The global interaction sensor market is set to accumulate revenues at 25.13% CAGR from 2017 to 2023 (forecast period). It stood at USD 11.66 billion in 2017 and estimated to touch USD 44.75 billion by 2023.
— Market Outlook
Interaction sensors are sensors which can communicate with other devices through touch or gestures. Gesture recognition technology permits users to communicate with devices using hand gestures without contact or input based mechanisms. The global interaction sensor market report by Market Research Future (MRFR) outlines several pertinent trends, opportunities, and challenges which can impact the market.
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Emergence of technologies which allow gesture recognition in videogames is likely to drive the market growth. This is facilitated by the large gamer base and development of latest games by major game makers. The real-time experience offered by such controllers can augment the market growth considerably.
Convenience afforded to users of consumer electronics such as mobile handsets, laptops, computers, and personal navigation devices can spur the market growth. Rising safety and security concerns can evoke market demand successfully. Adoption of interaction sensors in smart homes, smart vehicles, and smart televisions can widen the scope of the market.
NXP Semiconductors N.V., Atmel Corporation, TDK Corporation, Robert Bosch GmbH, Analog Devices, Inc., Texas Instruments Inc., Google Inc., STMicroelectronics N.V., Omron Corporation, ABB Ltd., Infineon Technologies, and others are some of the prominent names in the interaction sensor market.
The global interaction sensor market is highly competitive due to adoption of IoT across all industrial sectors. The focus on improving existing processes and technological improvements and influx of capital for attaining growth opportunities. Collaborations are on an all-time high as evident with the launch of two near-field communication (NFC) chips and other product offerings for retail, healthcare, and consumer goods.
Project Soli, an initiative by Google, is a touchless gesture interaction sensor which uses trailing motions of the hand to understand gestures. It has an in-built microwave radar with associated hardware, software, and other associated algorithms for making the hand the most unique input device for future communication.
The global interaction sensor market considers the following segments for its valuation – technology and industry vertical.
By technology, it is segmented into voice recognition, RFID, camera-based sensor, and others.
By industry vertical, it is segmented into aerospace & defense, consumer electronics, automotive, healthcare, entertainment, and others. The automotive vertical is expected to contribute significantly to the global interaction sensor market due to the integration of head-up display units and other technologies designed to give car owners a surreal experience. Entertainment and consumer electronics are other sectors which can be fruitful for the market in the years ahead due to use of interactive gestures for controlling various applications.
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Geography-wise, the global interaction sensor market covers Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America is predicted to exhibit an exceptionally high growth rate during the forecast period due to increasing focus on adoption of advanced technologies. Increasing security concerns for physical and online access can further the regional market growth.
On the other hand, the APAC region is expected to display a significant CAGR over the forecast timespan due to demand in the automotive industry of China and India. The advent of smartphone usage among the youth as well as demand for interactive games can bolster the market demand considerably. Recently, Qeexo has partnered with Bosch Sensortec for solutions pertaining to wearable devices, smartphones, and other IoT applications. The FingerSense platform of Qeexo is one of the first to distinguish between various parts of the hand successfully
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