Touchless Sensing Market Expected to Reach $46.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Touchless Sensing Market," The touchless sensing market was valued at $9.4 billion in 2021, and is estimated to reach $46.5 billion by 2031, growing at a CAGR of 17.5% from 2022 to 2031.

Touchless sensing technology can be defined as any device that a user can use or operate without physical contact. This technology enables computer systems to receive instructions through voice recognition, user behavior, gesture recognition, or physical movement. The systems process and interpret this touchless interaction and take the desired action for the user.

The market for these technologies is being driven by the rise in the need for natural user interfaces (NUI). Using gestures and voice instructions rather than more conventional input devices like keyboards and mice, NUI enables users to connect with devices in a more natural and intuitive way for consumer electronics products like smartphones, tablets, and gaming consoles. The increase in the adoption of touchless sensing in automotive applications such as infotainment systems, navigation systems, and driver assistance systems is driving market growth. However, the high cost of technology is the major restraint for the market during the forecast period. On the contrary, an increase in the use of IoT-enabled biometric products for security purposes witness a growth opportunity during the forecast period.

According to the touchless sensing market analysis, the touchless biometric equipment segment was the highest contributor to the market in 2021, whereas the RFID and sensor segments collectively accounted for around 76.0% touchless sensing market share in 2021. The surge in demand for expanding opportunities in the security and surveillance sector has led to the growth of the touchless sensing market trends during the forecast period.

Since a sizable portion of consumer spending is arbitrary, the implementation of lockdowns and social isolation measures has had a significant negative impact on the manufacturing sector. Consequently, it is being put off or canceled because of social isolation and quarantine. Some businesses were forced to fully halt their manufacturing processes, which caused supply networks to be interrupted. D during the first wave of COVID-19 in the first part of 2020, major automakers including Volkswagen, Ford, and General Motors shut down all their production facilities worldwide. In addition, the second wave in 2021 led to a number of partial lockdowns and hampered the touchless sensing market size. The touchless sensing industry is anticipated to increase at a faster rate in the third and fourth quarters of 2021 as fewer COVID-19 infections are anticipated as a result of widespread vaccination campaigns. These elements are anticipated to have a substantial impact on the development of touchless sensing market growth, together with the probable third wave of COVID-19.

The key players profiled 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. Market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the global touchless sensing market.