MarketsandMarkets has released a new report on the gesture recognition and touchless sensing markets. The former is expected to climb from $9.8 billion to $32.3 billion between 2020 and 2025, while the latter will jump from $6.8 billion to $15.3 billion in the same time frame. The gesture recognition figures represent a CAGR of 27 percent. The touchless sensing market will have a CAGR of 17.4 percent.
According to MarketsandMarkets, gesture recognition will be used primarily in conjunction with other technologies. The firm expects to see considerable growth in the automotive industry, where it will supplement broader smart car systems. For example, the Cerence Drive platform blends gesture recognition with voice recognition, gaze tracking, and other features. However, the high power requirements of gesture recognition could deter some manufacturers that would otherwise be interested in the technology.
Touchless sensing, meanwhile, is expected to become more popular as equipment manufacturers phase out contact-based readers in favor of contactless alternatives. User resistance coupled with the high cost of new equipment will likely dampen the market, though MarketsandMarkets notes that contactless biometric sensors are more sanitary than shared sensors like fingerprint readers.
That last detail is significant in light of the COVID-19 pandemic, which has already created more demand for contactless biometric authentication solutions. The outbreak could motivate many organizations to make the switch sooner rather than later, especially if those organizations are searching for new ways to implement strong biometric security after suspending their use of shared sensors.
In the meantime, MarketsandMarkets predicts that the Asia Pacific market will have the highest growth rate during the forecast period. Much of that will be attributed to the rising interest in consumer products with gesture recognition capabilities, including smartphones and smart TVs.
The research firm identifies Infineon, IrisGuard, and Cognitec as some of the key players in the space, placing them alongside perennial leaders like Microsoft, Apple, and Google.
April 3, 2020 – by Eric Weiss