Haptic Technology Market Leading Players Analysis, Current Trends, Market Challenges, to Witness Comprehensive Growth
Global Haptic Technology Market, By Component (Actuators, Drivers & Controllers, Software) By Feedback (Tactile, Force) and Application (Consumer Electronics, Research & Education, Gaming, Healthcare, Engineering) - Forecast 2023
Market Overview
Haptic technology is the latest technology integrated into consumer electronic devices which include smartphones, tablets, music players, etc. The global haptic technology market report compiled by Market Research Future (MRFR) by taking into view the various factors, challenges, product development, and competitive analysis for the period of 2017 to 2023 (forecast period). The COVID-19 virus and its impact on the haptic technology industry have been noted.
Competitive Outlook
Synaptics Incorporated, Texas Instruments Incorporated, Microchip Technologies Incorporated, Ultrahaptics, Force Dimension, Immersion Corporation, SMK Corporation, ON Semiconductor Corporation, Haption S.A., and Johnson Electric are key players of the global haptic technology market.
Market Scope
The global haptic technology market is expected to grow at 16% CAGR over the forecast period. The market size can touch approximately USD 22 billion by 2023. Major drivers of the market are consumption of consumer electronics and cars. The enhanced user experience provided to users of cars, smartphones, and smart tablets are likely to spur the need for haptic technology. Use of force and touch in controlling objects in virtual environments had driven the potential for the market. The applications in simulations to prevent unnecessary deaths in prototype testing in healthcare, aviation, and automotive sectors can bolster the demand in the global haptic technology market.
The COVID-19 pandemic has driven the dependence on haptic technology even further as evident with the spur in online courses. This has fueled the sale of smartphones and other consumer devices. The effective guidelines given for reopening of companies has made use of haptic devices for entering and exiting organizations.
Segmentation
The global Haptic Technology Market segmented by component comprises software, actuators, drivers & controllers, and others.
By feedback, it is divided into tactile and force. The tactile segment is expected to drive revenues of the global market owing to the sale of smartphones and gaming consoles.
By application, it is segmented into engineering, education & research, healthcare, consumer electronics, automation & transportation, gaming, and others. The gaming application is expected to garner huge revenues for the global haptic technology owing to rising interest in virtual and augmented reality. The use of haptic gloves and other paraphernalia to feel the effects in an artificial environment and the large number of gamers can drive the segment growth over the forecast period.
Regional Analysis
The regional analysis of the global haptic technology market is being studied for regions such as Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). It has been observed that Asia Pacific is estimated to account for the largest share of the market, whereas North America is projected to grow at the fastest rate during the forecast period. The major growth of the global haptic technology market in Asia Pacific is attributed to technical advancements and increasing demand for mobiles and tablets in the region. Presence of smartphones and touch screen controllers in China and Taiwan are evidence of the large potential of the market in the region. Moreover, the presence of automotive and medical original equipment manufacturers (OEMs) in the region is likely to favor the market in the long run.
North America is likely to face an uptick in demand owing to investments in virtual and augmented reality technology by venture capital firms. Initiatives by groups of haptic technology developers and hardware manufacturers for creating standards and libraries for a healthy competition in the region can bode well for the market. The inclusion of multimedia content for future online learning courses can drive the global haptic technology market.
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LIST OF TABLES
TABLE 1 HAPTIC TECHNOLOGY MARKET, BY COMPONENT
TABLE 2 HAPTIC TECHNOLOGY MARKET, BY FEEDBACK
TABLE 3 HAPTIC TECHNOLOGY MARKET, BY APPLICATION
TABLE 4 HAPTIC TECHNOLOGY MARKET, BY REGIONS
TABLE 5 NORTH AMERICA HAPTIC TECHNOLOGY MARKET, BY COMPONENT
Continued……
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 HAPTIC TECHNOLOGY MARKET, BY COMPONENT (%)
FIGURE 3 HAPTIC TECHNOLOGY MARKET, BY FEEDBACK (%)
FIGURE 4 HAPTIC TECHNOLOGY MARKET, BY APPLICATION (%)
FIGURE 5 HAPTIC TECHNOLOGY MARKET, BY REGIONS (%)
Continued…….
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