Global Statistics Representing Haptic Technology Market Scenario
Haptic technology recreates the ‘sense of touch’ by applying vibrations or motions and measures the tactile sensation of human-computer interaction. This technology is extensively used in consumer electronics such as smartphones and tablets to enhance customer experience. Growing demand from consumer electronics and gaming applications and technological advancements are projected to drive market growth.
The adoption of innovative technologies in all fields, including education, research, healthcare, technology, and others is a trend expected to positively influence the global haptic technology market. The application of haptics in surgical and other simulation applications is expected to provide impetus to market growth during the forecast period, 2019–2026.
The global haptic technology market is expected to witness dynamic growth on account of rapid urbanization around the globe, introduction of innovative technology, and escalating demand for more sophisticated devices for ease of use in the day-to-day life of individuals. Additionally, the demand for innovative products in consumer electronics such as smartphones and tablets is also expected to be key factor fostering market growth.
The adoption of tele-haptics along with augmented reality (AR) or virtual reality (VR) in gaming and medical sectors is expected to provide a new growth avenue for the haptic technology market during the forecast period; for instance, companies such as Apple and Google are focusing on R&D and investing in AR/VR technology.
The global haptic technology market is expected to grow at a CAGR of 16% during the forecast period, 2019–2026.
The global haptic technology market can be segmented by type, application, and region.
On the basis of component, the market is segmented to actuators, drivers & controllers, software, and others. The growing trend of technological evolution for an immersive experience is expected to drive the growth of the component increasing penetration of IoT devices and implementation of systems integrated with haptic technology components using eccentric rotating mass (ERM), linear resonant actuator (LRA), and piezoelectric actuators, among others are likely to foster the global haptic technology market growth. For instance, Apple Inc. introduced the Taptic Engine, an IoT system based on LRA technology tuned to a specific resonant frequency optimized to stimulate a click effect. It also offers localized haptic experience to improve users’ touch on the keyboard.
Based on feedback, the global haptic technology market can be segmented into tactile and force. The tactile feedback segment is expected to witness significant growth, owing to the increasing penetration of touch screen devices such as smartphones, laptops, wearable devices, and tablets, among others. It further provides augment gesture control with natural tactile feedback, haptics to virtual objects, and developing immersive holographic interfaces. For instance, London-based IGT (International Game Technology) uses a mid-air haptic feedback solution to implement its TRUE 4D games on the CrystalCurve TRUE 4D cabinet. Additionally, IGT has also integrated Ultrahaptics mid-air haptic technology with glasses-free TRUE 3D and gesture recognition technology to create multi-sensory gaming experiences.
By application, the global haptic market can be segmented to gaming, education & research, healthcare, consumer electronics, automotive & transportation, and others. The gaming and education segment is expected to witness significant growth in the global haptic technology market as haptic technology is being embraced in a wide range of applications such as gaming, healthcare, education, consumer electronics, and automotive, among others. Increasing demand for more innovative and interesting gaming consoles is also expected to drive the haptic technology market growth. Additionally, the market is expected to gain traction in education and health sectors to understand, conduct, and perform experiments visualizing the interaction of Nanoscale materials and other related solutions.
Geographically, the global haptic technology market has been segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA).
Asia Pacific is expected to witness dynamic growth in the haptic technology market during the forecast period, 2019–2026. Increasing use of consumer electronics such as tablets, smartphones, and other smart wearable devices is the key factor driving market growth in the region. Moreover, rising demand for internet-enabled devices, mobile devices, wearables and other related smart devices in countries such as India, China, Japan, and Russia, among others is further imparting growth momentum to the haptic technology market.
North America, followed by Europe, is expected to witness significant growth due to increasing smartphone penetration and usage of internet-enabled devices or IoT devices.
Haptic technology is expected to grow at a high rate in the LAMEA region, owing to the high penetration of smartphones and smart wearable devices. Additionally, rising demand for consumer electronics integrated with haptic components is further expected to drive market growth in the region.
Some of the prominent players in the global haptic technology market are Immersion Corporation (U.S.), Texas Instruments Incorporated. (U.S.), Precision Microdrives Limited (U.K.), Johnson Electric Holdings Limited (Hong Kong), ULTRAHAPTICS (U.K.), ON Semiconductor (U.S.), Microchip Technologies (U.S.), Synaptics Incorporated (U.S.), 3D Systems, Inc. (U.S.), SMK Electronics Corp (U.S.), HAPTION (France), and Densitron (U.K.).
Haptic Technology Market Segmentation
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