Portland, OR , April 04, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global gesture recognition market garnered $13.9 billion in 2021, and is estimated to generate $88.2 billion by 2031, manifesting a CAGR of 20.6% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $13.9 billion |
| Market Size in 2031 | $88.2 billion |
| CAGR | 20.6% |
| No. of Pages in Report | 255 |
| Segments covered | technology, industry vertical, and region |
| Drivers | Increase in demand for contactless interfaces Rise in popularity of gaming applications Increasing usage of smart devices in various industries |
| Opportunities | The growing demand for augmented and virtual reality applications |
| Restraints | High development and implementation costs and high battery power consumption by gesture recognition components |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global gesture recognition market, owing to an increase in the need for contactless interfaces, which remains even after the pandemic situation.
- Furthermore, contactless interfaces have always been a common choice for public places and high-traffic locations as they reduce the likelihood of transferring infectious diseases
The research provides detailed segmentation of the global gesture recognition market based on technology, industry vertical, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on technology, the Touch-based Gesture Recognition segment held the highest share in 2021, accounting for more than half of the global gesture recognition market. However, the Touchless Gesture Recognition segment is expected to register the highest CAGR of 21.5% from 2022 to 2031, and is expected to continue its leadership status during the forecast period.
Based on industry vertical, the consumer electronics segment accounted for the highest share in 2021, contributing to nearly one-third of the global gesture recognition market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the aerospace and defense segment is expected to manifest the highest CAGR of 24.8% from 2022 to 2031.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global gesture recognition market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 23.1% during the forecast period.
Leading market players of the global gesture recognition market analyzed in the research include Apple Inc., Google LLC (Alphabet), Hitachi Ltd., IBM Corporation, Qualcomm Technologies, Inc. , Orbbec, Intel Corporation, GestureTek Technologies, Microchip Technology Incorporated, Infineon Technologies AG, Microsoft Corporation, LTU technologies, Amazon.com, Inc., Cipia Vision Ltd. (Formerly known as Eye Sight Technologies Ltd.)
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The report provides a detailed analysis of these key players of the global gesture recognition market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Us
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 to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
