Global Haptic Technology Market – Industry Trends and Forecast to 2029

Haptic Technology Market Analysis and Size

The market for haptic technology enables physical interaction with the virtual environment. This is a popular technology that uses tactile feedback to perform tasks. By receiving signals from the motor action, haptic devices display the activity on the screen. The motor action receives signals from the user's body movement. The haptic interface has a variety of measures such as a keyboard, trackballs, and so on. The haptic interface is also used in gloves designed to track hand movements. These are also used in gaming joysticks, which provide users with vibrational feedback.

Data Bridge Market Research analyses that the haptic technology market which was growing at a value of 8.12 billion in 2021 and is expected to reach the value of USD 24.33 billion by 2029, at a CAGR of 14.70% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Haptic Technology Market Scope and Segmentation

Market Definition

Haptic technology, also known as kinesthetic communication, is a term used to describe virtual and mixed-reality solutions that provide multi-model experiences by combining sight, sound, and touch. It is a technology that uses physical feedback and pressure sensitivity through various devices such as actuators, haptic drives, and microcontroller units. Haptic actuators are electronic devices that convert electric signals into vibrations that the user can feel. This technology is frequently used to create and control virtual objects, game consoles, surgical equipment, and wearable devices, as well as to improve the efficiency of remote-controlled machines and telerobots.

Global Haptic Technology Market Dynamics

Drivers

• Growing application various cutting-edge technologies

The increasing use of haptic technology in the healthcare industry to train doctors for various surgical procedures, the growing demand for the technology for gaming applications, the increasing number of technological advancements in the gaming sector, and the increasing number of applications for various sectors such as automotive, wearables, gaming, mobile, industrial, and others are some of the major and vital factors for the growth of the haptic technology market in the project.

• Development of next generation internet protocols

Various advancements, such as the development of next-generation internet protocol (IP) systems that can be adjusted to 4G and wireless spectrums, are causing the market to be optimistic. Another major growth-inducing factor is the increasing shift from analogue to digital SDR. SDR is expected to be the foundational technology for the delivery of telecommunications services such as digital television, radio broadcasts, and video streaming channels. Other factors, such as the integration of the Internet of Things (IoT) with wireless devices and extensive R&D in the field of telecommunications, are expected to drive the market even further.

Opportunities

• Expansion of consumer electronics

The rising demand for wearable devices, combined with the prevalence of various consumer electronics manufacturers, will contribute to the creation of enormous opportunities, resulting in the growth of the haptic technology market during the forecasted timeframe.

Restraints

• Design complexity and high maintenance cost

The increasing complexity of design, combined with rising maintenance costs, will likely impede the growth of the haptic technology market during the forecasted period. The rising power consumption of haptic-enabled devices will be the market's most significant and immediate challenge.

This haptic technology market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the haptic technology market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Haptic Technology Market

Many lives have been lost as a result of the covd19 pandemic. The pandemic also has a negative impact on a variety of industries. Due to the pandemic, the haptic interface market is facing numerous challenges that are limiting market growth. These are known as restraint factors, and they include a lack of equipment, a labour shortage, and health and safety issues. Market revenue generation is also coming to a halt because no one wants to buy a service and invest money in it. The pandemic not only slows the growth of this industry, but also that of private and public sectors. Due to these factors, market demand is decreasing day by day, but industrial players still get up and redouble their efforts to recover.

Recent Developments

• In February 2021, Faurecia and Immersion Corporation signed a multi-year license agreement that enables Faurecia to access Immersion’s haptic technology solutions. The deal allows Faurecia to develop an interactive, advanced haptic user interface enriched with Immersion Corporation’s modern innovations.

Global Haptic Technology Market Scope

The haptic technology market is segmented on the basis of component, feedback and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Microcontrollers
• Drivers
• Actuators
• Software
• Others

Feedback

• Tactile Feedback
• Force Feedback

Application

• Manufacturing Industries
• Gaming Console
• Medical and Healthcare
• Consumer Electronics
• Automotive & Transportation
• Education and Training
• Others

Haptic Technology Market Regional Analysis/Insights

The haptic technology market is analyzed and market size insights and trends are provided by country, component, feedback and application as referenced above.

The countries covered in the haptic technology market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

United States will dominate the North American haptic technology market due to rising demand for virtual reality in various applications such as medical devices, automobiles, gaming, and among others.

Asia-Pacific is expected to dominate haptic technology market during the forecast period of 2022 to 2029.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Haptic Technology Market Share Analysis

The haptic technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to haptic technology market.

Some of the major players operating in the haptic technology market are:

• Apple Inc. (U.S.)
• Google LLC (U.S.)
• HAPTION SA (U.S.)
• Immersion (U.S.)
• 3D Systems, Inc. (U.S.)
• Nuance Communications, Inc. (U.S.)
• NOVASENTIS, INC. (U.S)
• Ultraleap Limited (U.K)
• Qualcomm Technologies Inc (U.S.)
• ALPS ALPINE CO., LTD. (Japan)
• SAMSUNG (South Korea)
• Panasonic Corporation (Japan)
• Alpine Electronics Inc. (Japan)
• NXP Semiconductors (Netherlands)
• Polaris Industries, Inc. (U.S.)
• FeliCa Networks, Inc. (Japan)
• CCL Industries (Canada)
• LINTEC Corporation (Japan)
• Robert Bosch GmbH (Germany)
• Telefonaktiebolaget LM Ericsson (Sweden)

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