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Touchless Sensing Industry Forecasts to 2027
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Touchless sensing is defined as an advanced form of human-machine interaction that is dependent on software. Here, the user can control and monitor devices via contactless modes. Market Research Future (MRFR) has published a research report regarding the global touchless sensing market that vaticinates massive extension for this market with 17.3% CAGR (Compound Annual Growth Rate) for this market between 2018 and 2023. In terms of cash, this market is expected to be worth US $ 18 bn.
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The key factors aiding the market growth for touchless sensing are easy incorporation into mobile devices and its high demand across industries including food & agribusiness, healthcare, and Information Technology (IT). Other factors aiding the market include low cost, zero maintenance, reliability, ease of development & integration, enhanced user experience, ease of use, increasing digitalization across industries. Lastly, increasing hygiene concerns, especially in the food industry are contributing substantially to the growth of the touchless sensing market. However, some factors that can cause roadblocks in the market growth are the absence of haptic sensation and high power consumption.
The global touchless sensing market has been segmented on the basis of industry, product, technology, touchless biometric, and lastly, region. The industry-based segmentation segments this market into automotive, banking, financial services and insurance (BFSI), consumer electronics, government, healthcare, and others. Based on the product, the market has been segmented into touchless biometric, touchless sanitary equipment, and others. Touchless sanitary equipment has been sub-segmented into hand dryers, touchless faucets, touchless soap dispensers, touchless towel dispensers, and touchless trashcans.
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https://www.marketresearchfuture.com/reports/touchless-sensing-market-1111On the basis of technology, the market has been segmented into camera-based technology, radio-frequency identification (RFID) technology, sensors, voice assistance, and others. Sensors have been sub-segmented into image sensors, infrared sensors, proximity sensors, and others. The touchless biometric segment has been segmented into a face recognition system, iris recognition, touchless fingerprint recognition, and voice recognition.
The regional segmentation of the global touchless sensing market segments the market into continent-based regional markets known as North America, Europe Asia Pacific and the rest of the world (RoW). According to the report, Europe is expected to hold the largest share during the forecast period due to the favorable initiatives were taken by the governments of various European countries towards hygiene standards. The most important country-specific markets in Europe are France, Germany, Italy, Spain, and the United Kingdom (UK).
North America is the second largest market. The organizations in this region are shifting towards new and upgraded technologies with the increasing adoption of digital business strategies. The presence of a major solution provider of touchless sensing (key market players) in North America is also boosting the market growth in this region. The significant country-specific markets in this region are the United States of America (USA), Canada, and Mexico.
The Asia Pacific is expected to emerge as the fastest growing market during the forecast period because the growth potential of developing countries can provide a favorable environment for product manufacturers. The major country-specific markets in this region are China, India, and Japan, followed by the rest of the Asia Pacific region.
The RoW segment covers the Middle East & Africa (MEA) and Latin America. In Latin America, Argentina and Brazil have strong economies, and they might emerge as big markets in the future. The MEA region shows limited market slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability.
Key PlayersThe key players in the global touchless sensing market include CogniVue Corporation (Canada), Crossmatch (USA), Elliptic Labs Inc. (Norway), Eyesight Technologies Ltd. (Israel), Microchip Technology Inc. (USA), Microsoft Corporation (USA), Intel (USA), InvenSense (USA), NXP Semiconductors (Netherlands), and Qualcomm Inc. (USA).
Latest Industry News
- Twenty Billion Neurons GmbH, a leading provider of real-time, artificial intelligence (AI) solutions and interactive computer vision, has announced a $10 mn Series A funding round, led by M12, Microsoft's venture fund, with participation from Coparion, Creative Edge, and MFV Partners. 26 SEP 2018
- Microsoft has won a patent for a future surface tablet called Surface Go that could support touchless input & recognize hand gestures. 11 JUL 2018.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.1.5 Bargaining Power Of Suppliers
4.2 Value Chain/Supply Chain Of Touchless Sensing Market
5 Industry Overview Of Touchless Sensing Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
About Market Research Future:
Market Research Future (MRFR) is a reliable firm that undertakes an extensive analysis of markets in various domains. Our teams of research analysts gather relevant data through painstaking primary and secondary research that aims to give clients a complete outlook on markets of their interest. The data is compared against third-party agencies and reputed organizations for estimating valuations and revenue projections.
MRFR’s goal in providing a comprehensive coverage of the market replete with latest trends, niches, developments, and insights can be lucrative for business needs. We aim to push our clients to the forefront by guiding them with astute information for making informed decisions. Our market intelligence can track down key issues in industries and be modified as per the fluctuations in economic scenarios. The reports are customized and offered as per a specific region or country and adhere to latest policies.