automobiles. There is an increasing usage of this technology across various other industries like medical centers, aerospace, consumer electronics, defense, automotive, and industrial automation and this trend is estimated to continue its role as prime contributor to the world gesture recognition market.