Haptic Technology Market is being driven by the rising adoption of smartphones and tablets
According to TechSci Research report, “Haptic Technology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F,” the Global Haptic Technology Market is anticipated to register a robust growth during the forecast period, 2024-2028. A technology that uses tactile sensations to communicate with users is referred to as haptic technology, also known as kinesthetic communication or sense of touch technology. For a better user experience, such technologies are primarily concerned with producing haptic feedback effects like vibration, pressure, and texture. Consumer electronics, automotive, gaming, simulation, medicine, healthcare, and education and training all make extensive use of haptic technology. The development of haptic technology has been accelerated by technological advancements. A few examples of cutting-edge innovations that have improved the capabilities of haptic technology include high-definition haptics, force feedback, vibrotactile feedback, and wearables. These developments have produced tactile feedback that is more accurate and realistic while also giving users access to a wider variety of touch sensations.
The absence of standardized and integrated solutions is the main factor limiting the growth for haptic technology market. Only a few manufacturers have adopted standardized solutions because haptic technology is still a relatively new idea. Most haptic technology's applications are in consumer electronics, so any disruption or decline in the market for those products can impede the development of this technology.
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Based on component, the market is segmented into hardware and software. Based on feedback type, the market is further bifurcated into tactile and force. Based on vertical, the market is further split into consumer devices, education & research, automotive & transportation, healthcare, commercial & industrial, others.
The consumer devices segment dominates the haptic technology market, driven by increasing demand for touch-enabled devices. The consumer devices segment is expected to be the largest consumer application segment, due to the emergence of 5G technology and growing popularity of touchscreen devices. The haptic technology market for gaming systems is expected to witness a high growth rate, owing to the growing demand for haptics in virtual reality and augmented reality platforms.
Geographically, the market is segmented into Asia-Pacific, North America, South America, Middle East & Africa, and Europe.
Furthermore, APAC is expected to grow at the fastest rate during the forecast period, owing to the increasing venture capital funding, noteworthy growth in the number of startups venturing into the market space, and governments focusing on regulating the technology. Moreover, due to the presence of strong electronics manufacturing bases in China and Japan, the Asia Pacific region holds a significant portion of the global market. The market is being driven by the region's rising demand for and production of consumer electronics and smartphones. Regional growth is being boosted by the increasing integration of cutting-edge technologies, such as infotainment systems and touchscreen-enabled automotive industries.
Key market players in the global haptic technology market include:
- Texas Instruments Incorporated
- Johnson Electric Holdings Limited
- AAC Technologies
- TDK Corporation
- Microchip Technology Inc
- Semiconductor Components Industries LLC (OnSemi),
- Precision Microdrive
- Synaptics Incorporated
Collaboration and standardization efforts are in progress to ensure seamless integration and wide adoption of haptic technology. Working together to define common standards, guidelines, and safety regulations are industry stakeholders, regulatory bodies, and technology providers. These programmes seek to improve user experience overall while addressing interoperability issues and safety worries.
A multi-year licensing agreement between Immersion Corporation and Faurecia Corporation was approved in February 2021, enabling Faurecia to buy haptic technology solutions from Immersion. Using cutting-edge technology from Immersion Corporation, Faurecia will be able to create a complex, interactive haptic user interface.
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“The global haptic technology market is expected to be driven by increasing integration of haptic technology into consumer electronics. Consumer applications such as smartphones, gaming systems, and virtual reality (VR) content would contribute largely to the growth of the market. The use of haptic technology in medical and industrial applications is witnessing a steady growth, especially in the US and Europe, due to increased awareness and adoption of touch-enabled systems.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Haptic Technology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Component (Hardware and Software), By Feedback Type (Tactile and Force), By Vertical (Consumer Devices, Education & Research, Automotive & Transportation, Healthcare, Commercial & Industrial, Others), By Region, Competition”, has evaluated the future growth potential of global haptic technology market and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global haptic technology market.
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