Valuates Reports is predicting that the global gesture recognition market will jump from $13.8 billion to $34.3 billion between 2018 and 2025. Those figures represent a CAGR of 13.87 percent for the forecast period.
The research firm believes that new commercial and industrial applications of gesture recognition technology will drive much of that growth. In that regard, the report calls particular attention to the healthcare and automotive industries, which are using gesture recognition to make it easier to interact with various interfaces. For example, Cerence recently unveiled a gesture recognition windshield that allows drivers to use simple gestures to control music, navigation, and other in-car features without taking their eyes off the road.
The entertainment industry, meanwhile, is expected to leverage gesture recognition to enhance Virtual and Augmented Reality content. However, the technology does have other applications, as in the case of a VR payments system built with BioSig-ID’s gesture authentication tech.
Valuates also notes that COVID-19 has generated more interest in contactless technologies. That should only accelerate the adoption of gesture recognition in the next few years, especially as it relates to security applications.
The market itself is currently transitioning from 2D recognition to 3D recognition. The consumer electronics sector made up the largest portion of the market in 2017, and it will still be important moving forward as affordable gesture recognition features become more common in consumer devices like smartphones. North America is currently the biggest gesture recognition market, but the Asia-Pacific region is expected to display the most growth thanks in large part to those widespread smartphone applications.
The Valuates numbers are comparable to those in a report from MarketsandMarkets, which forecasted a $32.3 billion gesture recognition market. Valuates identified Cognitec, Infineon, Intel, Microsoft, Apple, and Google as some of the key players in the gesture recognition space.
May 25, 2020 – by Eric Weiss