European gesture recognition & touchless sensing market to reach $4.82 billion by 2018: report
Based on a new market research report by MarketsandMarkets, the total EMEA touchless sensing and Gesture Recognition Market is expected to reach $4.82 billion by 2018 growing at a CAGR of 33.89% from 2013 to 2018.
The report, named, “Europe Gesture Recognition & Touchless Sensing Market (2013 – 2018),” covers technology, product, application as well as regional analysis. According to the publishers, the touchless sensing technology market is driven by several factors like hygiene, low maintenance cost, government measures for water conservation, tourism and hospitality industries and others.
The report also notes that increasing security concerns for both physical and cyber access can be attributed as a main reason for the growth of touchless biometric market. The latest trends that are currently changing the pace of the market include; the legislative compliance to avoid fraud, use of multimodal authentication in banking & finance, increasing security concerns for network, pc and internet security, as well as smartphone-based mobile devices.
Reported previously, a similar report has recently been published on the Asia-Pacific gesture recognition and touchless sensing market report, which shows that the market in that region is set to grow at a double-digit CAGR to 2018. Specifically, the market is expected to reach US$4.18 billion by 2018. In 2012, the total market value was approximately US $442.65 million.
As the technology becomes increasingly accessible for touchless sensing applications, along with the un-invasive nature of a touchless system, adoption is growing rapidly and many people are warming up to the idea that these touchless biometric technologies are used more prevalently.
According to a recent CNN/Time/Orc poll, 79% of Americans are in favor of using facial recognition at various locations and public events, and 81% support expanded camera surveillance on streets and in public places.
MarketsandMarkets has also published a report on the global touchless sensing and gesture markets and has found that America is the fastest growing region for the market, followed by the EMEA region. According to this report, consumer electronics application currently contributes to more than 99% of the global gesture recognition market; and factors such as evolving technology and increasing adoption by OEMs are rapidly changing the market ecosystem.