Portland, OR, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global touchless sensing market generated $9.4 billion in 2021, and is estimated to reach $46.5 billion by 2031, manifesting a CAGR of 17.5% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, value chain, top segments, and competitive landscape. This report offers extensive information to assist market players, investors, stakeholders, and startups in devising strategies to maintain sustainable growth and avail competitive advantage in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $9.4 billion |
| Market Size in 2031 | $46.5 billion |
| CAGR | 17.5% |
| No. of Pages in Report | 260 |
| Segments covered | Product, Technology, End-Use Industry, and Region. |
| Drivers | Surge in demand for contact-free sensing |
| Rise in demand for touchless sensing technologies in smartphones | |
| Opportunities | Rise in digitalization across different industries |
| Surge in the use of IoT-enabled biometric products for security purposes | |
| Restrains | High cost of maintenance, power consumption, and initial cost associated with touchless sensing equipment |
Covid-19 Scenario:
- Increase in investments in internet of things (IoT)-enabled devices such as touchless doors and digital kiosks in public transport and retail stores led to the growth of the touchless sensing market during the Covid-19 pandemic.
- On the other hand, the market was severely impacted by different obstacles such as a lack of availability of skilled workforce, supply chain disruptions, and delay or cancelation of projects with the implementation of partial or complete lockdown in different countries globally.
- The demand for touchless sensing technologies rose considerably during the pandemic to prevent the cross-contamination at public places. However, the implementation slowed down due to lockdown or postponement of projects.
- The demand for touchless sensing technology for security purposes is projected to raise the revenue of the touchless sensing market post-pandemic.
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The research provides detailed segmentation of the global touchless sensing market based on product, technology, end-use industry, and region. The research analyzes segments and sub-segments for determining the largest revenue generating and highest-growing segments for market players and investors. Market size and forecasts for each segment and its sub-segments are offered in the report to outline the steps for achieving the growth.
Based on product, the touchless biometric equipment segment held the highest share in 2021, contributing to around three-fourths of the total share, and is expected to continue its leadership status throughout the forecast period. However, the touchless sanitary equipment segment is projected to manifest the highest CAGR of 18.1% from 2022 to 2031.
Based on technology, the sensor segment contributed to the highest share in 2021, accounting for nearly half of the global touchless sensing market, and is estimated to continue its lead in terms of revenue during the forecast period. However, the camera-based segment is expected to manifest the highest CAGR of 19.9% from 2022 to 2031. The report also analyzes the segments including RFID and voice assistance.
Based on end-use industry, the consumer electronics segment contributed to the largest share in 2021, accounting for more than one-fourth of the global market, and is expected to maintain its dominance by 2031. However, the automotive segment is projected to grow at the highest CAGR of 19.5% during the forecast period. The research also discusses segments such as electronics, healthcare, finance and banking, defense and government, and others.
Based on region, North America held the highest share in 2021, contributing to nearly two-fifths of the global touchless sensing market, and is expected to continue its dominance by 2031. However, LAMEA is projected to grow at the fastest CAGR of 19.7% during the forecast period. The research also analyzes regions including Europe and Asia-Pacific.
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The research provides detailed analysis of leading players of the global touchless sensing market. Key players analyzed in the research include Cognitec Systems GmbH, InvenSense, Inc., Cross Match Technologies, Inc., Microsoft Corporation, Elliptic Laboratories, Intel Corporation, Pison, Somalytics, Inc., Cipia Vision Ltd., MorphoTrak, LLC, OmniVision Technologies, Inc., Google LLC (Alphabet), Pebbles, XYZ Interactive Technologies, NXP Semiconductors NV, Microchip Technology, Inc., and Qualcomm Inc.
The report analyzes these key players and highlights various strategies such as new product launches, partnerships, expansion, and others to increasing their market penetration and strengthening their position in the market. The report offers an extensive analysis that outlines product portfolio, business performance, operating segments, and key developments by each market player.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the touchless sensing market analysis from 2021 to 2031 to identify the prevailing touchless sensing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the touchless sensing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global touchless sensing market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
Product
- Touchless Sanitary Equipment
- Touchless Biometric Equipment
Technology
- RFID
- Camera Based
- Sensor
- Sensor
- Infrared Sensor
- Capacitive Near Field Sensors
- Sensor
- Voice assistance
End Use Industry
- Automotive
- Consumer Electronics
- Healthcare
- Finance and Banking
- Defense and Government
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (Japan, China, India, South Korea, Taiwan, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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