The global gesture recognition market, which was valued at US$ 9.6 billion (€7.8bn) in 2019, is expected to surpass US$36.3bn (€29.7bn) by 2027, according to a report published by Coherent Market Insights.
The increasing demand for gesture recognition technology in the automobile sector is expected to drive marketgrowth during the forecast period. Technological advancements are enabling automotive vehicle manufacturers to implement gesture recognition feature in vehicle that allow driver/user to manage the control system of a car with ease. Gesture recognition technology also enhances car safety on the road. Increasing awareness regarding driver and passenger safety has led automakers to install various safety features in automobiles which can provide safety without affecting the interior system of the vehicle.
Furthermore, implementation of sensor-based electronic components has also increased in the past decade. The human-machine interface in the form of gesture recognition is also installed in automobiles. Additionally, government regulations to ensure driver safety are driving demand for gesture recognition features. However, adoption of touchless gesture recognition in simple operations can create complexity and hinder market growth.
North America held dominant position in the global gesture recognition market in 2019 and is expected to retain its dominance throughout the forecast period. This is attributable to increasing investments in artificial intelligence and machine learning technologies. Moreover, adoption of advanced technologies is driving various organisations to adopt gesture recognition solutions. For example. 2D and 3D gesture technology can provide more realistic and interactive experience to users.
Asia Pacific is expected to exhibit significant growth during the forecast period owing to rising population and digitization. Countries such as India and China are some of the fastest growing economies in the world. Moreover, the increasing disposable income in these countries is expected to drive the market growth. According to the World Bank report, the population in India reached US$ 1,341.0 million in March 2020, from 1,327.0 million in March 2019
Among end-use industry, the consumer electronics segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period due to increasing implementation of gesture recognition technology in smart wearables such as smartwatches and smartwear. According to Coherent Market Insights report, the adoption rate of smart wearables across the globe increased from 523.3 million in 2017 to 832.3 million in 2020.
Major players operating in the global gesture recognition market are Intel, Qualcomm, IBM, Google, Microsoft, Facebook, Samsung, Baidu, Cisco, Apple, Sony, Texas Instruments and Ultraleap.