Gesture Recognition in Retail Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

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.

• 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.

Scope of the Report

Gesture recognition is the ability of a device to identify and respond to the different gestures of an individual. Gesture recognition is expected to provide a new dimension to window shopping. Moreover, it will enable shoppers to find their preferred products with a simple wave of the hand, allowing them to search for a specific product, using a touch-less PC monitor (digital catalogue). 

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Key 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.

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