ALBANY, New York, June 15, 2016 /PRNewswire/ --
Transparency Market Research has published a new market report titled "Gesture Recognition Market by Application Market - Global Industry Analysis Size Share Growth Trends and Forecast, 2016 - 2024". According to the report, the global gesture recognition market was valued at USD 11.60 billion in 2015 and is estimated to grow at a CAGR of 16.2% and reach USD 48.56 billion by 2024.
Increasing application of gesture recognition technology in industrial settings is one of the major driving factors for the gesture recognition market at the global level. Gesture control technologies as an alternative to physical controls in order to avoid any hazards are fueling the market for gesture based technologies at the global level. Technological advancements coupled with rising demand for this technology in smartphones are offering great opportunities for the major players in the gesture recognition market. Lack of standardization in the process of development and implementation of technical standards are some of the key restraining factors for this market. Due to high development and installation cost of gesture recognition technology products with such features are costlier than other ordinary products such as general electronic appliances, TVs, phones, air conditioners. The cost constraint factor is expected to have a medium impact on the market in the short, medium, and long term over the forecast period.
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In 2015, North America held the largest market share for gesture recognition, accounting more than 35.1% of total market size. The U.S. is leading the gesture recognition market in North America. Growing prominence of 2D gesture recognition technology in the consumer electronics segment coupled with increasing adoption of gesture recognition solutions in the automotive industry is driving the market for gesture recognition at the across North America. Furthermore, gesture recognition solutions are gaining popularity in industrial sector due to rising challenges in the manual operation of machineries. Growing gesture-based interaction in factory automation and increasing application of gesture recognition solutions in the industrial sector is expected to have a high impact on the gesture recognition market. Furthermore, smart devices that recognize hand gestures and body movements are gaining popularity in the field of aerospace and defense since no advanced training is needed to operate them, is stimulating the demand for gesture recognition technology in this region.
Browse The Press Release: http://www.transparencymarketresearch.com/pressrelease/gesture-recognition-market.htm
In Europe, growing popularity of gesture control solutions in automotive and gaming consoles is boosting demand for gesture recognition technology at the global level. Germany and U.K dominated the market for gesture recognition in 2015. Moreover, applications of gesture recognition technology in medical centers include hand gesture control systems that help doctors to manipulate digital images during medical procedures by using hand gestures instead of computer keyboards and touch screens is having a positive impact on the market for gesture recognition in this region.
In Asia Pacific, major contributors to the gesture recognition market are China, Japan, India, and South Korea among others. Furthermore, growing popularity of advance devices in educational hubs such as smart projectors and other gesture based gaming devices are contributing in the rising popularity of this market in this region. Increasing application of gesture recognition technology in touch less sanitary equipment and biometric systems are factors influencing the growth of this market in Asia Pacific.
Browse In Detail Regional Analysis: http://www.europlat.org/global-gesture-recognition-market.htm
Growing gesture-based interaction in factory automation and increasing application of gesture recognition solutions in the industrial sector is fueling the demand for gesture control technology at the global level. Furthermore, emergence of 3D camera based technology along with ultrasonic technology is stimulating the demand for gesture control solutions across Rest of the World.
Product innovation and development is one of the key strategies adopted by most leading market players. New product innovation is required to deal with the existing competition in the market. Companies are involved in research and development activities to create new innovative products. Furthermore, mergers and acquisitions is among the major strategies that is widely used by leading market players in the gesture recognition industry globally. GestureTek, Inc. (U.S.), Intel Corporation (U.S.), Apple Inc. (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.), Cognitec Systems GmbH (Germany), Crunchfish AB (Sweden), OMRON Corporation (Japan), Infineon Technologies AG (Germany), SoftKinetic SA (Belgium) and Elliptic Laboratories AS (Norway) are some of the major players operating in the gesture recognition market globally.
The market has been segmented as follows:
Global Gesture Recognition Market by Application
- Consumer electronics
- Aerospace and defense
- Commercial centers
- Educational hubs
- Medical centers
Global Gesture Recognition Market by Technology
Touch based gesture recognition
- Combo Sensor
Touch less gesture recognition
- Ultrasonic (3D gesture)
- Infrared 2D Array
- Camera Solutions
Global Gesture Recognition Market by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Middle East and Africa
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