Market Synopsis
According to MRFR, the global touchless sensing market is expected to reach approximately USD 18 Billion by 2023, rising at a 17.3% CAGR over the forecast period 2018–2023.
Market Highlights
The demand for touchless sensors is currently in its infancy, and is expected to show significant development in the near future. This is majorly due to many advantages of touchless sensors over traditional contact based sensing systems. Touchless sensors compared to touch-based sensors are cost-effective and require low maintenance costs. In present times of the COVID 19 pandemic, in areas with hygiene problems such as washrooms, restaurant kitchens and others, touchless sensor systems are highly appreciable. Moreover, touchless sensors are becoming increasingly preferred for automatic entry / exit in shopping malls, railway stations , airports and other public places. Fast integration into mobile devices and high demand across industries like food & agri-business, healthcare, and information technology (IT) are the main factors that support market growth for touchless sensing. Furthermore, growing demand for sophisticated and contact-free sensing systems is another important factor driving the growth of the market for touchless sensors. Other factors that help the market include low cost, zero maintenance, reliability , ease of development & integration, enhanced user experience, ease of use, increased industry-wide digitisation. Finally, growing hygiene issues, especially in the food sector, contribute significantly to the growth of the touchless sensing market research. On the other hand, some factors that can cause roadblocks in market growth are the absence of haptic sensation and high power consumption.
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Segmentation
By Technology, the touchless sensing market research is segmented into Camera-Based Technology, RFID Technology, Voice Assistance, Sensors, and Others. Sensors are sub-segmented into, image sensors, Proximity & infrared sensors among others.
By Product, the market is segmented into Touchless Biometric, Touchless Sanitary Equipment, and Others. Touchless Sanitary Equipment is sub-segmented into Touchless Soap Dispensers, Touchless Faucets, Touchless Trashcans, Touchless Towel Dispensers, and Hand Dryers.
Touchless Biometric is sub-segmented into Iris Recognition, Face Recognition System, Touchless Fingerprint Recognition, and Voice Recognition.
By Industry, the market is further segmented into Government, Consumer Electronics, Automotive, BFSI, Healthcare, and others.
Regional Analysis
Touchless Sensing market geographic analysis is being studied for North America, Europe Asia Pacific and the rest of the world.
It is projected that Europe will have the largest share of the touchless sensing market as a result of the government 's favorable policies towards hygiene standards. People from countries like the United Kingdom, Spain, France believe in higher hygiene standards which drive Europe's touchless sensing market.
The second-largest market is North America. North American companies, with the growing introduction of modern business approaches, are moving towards new and updated technology. The involvement of big solution provider of Touchless Sensing in North America is also a driving factor for Touchless Sensing market to grow.
Asia Pacific is expected to rise during the forecast period, with the highest CAGR. Countries such as China , Japan and India have enormous potential for growth and provide a favorable environment for product manufacturers.
The Middle East & Africa (MEA) and Latin America section covered by Path. Argentina and Brazil have large economies in Latin America, and they could emerge in the future as the big markets. The MEA area shows slow and steady growth for the small market. The reasons for this region's slow market growth include lack of awareness, lack of education, lack of technological development, and political instability.
Key Players
Some of the key players of Touchless Sensing market include Crossmatch (U.S.), Microsoft Corporation (U.S.), Eyesight Technologies Ltd. (Israel), Qualcomm Inc. (U.S.), Intel (U.S.), Microchip Technology Inc. (U.S.), Elliptic Labs Inc., (Norway), InvenSense (U.S.), CogniVue Corporation, (Canada), NXP Semiconductors (Netherland) among others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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