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Gesture Recognition Market
The increasing demand for augmented and virtual reality applications presents a significant opportunity for the growth of the global gesture recognition market.
PORTLAND, OR, UNITED STATES, September 11, 2024 /EINPresswire / -- According to the report published by Allied
market Research, the global gesture recognition market size 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 chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
The market is experiencing significant growth due to the rising demand for contactless interfaces and the increasing popularity of gaming applications. Additionally, the widespread adoption of smart devices across various industries is contributing to the expansion of the gesture recognition market. However, the high costs associated with the development and implementation of gesture recognition technologies, along with the substantial battery power consumption of these components, present challenges that could restrain market growth. On the other hand, the surging demand for augmented reality (AR) and virtual reality (VR) applications is expected to create abundant opportunities for market expansion in the coming years.
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Covid-19 Scenario:
1. 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.
2. 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.
Gesture recognition technology can be applied across a wide range of industries, including human-computer interaction, virtual reality, robotics, and gaming. This technology has the capability to significantly improve user experiences by enabling more fluid and intuitive interactions. By interpreting physical gestures as commands, it allows users to engage with devices and systems in a manner that closely resembles natural, real-world communication. This seamless interaction makes technology feel more accessible and enhances the sense of immersion, especially in environments like virtual reality or gaming, where real-time response and natural movement are key to an enhanced user experience. Gesture recognition is thus transforming the way humans interact with machines by bridging the gap between digital and physical worlds.
The research provides a 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, 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.
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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. AMR 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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