Transparency Market Research has published a new market report titled Gesture Recognition Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 - 2021. According to the report, the global gesture recognition market was valued at US$7.5 bn in 2014 and is anticipated to reach US$29.1 bn by 2021, at a CAGR of 20.3% from 2015 to 2021.
North America dominated the global gesture recognition market in 2014 and is expected to maintain its leading position through the forecast period. Technological advancement coupled with increasing demand for gesture control software enabled devices is one of the major driving factors of gesture recognition technology at the global level.
Factors such as development of 3D vision and gesture tracking technology along with increasing application of gesture recognition technology in consumer electronics and automotive industry are expected to stimulate the growth of gesture recognition market over the forecast period. Furthermore, increasing application of gesture recognition technology in industrial settings is one of the major driving factors for the gesture recognition market at the global level. Gesture control technologies as an alternative to physical controls in order to avoid any hazards are fueling the market for gesture based technologies at the global level.
Lack of standardization in the process of development and implementation of technical standards are some of the key restraining factors for this market. Due to high development and installation cost of gesture recognition technology products with such features are costlier than other ordinary products such as general electronic appliances, TVs, phones, air conditioners. The cost constraint factor is expected to have a medium impact on the market in the short, medium, and long term over the forecast period.
By application the market is segmented into automotive, hospitality, consumer electronics, gaming, aerospace and defense, commercial centers, educational hubs, medical centers and others. Addition of gesture recognition technology in consumer electronics such as smart TVs, smartphones, tablets, laptops is one of the major driving factors behind the robust growth of gesture recognition market globally. Apart from this, application of touch less gesture recognition technology in cars, hand gesture recognition in real time, video game consoles are having a positive impact on this market. Increasing preference for gesture control technologies in medical centers due to rapid advancements in operation procedures across various departments is boosting the market for gesture recognition. Furthermore, growing popularity of advance devices in educational hubs such as smart projectors and other gesture based gaming devices are contributing in the rising popularity of this market. Companies operating in this field are focusing on product innovation through research and development and mergers and acquisitions in order to strengthen foothold globally. For instance, Apple Inc. focuses on R&D activities to ensure better service and product development. In 2014, the company invested USD 6.04 Billion on 'Research & Development' activities as compared to USD 4.50 Billion in 2013. In 2012, Apple Inc. invested USD 3.41 Billion on its R&D-related expenditure.
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