Global Gesture Recognition in Retail Market - Segmented by Technology (Touch-based, Touch-less), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global gesture recognition in retail market is projected to register a CAGR of 27.54% over the forecast period of 2018–2023. This report provides information about the leading players in the market and a corresponding detailed analysis of the top vendors in the gesture recognition market in retail. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as, the key trends that are emerging in the market.
Gesture recognition will give a new meaning to window shopping. Its impact will be visible throughout the retail industry over the coming years. This technology will enable shoppers to find their preferred products with a simple wave of the hand, allow consumers to search specific product using a touch-less PC monitor (digital catalog). Gesture recognition enhances the consumer’s in-store experience. Additionally, it will also provide marketing opportunities to the brands to build awareness. The market is driven by retail giants, such as Amazon, filing patents for package delivery drones with a sensor system for registering visible/audible gestures allowing communication with gesture database.
Increasing Digitalization in Retail Driving Market
Retail giants are experimenting with ways to digitalize shopping for consumers to transform their experiences enabling better handling of processes. Giants are investing in concept stores to understand consumer interaction with gesture-based technologies. More than 90% of retail sale transactions occur within stores and two-thirds of consumers who purchased online use the store before/after the transaction. With technologies, such as virtual reality and augmented reality rapidly proliferating, it allows consumers to try the products without touching them physically. About 82% of smartphone users consult their mobile devices in the store before deciding their purchases. Such factors are increasing the digitalization in the retail industry, and growth opportunities within the industry are leading to the growth of the market in gesture recognition in retail market.
North America as the Major Contributor
North America has been the dominant contributor to the gesture recognition market in retail, globally during the last few years, owing to the increasing adoption of the technology in the retail industry. The demand for the technology in this region is expected to witness a healthy growth during the forecast period. The United States is one of the largest markets, followed by Canada, in this region. Many major companies that make use of the technology are based out of the United States. Gesture-enabled display walls and digital signage are expected to continue to grow rapidly allowing the consumers to be engaged in the shopping process over the coming years. The Asia-Pacific region is expected to grow exponentially with increasing number of retailers in various segments enabling experiential stores that pay attention to service offers and emotional engagement with the consumers. Furthermore, increasing application of gesture recognition solutions within the industry is expected to have a significant impact on the retail gesture recognition market.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook