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Automotive Gesture Recognition System Market Revenue to Cross USD 990.4 million, Globally, by 2029 with 17% CAGR

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Luton, Bedfordshire, United Kingdom, March 14, 2023 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Gesture Recognition System Market.

Global Automotive Gesture Recognition System Market is anticipated to grow at a CAGR of 17% over the following Six years to reach US$ 990.4 Million by 2029.

Automotive Gesture Recognition System Market Growth in upcoming years

Automotive gesture recognition systems are widely and majorly demanded by automotive manufacturers for automotive production activities. This system procurement witness’s open contracts and agreements between automotive OEMs and manufacturers of automotive gesture recognition systems. The commencement of the automotive gesture recognition system solution is expected to be carried out through contracts and agreements between end users and developers of automotive gesture recognition systems. These contracts mention a set of requirements that must be to be met in a certain timeframe. These contracts and agreements are associated with long-term business opportunities with end-users. Market participants need to focus on winning contracts and agreements to gain a competitive advantage and retain long-term business opportunities in the global market.

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Contracts and agreements with automotive OEMs for long-term business opportunities for the automotive gesture recognition system market growth.

Click & Get Free Sample Report in Minutes: https://exactitudeconsultancy.com/reports/13318/automotive-gesture-recognition-system-market/#request-a-sample          

Growth Drivers

Growing concern on safe driving practices around the world.

The advancement of tracking technology, as well as the rise in technology-focused lifestyles, are the major factors driving the growth of the automotive gesture recognition system market. Furthermore, there is an increase in awareness in the automobile industry about driver safety and regulations, where smart interaction with other vehicles and real-time data servers aid in the advancement of individual vehicle safety and intelligence. This advancement in vehicle management improves fuel efficiency and driver awareness. Furthermore, prompt vehicle management systems reduce utility costs while increasing in-car entertainment applications, thereby supporting overall market growth.

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As a result of rising consumer disposable income and increased automation in the automobile industry, the automotive gesture recognition market is rapidly expanding. Furthermore, in response to growing concerns about driver safety, many countries are expected to require the incorporation of gesture controls in passenger vehicles. Manufacturers are achieving various economies of scale in order to acquire and integrate gesture recognition systems into their mid-segment vehicle models.

Restraints: High technology costs are the major constraints for global automotive gesture recognition systems.

The market is volatile, and there is fierce competition. Increased costs of developing and integrating gesture recognition systems in automobiles are among the factors that are expected to limit the market growth.               

Key Benefits for Industry Participants & Stakeholders:

  • Industry drivers, restraints, and opportunities covered in the study
  • Neutral perspective on the market performance
  • Recent industry trends and developments
  • Competitive landscape & strategies of key players
  • Potential & niche segments and regions exhibiting promising growth covered
  • Historical, current, and projected market size, in terms of value
  • In-depth analysis of the Automotive Gesture Recognition System Market

To learn more about this report, request a free sample copy

Trends

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  • Increasing demand for advanced driver assistance systems (ADAS)
  • Growing adoption of electric vehicles (EVs)
  • Advancements in sensor technology
  • Integration with artificial intelligence (AI)
  • Focus on reducing driver distraction

Competitive Insight

Some of the notable market players operating in the global Automotive Gesture Recognition System Market covered in this report are:

  • Cipia Vision Ltd.
  • Cognitec Systems GmbH
  • Continental AG
  • NXP Semiconductors
  • Qualcomm Technologies, Inc.
  • Samsung Electronics Co., Ltd,
  • Sony Corporation
  • Synaptics Incorporated
  • Usens Inc
  • Visteon Corporation

Recent Developments

In August 2022, Renesas Electronics Corporation, a leading name in the semiconductor industry announced that it had entered into an agreement to acquire Steradian Semiconductors Private Limited, a Bengaluru-based start-up focused on radar technology. This acquisition is expected to strengthen Renesas’s portfolio of HMI (Human-machine Interface) systems such as gesture recognition.

In August 2022, STMicroelectronics, a leader in semiconductor manufacturing announced the launch of the new FlightSense Time-of-Flight (ToF) multi-zone sensors. These sensors are capable of mapping and gathering intelligence without a camera using ToF technology. The new sens

Browse the full “Automotive Gesture Recognition System Market By Component (Touch Based Systems, Touchless Systems) By Authentication Type (Hand/Finger Print/Leg Recognition, Facial Recognition, Vision/IRIS Recognition, Others) By Application (Multimedia/Infotainment/Navigation, Lighting Systems, Others) and Region, Global trends and forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/13318/automotive-gesture-recognition-system-market/ 

Segment Overview

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The Automotive Gesture Recognition System market is segmented By Component, By Authentication Type, and By Application.

By Component  By Authentication Type By Application
  • Touch Based Systems
  • Touchless Systems
  • EGR Valve
  • EGR Cooler
  • Turbine
  • Compressor
  • Evaporator
  • Condenser
  • Expander
  • Pump
  • Thermoelectric Module
  • Heat exchanger
 

 

  • Multimedia
  • Lighting Systems
  • Others

To learn more about this report, request a free sample copy

Regional Insights

Asia Pacific: Due to rising auto production, rising luxury vehicle demand, and the implementation of stringent regulations to ensure driver and road safety, the Asia Pacific automotive gesture recognition market is predicted to present extremely lucrative opportunities over the next six years.

Due to shifting consumer tastes and increasing levels of disposable income in these developing economies, India and China are anticipated to be key markets in this region. Furthermore, it is anticipated that the existence of important automakers in South Korea, Japan, India, and China will further accelerate the development of the automotive gesture recognition market in this area.

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Reasons to Purchase the Automotive Gesture Recognition System Market Report:

  • The report contains a wealth of data, including market dynamics and opportunities over the forecast term.
  • Quantitative, qualitative, value (in USD million), and volume (in units million) statistics are among the segments and sub-segments.
  • Data at the regional, sub-regional, and national levels also contains information on the market’s supply and demand dynamics.
  • The competitive environment includes the proportions of important actors, recent innovations, and strategies.
  • Companies with extensive product offerings, pertinent financial data, current developments, SWOT analyses, and player strategies.

To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/13318/automotive-gesture-recognition-system-market/#request-a-sample         

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Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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