Gesture Recognition in Retail Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The “Gesture Recognition in Retail Market” report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Gesture Recognition in Retail Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. The Gesture Recognition in Retail Market report provides an in-depth study of SWOT analysis i.e. Strength, Weakness, Opportunities, and Threat to the organization. Market Insights Report analysed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The gesture recognition in the retail market is expected to grow at a CAGR of 27.54% over the forecast period (2021 – 2026).
As e-commerce pioneers provide exceptional online consumer experiences, experiential retailers are reinventing the in-store experience, creating environments that attract and delight consumers.
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Key Players of Gesture Recognition in Retail Market are: Sony Corporation, Apple Inc., Google LLC, etc among others.
Industry News and Developments:
– 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.
Key Market Trends
Technology-Driven Experiences Inspiring Store Visits
– In todays 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, Nikes 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 Minkoffs 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 thats delivered to their room along with their clothing choices by a salesperson.
– Although many of these immersive experiences are still in an experimental phase, its 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.
Gesture Recognition in Retail Market report studies the market in-depth and provides an all-inclusive analysis of the key growth factors, Gesture Recognition in Retail market share, latest trends, key players, and their projections for the future. Also, Gesture Recognition in Retail Market report provides growth rate, market demand, and supply, the market potential for each geographical region. The analysis provides an exhaustive investigation of the market along with the future projections to assess the investment feasibility. Furthermore, the report includes both quantitative and qualitative analyses of the Gesture Recognition in Retail Market throughout the forecast period. This report analyses the impact of the COVID-19 on the Gesture Recognition in Retail market share in the short and long term.
At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Gesture Recognition in Retail industries have also been greatly affected. With the slowdown in world economic growth, the Gesture Recognition in Retail industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Gesture Recognition in Retail market size to maintain the average annual growth rate of 15 from 2015 to 2021, in the next few years, Gesture Recognition in Retail market size will be further expanded, we expect that by 2027.
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The Study Objectives of Gesture Recognition in Retail Market Report Are:
- Focuses on the key Gesture Recognition in Retail manufacturers, to study the sales, value, market share, and development plans in the future.
- Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
- To define, describe and forecast the market by type, application, and region.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To identify significant market trends and factors driving or inhibiting the market growth.
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The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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