Gesture Recognition and Touchless Sensing Market Dynamics, Scope and Overview

The gesture recognition and touchless sensing market is projected to reach USD 37.6 billion by 2026 from USD 13.6 billion in 2021; it is expected to grow at a CAGR of 22.6% from 2021 to 2026.

North America has the largest market share for gesture recognition and touchless sensing. Whereas, APAC has the highest growth rate and is expected to grow at the highest CAGR during the forecast period owing to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea, and India.

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Opportunity: Increasing patent applications

For any business, innovation is the key to stay competitive and gain an advantage over competitors. These innovative ideas need to be protected to prevent others from using them; this is done by filing patent applications. These patent applications provide a way for companies to safeguard their ideas and innovations from their competitors. For the last few years, the filing of patents has been increasing in the gesture recognition and touchless sensing market. In 2020, 10,342 patents were published for gesture recognition and touchless sensing. The increasing number of startups has increased the competition in the gesture recognition and touchless sensing market. The increasing patent applications result in several innovations in the gesture recognition and touchless sensing market, expanding its presence in various segments. Thus, the increasing patent portfolio provides immense opportunities for players to gain or increase their market share in the coming years.

Challenge: Disruption in commercial trade due to Covid-19

The imposition of lockdowns and social distancing measures has severely affected the manufacturing sector, as a large chunk of consumer spending is discretionary. Hence, it is being postponed or canceled due to quarantine and social distancing. Some companies had to completely halt their manufacturing operations, which disrupted their supply chains. For instance, key automobile companies such as Volkswagen, Ford, and General Motors had shut down all their production units worldwide during the first wave of COVID-19 in the first half of 2020. The second wave in 2021 has also caused partial lockdowns in various countries and hampered the gesture recognition and touchless sensing market. The third and fourth quarters of 2021 are expected to drive the market's growth, as COVID-19 cases are expected to reduce with the vaccinations being done on a large scale. All these factors, along with the potential third wave of COVID-19, are expected to significantly impact the growth of the gesture recognition and touchless sensing market.