Global Gesture Recognition in Retail Market Report provides detailed market segment level data on the international market. This market report addresses forecast and growth patterns by company, regions and type or application from 2018 to 2025. The market research report incorporates analysis of definitions, classifications, applications and industry chain structure. Besides this, report also consists of development trends, competitive landscape analysis, and development in key regions status.
The global gesture recognition in retail market is projected to register a CAGR of 27.54% over the forecast period of 2018–2023. This report provides information about the leading players in the market and a corresponding detailed analysis of the top vendors in the gesture recognition market in retail.
In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as, the key trends that are emerging in the market.
Gesture recognition will give a new meaning to window shopping. Its impact will be visible throughout the retail industry over the coming years.
This technology will enable shoppers to find their preferred products with a simple wave of the hand, allow consumers to search specific product using a touch-less PC monitor (digital catalog). Gesture recognition enhances the consumer’s in-store experience.
Additionally, it will also provide marketing opportunities to the brands to build awareness. The market is driven by retail giants, such as Amazon, filing patents for package delivery drones with a sensor system for registering visible/audible gestures allowing communication with gesture database.
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Key Developments in the Market
December 2017: Sony launched back-illuminated, time-of-flight (ToF) image sensor, which delivers high-resolution depth maps in high degrees of accuracy from a close distance.
June 2017: Omron Corporation launched super-sensitive MEMS thermal sensor with narrow-field version particularly design for providing accurate non-contact measurement of objects.
The major players include - GESTURETEK, INC., INTEL CORPORATION, APPLE INC., MICROSOFT CORPORATION, GOOGLE INC., COGNITEC SYSTEMS GMBH, OMRON CORPORATION, INFINEON TECHNOLOGIES AG, SOFTKINETIC SA, ELLIPTIC LABORATORIES AS, CRUNCHFISH AB, and SONY CORPORATION, amongst others.
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Increasing Digitalization in Retail Driving Market
Retail giants are experimenting with ways to digitalize shopping for consumers to transform their experiences enabling better handling of processes. Giants are investing in concept stores to understand consumer interaction with gesture-based technologies.
More than 90% of retail sale transactions occur within stores and two-thirds of consumers who purchased online use the store before/after the transaction. With technologies, such as virtual reality and augmented reality rapidly proliferating, it allows consumers to try the products without touching them physically.
About 82% of smartphone users consult their mobile devices in the store before deciding their purchases. Such factors are increasing the digitalization in the retail industry, and growth opportunities within the industry are leading to the growth of the market in gesture recognition in retail market.
North America as the Major Contributor
North America has been the dominant contributor to the gesture recognition market in retail, globally during the last few years, owing to the increasing adoption of the technology in the retail industry. The demand for the technology in this region is expected to witness a healthy growth during the forecast period.
The United States is one of the largest markets, followed by Canada, in this region. Many major companies that make use of the technology are based out of the United States.
Gesture-enabled display walls and digital signage are expected to continue to grow rapidly allowing the consumers to be engaged in the shopping process over the coming years. The Asia-Pacific region is expected to grow exponentially with increasing number of retailers in various segments enabling experiential stores that pay attention to service offers and emotional engagement with the consumers.
Furthermore, increasing application of gesture recognition solutions within the industry is expected to have a significant impact on the retail gesture recognition market.
Table of Content
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Insights
4.1 Market Overview
4.2 Industry Attractiveness – Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products or Services
4.2.5 Competitive Rivalry
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