The importance of gesture recognition technology lies in developing efficient interaction between humans and machines. Increasing application of gesture recognition technology in consumer electronics is among the key factors boosting the gesture recognition market at the global level. 3D vision and gesture tracking solutions in gaming consoles along with 2D gesture recognition technology in smart TVs, PCs, and tablets is fueling the demand for touch less gesture recognition technology. Technological advancements coupled with rising demand for this technology in smartphones are offering great opportunities for the major players in the gesture recognition market. Gesture recognition technology successfully recognizes dynamic and static gestures. Moreover, it could be applied on a mobile robot control. As part of disadvantages, irrelevant objects might overlap with the hand while using gesture recognition devices. Furthermore, wrong object extraction happens if the objects are larger than the hand.
Gesture recognition technology has made its debut in the consumer electronics industry with increasing technological advancements and the rising application of gesture recognition technology to a wide range of products. For example, in February 2015, a leading developer of advanced digital imaging solutions named OmniVision Technologies, Inc. collaborated with eyeSight Technologies Ltd. with the intention of bringing gesture recognition technology to a vast array of applications. Development of 3D Vision and gesture tracking technology is expected to have a huge impact on the gesture recognition market in the short, medium, and long term.
Global gesture recognition market was valued at USD 11.60 billion in 2015 and anticipated to reach USD 48.56 billion by 2024 at a CAGR 16.2% from 2016 to 2024. Growing prominence of 2D gesture recognition technology in the consumer electronics segment coupled with increasing adoption of gesture recognition solutions in the automotive industry is driving the market for gesture recognition at the global level.
User-friendliness of gesture recognition enabled devices along with growing application of gesture recognition solutions in healthcare, retail sector, and factories are some of the major factors contributing to the growing popularity of gesture recognition technology at the global level.
The companies involved in gesture recognition are concentrating on product innovation through research and development along with mergers and acquisitions to strengthen its foothold in the gesture recognition industry. Some of the major players involved in the gesture recognition market are Apple Inc. (U.S.), Google Inc. (U.S.), GestureTek, Inc. (U.S.), Intel Corporation (U.S.) and Cognitec Systems GmbH (Germany), Crunchfish AB (Sweden) among others.
Rising application of smart gesture control solutions in the automotive sector along with the increasing popularity of gesture recognition-enabled gaming consoles is strengthening the growth of the global gesture recognition market. Moreover, increasing application of gesture recognition solutions in commercial centers is among the major contributing factors behind the growing popularity of this market globally.
Furthermore, devices enabled with advanced technology such as presence detection and gesture sensing applications are gaining momentum in the aerospace and defense sectors. Smart devices that recognize hand gestures and body movements are gaining popularity in the field of aerospace and defense since no advanced training is needed to operate them. In addition, hand and body gesture control systems are gaining popularity in medical centers due to rapid advancements in operation procedures, which is boosting the market for gesture recognition solutions globally.
Gesture recognition market in developing geographies such as Asia Pacific and Latin America is expected to witness positive growth during the forecast period. Due to increasing application of gesture recognition technology in touch less sanitary equipment and biometric systems are factors influencing the growth of this market in Asia Pacific. Furthermore, increasing awareness about technological advancement coupled with product innovation is driving the market for gesture recognition in the Rest of the World.