DUBLIN--(BUSINESS WIRE)--The "Gesture Recognition in Retail Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The gesture recognition in the retail market is projected to register a CAGR of 27.54% over the forecast period of 2019-2024.
As e-commerce pioneers provide exceptional online consumer experiences, experiential retailers are reinventing the in-store experience, creating environments that attract and delight consumers.
- With physical stores remaining at the hub of modern retail, and with most consumers still choosing to end their journeys there, retail is getting digitized. This includes multiple smart devices working together on a single IoT platform to deliver hyper-personalized, adaptive and context-specific experiences. While much of the technology is to be invisible to the consumer, shoppers will have the opportunity to interact digitally within the physical store environment.
- In addition to the adoption of gesture recognition in digital catalogs, retail owners are able to monitor the success of a product with shoppers, by monitoring their facial and hand gestures. And data gathered through this could reveal a whole new set of insights, which may not be realized by using numerical data alone. For instance, an Italian retailer, Coop Italia, teamed up with Accenture as it wanted to transform the customer shopping experience. The company integrated digital capabilities into the store atmosphere to create the supermarket of the future.
- However, limited numbers of recognizable gestures along with inaccurate and inefficient systems are certain factors hindering the growth of the gesture recognition market globally.
Major Market Trends
Technology-Driven Experiences Inspiring Store Visits
- In today's hyper-competitive, everchanging, fast-paced, human-centric digital economy, retailers find creative and sustainable ways of combining the capabilities of both their physical and digital assets to offer carefully curated product assortments and deliver distinctive, differentiated and personalized consumer experiences.
- Immersive experiences related to a broad range of consumer-centric experiences like interactive displays, leveraging AR and VR, to personalized content, pop-up shops, and specialized amenities, all offered in a unique environment emphasizing newness and spot-on service which delight the customers. For example, Nike's New York City SoHo store, which flaunts a basketball court and treadmills that take visitors on virtual runs through Central Park and other routes. These interactive and immersive in-store experiences are meant to create a more engaging and entertaining retail experience.
- The success of brands like Rebecca Minkoff's stores in New York City and Los Angeles features an interactive video wall and self-checkout for small items and accessories. Fitting rooms are outfitted with magic mirrors, which enable shoppers to see different styles and colors of clothes, change mood lighting and order a free beverage that's delivered to their room along with their clothing choices by a salesperson.
- Although many of these immersive experiences are still in an experimental phase, it's a safe bet that more retailers are going to invest heavily in this space as the need for experience-based differentiation becomes paramount.
Asia-Pacific to Witness the Fastest Growth
- Asia-Pacific is dominated by two largest economies of the world i.e. China and India. Emerging economies of these countries have experienced a prolonged period of dynamic economic growth, and as a result, these countries have witnessed an increase in incomes and the emergence of a middle-class segment in recent years. With the increment in annual disposable income, the potential pool of the middle class is also expected to increase.
- Further, the presence of consumer electronics giants (such as Samsung, LG, etc.) in the region makes it a prominent innovation hub in the market studied. The continuous innovation in this segment, when combined with the retail sector, gives better consumer experiences.
- Moreover, in China, e-commerce giants JD.Com and Alibaba also made an entry into unmanned retail stores. JD.Com (JingDong) has launched a grocery store concept called 7FRESH where shoppers can scan a barcode to see detailed product information on a screen above the produce section. The stores use shelf sensors, cameras, and facial recognition tools, and RFID tags to track people and products.
- Therefore above factors are expected to act as a driving force for the growth of gesture recognition retail sector in Asia-Pacific during the forecasted period.
The gesture recognition in the retail market is fragmented. Some of the key players are Sony Corporation, Apple, Google, etc. among others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition.
- January 2018 - Amazon opened 'Amazon Go', which is an automated cashier-less convenience store that leveraged technologies like machine vision, AI, RFID, IoT, and more to allow customers to shop without checking out at a register. Shoppers scan their Amazon Go app to enter the store and get charged automatically as they pick up items and exit. Amazon tracks consumers and the products they interact with, through shelf sensors and cameras.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Dependence on Gestures to Communicate with Machines
4.3.2 Increasing Use of Devices Supporting Gesture Recognition Across the Retail Sector
4.4 Market Restraints
4.4.1 Algorithms, Mathematical and Other Complexities Associated with the Gesture Recognition Technology
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.1 By Technology
6.1.1 Touch-based Gesture Recognition
6.1.2 Touch-less Gesture Recognition
6.2.1 North America
6.2.4 Latin America
6.2.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Apple Inc.
7.1.2 Cognitec Systems GmbH
7.1.3 Crunchfish AB
7.1.4 Elliptic Labs
7.1.5 GestureTek Inc.
7.1.6 Google LLC
7.1.7 Infineon Technologies AG
7.1.8 Intel Corporation
7.1.9 Microsoft Corporation
7.1.10 Omron Corporation
7.1.11 Sony Corporation
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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