Covina, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Prophecy Market Insights has published a new research report titled “Haptic Technology Market, By Component (Actuators, Drivers, and Controllers), By Technology (Tactile Feedback and Force Feedback), By Application (Consumer Electronics, Automotive, Healthcare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029” in its research database.
According To Prophecy Market Insights “Haptic Technology Market accounted for US$ 7.8 billion in 2020 and is projected to register a moderate CAGR of 7.5 % over the forecast period”
What is Haptic Technology? How big is the Haptic Technology Market?
Report Overview:
Haptic technology, often referred to as "haptics," is a technology that enables users to interact with computer-generated environments or devices through the sense of touch. It simulates tactile sensations, such as vibrations, pressure, texture, and motion, to provide a more immersive and engaging user experience.
Haptic feedback is used in automotive interfaces, such as touchscreen infotainment systems and steering wheel controls, to reduce driver distraction and improve safety. As vehicles become more connected and autonomous, the demand for haptic technology in cars is expected to grow and fuel the Haptic Technology Market growth.
Recent Key Highlights in Research Report:
- In August 2022, D-BOX launched innovative next generation high-fidelity haptic systems G5. The reliable global network of partners makes the G5 system available to customers. Because of the newly integrated controller box and significant size savings, D-BOX haptic technology may now be seamlessly integrated into any kind of device to provide movement, texture, and vibrations.
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020– 2029 |
| Market representation | Revenue in USD Billion & CAGR from 2020 to 2029 |
| Market Segmentation | By Component - Actuators, Drivers, and Controllers. By Technology - Tactile Feedback and Force Feedback By Application - Consumer Electronics, Automotive, and Healthcare |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Analyst View:
Haptic technology is used in medical simulators to train healthcare professionals, providing a realistic sense of touch and feel during surgical and procedural training. In industrial automation and robotics, haptic feedback can improve remote control of machinery, allowing operators to feel what a robot is touching or manipulating, enhancing precision and safety.
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Haptic Technology Market: Growth Factors
The haptic technology market is experiencing significant growth due to increased demand in consumer electronics, especially smartphones and wearable devices. Additionally, the adoption of haptic feedback in virtual reality, augmented reality applications, gaming peripherals, and the automotive industry is driving market expansion. As these sectors continue to grow, the demand for haptic technology is expected to rise further.
The Key Players Dominating the Haptic Technology Market:
- Immersion Corporation
- Texas Instruments Incorporated
- Ultrahaptics, Senseg Ltd.
- ON Semiconductor
- Johnson Electric
- SMK Corporation
- Microchip Technology Inc.
- Synaptics Incorporated
- 3D Systems, Inc.
- Force dimension
Haptic Technology Market Insights and Analysis:
Haptic technology market is rapidly expanding due to its integration in consumer electronics, gaming peripherals, virtual reality, and automotive applications. The market's growth is driven by the rising demand for immersive user experiences in devices like smartphones and wearables. Moreover, haptic feedback systems are becoming essential in gaming and virtual reality setups, enhancing user engagement. Additionally, the automotive industry's adoption of haptic technology for touchscreens and driver-assistance systems contributes to market growth. These trends indicate a promising future for the haptic technology market, making it a crucial area for businesses and investors to watch closely.
Key Insights from Primary Research:
- Projected Growth: The market accounted for US$ 7.8 billion in 2020 and is expected to register a moderate CAGR of 7.5% over the forecast period, indicating steady growth.
- Market Expansion: Haptic technology market is rapidly expanding due to integration in consumer electronics, gaming peripherals, virtual reality, and automotive applications.
- Immersive User Experiences: Rising demand for immersive user experiences in devices like smartphones and wearables is fueling the growth of haptic technology.
- Gaming and Virtual Reality: Haptic feedback systems are crucial in gaming and virtual reality setups, enhancing user engagement and driving market growth.
- Automotive Adoption: The automotive industry's adoption of haptic technology in touchscreens and driver-assistance systems is a significant contributing factor to market expansion.
Conclusion:
The Haptic Technology Market is experiencing robust growth due to its integration into consumer electronics, gaming peripherals, virtual reality, and automotive sectors. Demand for immersive experiences in smartphones and wearables, coupled with its vital role in gaming and virtual reality, is fueling this expansion. The automotive industry's adoption of haptic tech in touchscreens and driver-assistance systems is also a significant driver. With key players leading the way, the market shows resilience, evidenced by a projected moderate CAGR of 7.5%. This trend indicates a promising future for investors and businesses, with haptic technology set to enhance user experiences across various applications in the coming years.
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- Gaming Console Market accounted for US$ 34.4 billion in 2019 and is estimated to be US$ 56.1 billion by 2029 and is anticipated to register a CAGR of 5.1%.
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