Touchless Sensing Market Size, Unveiling the Potential Scope for 2023

Touchless Sensing Market

According to the report published by Zion Market Research, the global Touchless Sensing Market size was valued at USD 9.64 Billion in 2022 and is predicted to reach USD 18.60 Billion by the end of 2030. The market is expected to grow with a CAGR of 8.57% during the forecast period. The report analyzes the global Touchless Sensing Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Touchless Sensing Market industry.

Global Touchless Sensing Market: Overview

Touchless sensing is a high-end technology that can sense the motion or presence of an individual, allowing one to interact with and control technologies without touching the devices. Similar to gesture sensing, this technology materializes in the form of facial or voice recognition, or is connected with personal devices to enable operation according to one’s command. The automatic doors at shopping malls, airports, or commercial buildings; hands-free voice interaction with Google Assistant, Amazon’s Alexa, or Apple’s Siri; or the unlocking of your smartphone via face recognition -- all of these are some common instances of touchless sensing.

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Global Touchless Sensing Market: Growth Factors

A staggering demand for connectivity across the automotive sector is one of the major growth factors of the global touchless sensing market. Not only does touchless sensing feature ease of use due to low technical sophistication, the technology also enhances user experience significantly. Contact-free sensing technology is being recommended by several governments considering the rules regarding social distancing during the novel Coronavirus pandemic. The spiraling demand for touchless sensing in smartphones will also add up significantly toward the growth of the global touchless sensing market. Biometric systems that are designed for advanced level of tracking and control functions are also boosting the growth of the global touchless sensing market. A high degree of development in the areas of IoT and smartphones has been observed. This will also prove to be a major growth driver.

High cost of the products that use touchless sensing might retard the expansion of the touchless sensing market. Lack of awareness and hesitation to embrace the technology are some other restraints that might affect market growth.

Global Touchless Sensing Market: Segmentation

The main segments of the global market for touchless sensing are type of product, type of technology, application, and region. The key segments by product type are touchless biometric, contactless card, RFID tags, and touchless sanitary equipment. Of these, the touchless biometric segment might witness highest growth over the forecast period.

On the basis of technology, the touchless sensing market has been categorized into sensors, camera-based equipment, RFID, voice assistance, Bluetooth, and NFC. The sensor-based technology segment is poised for maximum growth through the forecast period. Touchless sensors are further categorized into two types—capacitive and infrared sensors. Both of these sensors allow electronic devices to communicate with their surroundings.

Healthcare, government, consumer electronics, BFSI, automotive, hospitality, and retail are the major application segments. Of these, the consumer electronics segment is the fastest growing segment owing to the towering demand for smartphones, tablets, and laptops from end-users.

Global Touchless Sensing Market: Regional Analysis

The North America touchless sensing market has demonstrated enormous growth in the past few years and is expected to rise to prominence as a leader in the forthcoming times as well. Persistently an early adopter of cutting-edge technological solutions, the North American region has been utilizing virtual reality and augmented reality solutions in the area of e-sports and entertainment. Moreover, governments of numerous countries in North America are advancing favorable initiatives, positively impacting the expansion of the touchless sensing market in this region.

The Asia Pacific region is also expected to exhibit tremendous growth, induced by several factors such as growing demand across numerous application segments such as consumer electronics, automotive, and BFSI. The constantly multiplying population, increasing per capita income of the populace, and growing adoption of advanced technology will compel the growth of the global touchless sensing market. South Korea, India, Japan, and China might emerge as foremost segments in Asia Pacific.

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Global Touchless Sensing Market: Competitive Players

Infineon Technologies AG
Apple Inc.
Google Inc.
XYZ Interactive
GestureTek
OmniVision Technologies, Inc.
Cognitech Systems GmbH
Microchip Technology Inc.
iPROOV Limited
Elliptic Labs
Gesture Research
Sony Depthsensing Solutions
Microsoft Corporation

are some prominent competitors in the global touchless sensing market. Product innovation is observed as the key strategy of the players in the global touchless sensing market.