The global haptic interface market, according to a recently published report by Market Research Future (MRFR), is currently demonstrating exponential accruals of USD 18 Billion by 2023, registering a staggering CAGR of 16% during the review period (2017 – 2023).
Drivers and Restraints
There are several influential factors driving the growth of the global haptic interface market, such as its increasing applications. The haptic interface is used in numerous application areas such as automotive, healthcare, education & training, and others. Presently, the haptic interface is utilized in the healthcare sector to guide doctors about several surgical processes. Consumer electronics such as media players, home appliances, smartphones, touchscreen laptops, and others use the haptic interface; for instance, mobile vibration mode. Similarly, the force feedback of a gaming controller is a type of haptic interface between the user and the controller. This force feedback boosts the gaming experience among the users. Thus, this factor is slated to fuel the global haptic interface market over the review period. Another factor that drives the haptic interface market is the increasing demand for gaming applications and advances in technology in the gaming sector. On the other hand, the design connected with haptic interfaces is intricate which increases its maintenance cost and can hinder the market growth over the assessment period.
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The major market players in the market of the haptic interface are Google LLC (US), Apple Inc. (US), Haption SA (France), Immersion Corporation (US), AAC Technologies Holdings Inc. (China), 3D Systems (US), Nuance Communications (USUltrahaptics Ltd. (UK), ), Novasentis Inc. (US), Qualcomm Technologies, Inc (US), among others.
Haptic interface market can be segmented on the basis of technology, operating systems, and application.
On the basis of the technology, the market is bifurcated into tactile feedback and force feedback.
On the basis of the operating system's platform, the market is segmented into mobile operating systems, Windows, and others
On the basis of the application, the market is segmented into military & defense, manufacturing industries, medical and healthcare, automotive, consumer electronics, gaming console, and others.
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The geographical analysis of the haptic interface market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is touted to be the leading regional market in the global haptic interface market due to the growing user demand of smartphones and consumer electronics in the region. Likewise, the increasing demand for wearable devices in countries such as Japan, China, South Korea, and India is one of the factors that increase the adoption of haptic interface in the region. The presence of consumer electronics device manufacturers such as Lenovo, LG, Meizu, Samsung, Panasonic, and Sony, among others in the region, also drives the market as they integrate haptic interfaces in various devices such as mobile phones and gaming controllers. Moreover, Asia-Pacific is also slated to expand as the fastest-growing market during the review period. Large manufacturing units present in China, Japan, and India are also adopting the haptic interface technology for enhancing the workflow.
North America is the second-largest regional market for haptic interfaces in terms of market share. Advancement in technology and the presence of key market players in higher concentration in this region are expected to support the growth of the haptic interface market over the review period. Substantial interest in research and development from the private sector towards the improvement of haptic is another factor driving the market growth.
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