Gesture Recognition Market
Gesture Recognition Market
Increasing demand for contactless interfaces and the rising popularity of gaming applications are driving the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, August 23, 2024 /EINPresswire.com/ -- According to a recent report by Allied Market Research titled "Gesture Recognition Market," the global gesture recognition market was valued at $13.9 billion in 2021 and is projected to reach $88.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 20.6% from 2022 to 2031.
Gesture recognition technology is widely applied in areas such as human-computer interaction, virtual reality, robotics, and gaming. It enhances user experience by enabling more natural and intuitive communication with technology, mimicking real-world human interactions.
The field of gesture recognition is rapidly advancing, with ongoing research and development aimed at improving its accuracy, speed, and adaptability. As technology becomes more sophisticated and accessible, it has the potential to transform how businesses and individuals interact with computers, devices, and each other.
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Market growth is largely driven by increasing demand for contactless interfaces and the rising popularity of gaming applications. The growing use of smart devices across industries also contributes to this expansion. However, high development and implementation costs, as well as significant battery power consumption by gesture recognition components, present challenges. On the other hand, the rising demand for augmented and virtual reality applications offers significant growth opportunities for the market.
The consumer electronics sector held the largest share of the market in 2021 and is expected to maintain this lead due to the expansion of smart home automation and increased demand for gaming, virtual reality (VR), and augmented reality (AR) solutions. Meanwhile, the aerospace and defense sector is anticipated to experience the fastest growth, as gesture recognition technology is being adopted to enhance training, improve learning outcomes, and reduce costs.
Geographically, North America led the market in 2021 and is expected to retain this position, driven by digital innovation and enhanced user experiences. Asia-Pacific, however, is poised for substantial growth, thanks to digital transformation initiatives and the adoption of advanced technologies like machine learning, data analytics, AR, and VR.
The COVID-19 pandemic has had mixed effects on the gesture recognition market. While demand for touchless gesture recognition systems surged due to the need for contactless interactions in sectors like healthcare, retail, and hospitality, the global economic slowdown negatively impacted overall demand for innovative technologies, including gesture recognition. Additionally, disruptions to global supply chains caused delays in the production and delivery of these systems. Despite these challenges, the market is expected to continue growing, albeit at a slightly slower rate due to the economic impacts of the pandemic.
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In healthcare, gesture recognition is being utilized in AR/VR applications for surgical training, where users can practice procedures in a virtual environment using hand gestures. Companies and governments are increasingly investing in these technologies to enhance user experiences and improve monitoring. For example, in January 2023, Magic Leap secured $450 million from Saudi Arabia's Public Investment Fund (PIF), giving the fund nearly half ownership of the company. Collaboration between healthcare, manufacturing, and entertainment sectors is further driving the adoption of gesture recognition technology, creating numerous growth opportunities worldwide.
Key findings from the report include:
The consumer electronics sector held the largest market share in 2021.
North America generated the most revenue in 2021.
Touch-based systems accounted for the highest revenue in 2021.
Key players in the global gesture recognition market include Amazon Web Services, Apple, Google, Hitachi, IBM, Microsoft, Qualcomm Technologies, Orbbec, Intel, GestureTek Technologies, LTU Technologies, Cipia (Eyesight Technologies Ltd.), Infineon Technologies, and Microchip Technology. These companies have implemented various strategies to expand their market presence and solidify their positions in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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