The global touchless sensing market was valued at $9.4 billion in 2021 and is projected to reach $46.5 billion by 2031, growing at a CAGR of 17.5% from 2022 to 2031
Touchless sensing equipment is an enhanced device that allows users to interact with machines with any type of physical contact owing to face, voice, and other sensing technology, a type of electronic control technology. Computer systems can now receive inputs or instructions in the form of bodily movement, gesture recognition, facial patterns, speech, and user behavior due to touchless technology. System algorithms interpret and process these inputs to generate the desired result or actions desired by the user. The system components for touchless sensing technology vary greatly because they are so dependent on the input source. Physical movement, voice, facial pattern, gesture recognition, bar code, or even short-range wireless communication technologies like Bluetooth could be utilized as the input. An optical sensor, which detects the input signal and sends it to a digital image/voice processor, is a typical part of touchless sensing technology. The input signal is transformed by this processor into an electrical signal, which the digital system uses to initiate an action.
The global touchless sensing industry is expected to witness notable growth during the forecast period, owing to the rise in digitalization across industries such as healthcare, automotive, and others. Furthermore, the rise in demand for contact-free sensing as well as hygiene issues for employees and customers, and the incorporation of gestures and sensing technology in consumer electronics such as smartphones, laptops, and others, are expected to propel the touchless sensing market forecast during the forecast period.
However, the high cost of maintenance is one of the prime factors that restrain the global touchless sensing market growth. On the contrary, the rise in the adoption of IoT-enabled biometric products for security purposes is expected to provide lucrative opportunities for the growth of the market during the forecast period.
The touchless sensing market is segmented into Product, Technology, and End Use industries.
On the basis of product, the touchless sensing market opportunity is divided into touchless sanitary equipment and touchless biometric equipment. The touchless biometric equipment segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.
By technology, the touchless sensing market size is segmented into RFID, camera-based, voice assistance, and sensor. The sensor segment acquired the largest share in 2021, and the BFSI segment is expected to grow at a high CAGR from 2022 to 2031.
Based on the end-use industry, the touchless sensing market share is segregated into automotive, consumer electronics, healthcare, finance and banking, defense and government, and others. The consumer electronics segment dominated the market in 2021.
Region-wise, the touchless sensing sensor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global capacitive tactile sensor industry. Major organizations and government institutions in the country are intensely putting resources into technology.
TOP IMPACTING FACTORS
Significant factors that impact the growth of the global touchless Sensing Market outlook include a rise in digitalization across industries, an increase in demand for contact-free sensing as well as hygiene issues, and high demand for touchless sensing technologies in smartphones. However, the high cost of maintenance, high power consumption, and cost associated with touchless sensing equipment hampers the growth of the market. On the contrary, an increase in the use of IoT-enabled biometric products for security purposes is expected to offer potential growth opportunities for the global Touchless Sensing Market during the forecast period.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major global touchless sensing market players that have been provided in the report include, Cognitec Systems GmbH, Cross Match Technologies, Inc., InvenSense, Inc., Elliptic Laboratories, Microsoft Corporation, Pison, Intel Corporation, MorphoTrak, LLC, Somalytics, Inc., Cipia Vision Ltd., Google LLC (Alphabet), OmniVision Technologies, Inc, XYZ Interactive Technologies, Pebbles, Microchip Technology, Inc., NXP Semiconductors NV, and Qualcomm Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the touchless sensing market analysis from 2021 to 2031 to identify the prevailing touchless sensing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the touchless sensing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global touchless sensing market trends, key players, market segments, application areas, and market growth strategies.
Touchless Sensing Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 46.5 billion |
 Growth Rate | CAGR of 17.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 260 |
 By Product |
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 By Technology |
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 By End Use Industry |
|
 By Region |
|
 Key Market Players | Cross Match Technologies, Inc., Google LLC (Alphabet), MorphoTrak, LLC, NXP Semiconductors, QUALCOMM Incorporated, InvenSense, Inc., Microchip Technology, Inc., Somalytics, Inc., OMNIVISION, Cognitec Systems GmbH, Elliptic Laboratories, XYZ Interactive Technologies, Pison, Pebbles, Cipia Vision Ltd., Microsoft Corporation, Intel Corporation |
Analyst Review
The global touchless sensing market is witnessing significant growth owing to growing investments in IoT-enabled biometric devices for security purposes across industries. Further, the rise in deployment of touchless payment in banks and public transport is significantly boosting the growth of the global touchless sensing market. The market for touchless vision is expanding due to the digitalization of industries such as medical, gaming, and others.
Using clever algorithms, touchless technology analyses evaluate and integrate human motions and perception using wireless signals and linguistics. Machine learning methods are utilized to recognize gestures. Some objective elements, such as the user's position and non-line-of-sight situations, have an impact on touchless technology. A newer technology in gesture control is the touchless user interface (TUI). Due to the improved user experience when using touchless devices, the forecast period for touchless devices will experience a strong growth rate.
Due to its low cost and growing adoption by original equipment manufacturers, touch-based recognition technology has been widely embraced by the consumer electronics sector. Touch-based technology is also largely used in gaming and automotive applications due to the emerging human-machine interaction technology for touch-based gesture recognition. The high growth rate throughout the forecast period for touchless devices is due to the enhanced user experience while operating touchless devices.
Globally, various key players and government agencies have invested in the touchless sensing market which strengthens their share in the market.
North America is the largest regional market for Touchless Sensing.
Touchless Biometric Equipment is the leading application in the touchless sensing market.
The global touchless sensing market was valued at $9.42 million in 2021 and is projected to reach $46.49 million by 2031, registering a CAGR of 17.5% from 2022 to 2031.
Significant factors that impact the growth of the market include a rise in digitalization across industries, an increase in demand for contact-free sensing as well as hygiene issues, and high demand for touchless sensing technologies in smartphones.
Cognitec Systems GmbH, Cross Match Technologies, Inc., InvenSense, Inc., Elliptic Laboratories, Microsoft Corporation, Pison, Intel Corporation, MorphoTrak, LLC are some of the companies holding the major market share in the touchless sensing market.
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