by Brianna Crandall — September 26, 2016 — Technavio’s market research analysts predict the global touchless sensing equipment market will grow at a compound annual growth rate (CAGR) of over 10% between 2016 and 2020, fueled by the rising adoption of smart and eco-friendly technologies in sanitation.
Growth in urban populations is triggering issues such as congestion, air pollution, resource depletion, power crisis, and aging of infrastructure. To overcome such challenges, construction companies across the globe are focusing on the development of smart buildings that comprise features such as smart bathrooms in an attempt to promote efficient energy management and sustainable development.
In 2015, the Americas accounted for almost 41% of the overall market revenue to become the dominant shareholder in the global touchless sensing equipment market.
The new market research report from Technavio presents a breakdown and analysis of the touchless sensing equipment segments based on the technology.
Iris recognition segment growing
Sunil Kumar Singh, lead analyst, Hardware & Semiconductor, Technavio Research, points out:
Use of iris recognition biometrics and access control systems in the education sector is becoming increasingly popular across the globe. This technology is widely used in applications such as cashless canteen systems, vending machines, time and attendance systems, book borrowing, and school payments. Even teachers use this technology to update the performance-related details of students and learners. The rise in security threats is augmenting adoption of this technology in various schools and universities, especially across the U.S. and the U.K.
Market dominated by voice recognition segment
During 2015, the global touchless sensing equipment market was dominated by the voice recognition segment by accounting for a market share of more than 77%. The increase in demand for authentication in healthcare enterprises, financial institutions, and government is driving the adoption of voice recognition technologies. Furthermore, increased investments made by various countries in touchless biometrics are expected to aid the overall growth of the market in the future. Biometrics, military uses, record keeping, and speech-based navigation constitute some of the key applications of voice recognition.
Key touchless sensing equipment vendors
The key vendors in the global touchless sensing equipment market include Nuance Communications, 3M Cogent, Assa Alboy, Motekforce Link, and Gemalto. With the increasing penetration of tablets and smartphones in the consumer electronics market, the manufacturers are aiming at the implementation of touchless technologies in these devices to improve their market outreach.
Entry of new players in the market is restricted mainly due to the prominent presence of larger vendors and the need for high capital investments. However, the increasing research and development (R&D) investment by manufacturers in the market and continuous innovation in touchless sensing technologies are expected to reflect positively on the growth prospects for vendors in the global touchless sensing equipment market during the forecast period.
A more detailed analysis is available in the Technavio report, Global Touchless Sensing Equipment Market 2016-2020. The company says it can customize reports by other regions and specific segments upon request.