Touchless Sensing Market 2019 Global Trends, Industry Growth, Size, Landscape and Demand by Forecast to 2023
Global Touchless Sensing Market is expected to reach approximately USD 18 Billion by 2023 growing at a ~17.3% CAGR over the forecast period 2018–2023
Pune, India – June 11, 2019 /MarketersMedia/ —
Touchless Sensing Market Scenario:
Touchless sensing is an advanced form of human-machine interaction that is dependent on software. Via touchless sensing, the user can control and monitor devices through contactless modes. Market Research Future (MRFR) has published a research report about the global touchless sensing market that envisions an advancement for this market at 17.3% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the USD 18 Bn by the end of the forecast period.
The biggest market driving factors for the global Touchless Sensing Market growth include demand for enhanced user experience and ease of use. Other factors helping market growth are increasing digitalization across industries and increasing hygiene concerns. However, high power consumption and the absence of haptic sensation can restrict market growth.
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Major Key Players:
The key players in the global touchless sensing market include CogniVue Corporation (Canada), Crossmatch (USA), Elliptic Labs Inc. (Norway), Eyesight Technologies Ltd. (Israel), Intel (USA), InvenSense (USA), Microsoft Corporation (USA), Microchip Technology Inc. (USA), NXP Semiconductors (Netherland), and Qualcomm Inc. (USA).
Segmentation:
The global touchless sensing market segmentation has segmented the market into the industry, product, technology, and region. The industry-based segmentation segments this market into banking, financial services, and insurance (BFSI), automotive industry, consumer electronics industry, government, healthcare, and others.
Based on product, the market has been segmented into touchless biometric, touchless sanitary equipment, and others. Touchless biometric products have been sub-segmented into face recognition system, iris recognition, touchless fingerprint recognition, and voice recognition. Touchless sanitary equipment segment has been sub-segmented into hand dryers, touchless faucets, touchless soap dispensers, touchless towel dispensers, and touchless trashcans.
Regarding technology, the market segmentation is about camera-based technology, radio-frequency identification (RFID) technology, sensors, voice assistant, and others. The sensors segment has been segmented into image sensors, proximity & infrared sensors, and others.
Regional Analysis:
The regional segmentation of the global touchless sensing market has segmented the market into the regional markets that are known as North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, Europe can hold the largest market share in the global market due to favorable initiatives taken by the government regarding hygiene standards. People of countries like France, Spain, and the UK, believe in higher hygiene standards because of which, the market for touchless sensing market is growing in Europe. Other conspicuous country-specific markets in this region are Germany and Italy.
North America is the second largest regional market because most organizations in the USA and Canada are switching over to new and upgraded technologies, along with the increasing adoption of digital business strategies. The presence of major solution providers in this region is also boosting the market growth in North America. Mexico is the third major country-specific market in this region.
Asia Pacific region is expected to observe the fastest growth during the forecast period. Highest growth has been anticipated in countries like China, India, and Japan due to a favorable environment for product manufacturers. Remaining countries of Asia Pacific can also be a potential market for touchless sensing.
The RoW segment covers the countries of Latin America and the Middle East & Africa (MEA) region. In Latin America, the market is decent but not as big as North America because, in Latin America, the purchasing power of consumers is limited. The most powerful economies in this region that can become significant markets are Argentina and Brazil. In the MEA region, market growth is slow due to the limited availability of advanced technology.
Latest Industry News:
• JAN 2019 – Alphabet Inc’s Google unit has won approval from US regulators to deploy a radar-based motion sensing device known as Project Soli.
• JAN 2019 – With the latest technological advancements as well as technological experiments, Google is moving closer to create ‘Minority Report’-style sensors for controlling devices with hand gestures.
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Target Audience:
• Component and equipment suppliers
• Original equipment manufacturers (OEMs)
• Original design manufacturers (ODMs)
• Installers and maintenance service providers
• Research organizations
• Component integrators
• Technology providers
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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