Touchless sensing Market Overview:
Touchless sensing Market was estimated to be worth USD 9.4 Billion in 2021, accounting for a CAGR of 17.3% during the forecast period (2022-2030), and the market is expected to be worth USD 39.52 Billion by 2030.
Touchless sensing refers to the technology that allows detection of objects or gestures without the need of physical touch or contact. This is achieved through use of sensors that detect changes in surrounding environment such as proximity, motion, heat etc. Currently this technology is found in several mobile devices with application ranging from defense, health diagnostics, home security and others with increasing use of technology and hygiene awareness touchless sensing technology is placed to grow exponentially.
Suring demand for voice recognition technology is acting as one of the major driver for this market and with Recent advancements in artificial intelligence such as chat GPT have birthed an entire new market called Intelligent Virtual Assistants (IVA). Now the A.I has advanced to a level that it has become hard to differentiate between human and A.I generated responses. Many big players in tech industry are developing virtual assistant based on A.I which will take human’s voice command in respond. This market will post a massive demand for voice assistance technologies for their integration with virtual assistance devices. Currently many virtual devices are present in the market and have significant
Market value for example amazon’s Alexa, and google home assistance they are generate their responses from internet but in coming years the A.I will replace them with its self-generated responses which will be indistinguishable to human responses. This development is expected to propel the demand for voice assistance technologies to new highs.
For instance, according to our estimates the market for intelligent virtual assistant is estimated to grow at whopping CAGR of 28% making it one of the major propeller for the demand of voice assistant technology.
Dynamics:
Driver:
- Suring demand for gesture and facial recognition technology form smartphone and consumer appliances :
Rise in applications of touchless technologies in the consumer appliances is estimated to be the main driver for this market in coming years. Gesture recognition is extensively integrated into various kinds of consumer appliances. Modern smartphone have a feature called air shuffle. This feature allows the users to perform several actions without any physical touch involved. User can perform actions like shifting in-between applications and browsing saved visual media with their hand movements only. Moreover, in recent years most of the smartphones have facial recognition in them this feature allows users as well as application developers that the intended user is only allowed the access to the device or application.
For instance, according to a recent report from Juniper Research. By year 2024, biometric facial recognition technology will be deployed in 90 percent of smartphones, following an annual growth of more than 50%.
- Demand form retail business for touchless technologies at POS(point of sale ) counters :-
According to a report by mckinsey it was found that 20% of the total buyers wanted their retail outlets to have some kind of contactless counters. After the 2020 pandemic consumers are actively seeking for contactless transections due to health and hygiene concerns. The spread of germs threw physical touch has been studied for a long time. Especially the risk of germ spread by touch is highest in public places like restaurants and retail outlets. These hygiene concerns are estimated to drive the demand for touchless technologies as more and more retail outlets opt for contactless POS counters.
Restraint:
Currently high cost of development is the main restraint faced by this industry. The cost of sensors which are crucial in this touchless technology are very complex and sophisticated and are hard to produce. The high cost of sensors makes integration of touchless technology economically unviable into low to mid-range devices restricting the market growth. Low Accuracy is also a major challenge associated with current tech. A major chunk of today’s touchless technology slight inaccurate and sometime requires 3-4 attempts to correctly understand the users intended input. Interoperability is also a major challenge current touchless technology is a bit specific in its applications making it expensive as new devises have to develop new touchless tech according to their use from scratch.
Covid-19 Impact:
Touchless sensing technology market is among few markets which is estimated to witness massive surge in the demand due to COVID pandemic. After the pandemic consumers were more aware about the health implication which could result from touching surfaces at public places. The pandemic also pushed the demand for contactless transections into retail outlets and restaurants like digital menus and OR’s. Initially the pandemic had negative effects on this industry as due to lockdowns the public places were shut and there was no demand. But if we see in long term the pandemic had massive positive impact on this industry.
Touchless sensing Market Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 39.52 Billion |
| CAGR (2022-2030) | 17.3% |
| by product type | touchless biometric equipment, touchless sanitary Equipment |
| By Technology | Camera Based, RFID, Voice Assistance, Sensor |
| By End use industry | Automotive, Consumer Electronics, Healthcare, Finance and Banking, Defense and Government, Others |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa. |
| Key Players | XYZ Interactive Technologies, OMNIVISION, Microchip Technology, Inc., Cipia Vision Ltd., Morphotrak, LLC, Invensense, Inc., Microsoft Corporation, Pison, Intel Corporation, QUALCOMM Incorporated, Pebbles, Elliptic Laboratories, NXP Semiconductors, Cognitec Systems Gmbh, Cross Match Technologies, Inc., Somalytics, Inc., Google LLC (Alphabet) |
Market Segmentation:
By product type
The type segment could be divided into touchless biometric equipment, touchless sanitary Equipment. The touchless biometric equipment is estimated to have largest market share in the forecasted period, For instance, according to TBS, one of the leading biometrics devices manufacturer, the biometric market is estimated to be worth approx. USD 60 billion by the year 2025 making it one of the fastest-growing industries . The touchless sensing technologies like iris, face, voice, vein recognitions holds significant market share in biometrics market. Giving it largest market share in touchless technology by product segment. The touchless sanitary equipment market is estimated to grow significantly especially after the COVID outbreak. With rising awareness about hygiene the demand for these equipment’s is also estimated to rise in coming years.
By Technology
The Technology segment is categorized into Camera Based, RFID, Voice Assistance, and Sensor. In this segment the largest market share was captured by the sensors. As they are the most extensive components in contact less applications. Furthermore the sensors are of two type (infrared & capacitive). The IR sensors functions by reading heat waves on the other hand the capacitive sensors functions utilizing the electrical property of capacitance, which is the ability of two conductive surfaces to accumulate electrical energy in electric field, when they are in close proximity to one another. Furthermore, the voice assistance segment is estimated to gain significant market share in the forecasted period as the demand from virtual assistant manufacturers’ surges.
By End use industry
The end use industry is categories into Automotive, Consumer Electronics, Healthcare, Finance and Banking, Defense and Government and others. The largest market share in this segment was captured by Consumer electronics industry. The region for this domination could be attributed to the large consumption for touchless technologies from smart phone segment. Furthermore, the banking and finance segment also have crucial application for these technologies with their soul application in security. Technologies like iris recognition are very efficient in banks and financial intuitions for security reasons.
By Region
The region segment is divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Asia pacific region is estimated to achieve the fastest growth rate in the forecasted period. Countries like Japan are at forefront leading the technological advancements in touchless sensing technologies. Accounting for more than 50% of the total market share. Large young generation results into massive demand for consumer appliances to be specific smartphones and laptops which are the major employers for touchless technology. North American region is also estimated to witness significant growth in the forecasted period. This growth will be largely concentrated on the demand for virtual assistants and retail outlets. High level of consumer awareness about sanitation and hygiene in this region are estimated to have positive impact on the growth of this market.
Touchless sensing Market Competitive Landscape:
The competitive landscape of the Touchless sensing technology Market has been thoroughly evaluated in this report. Along with in depth profiles of the major players operating in this industry. Surge in R&D, product innovation, business strategies, product launches were found to be accelerating the growth of this market. Key players in this market are-
Qualcomm Incorporated
Pebbles
Xyz Interactive Technologies
Cipia Vision Ltd.
Morphotrak, Llc
Invensense, Inc.
Cross Match Technologies, Inc.
Somalytics, Inc.
Elliptic Laboratories
Nxp Semiconductors
Omnivision
Microchip Technology, Inc.
Cognitec Systems Gmbh
Google Llc (Alphabet)
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