PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1090067
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1090067
Global Force Feedback Haptic Interface Market is valued approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028. The Force Feedback Haptic Interface refers to devices that facilitates manual interaction with virtual environments (VEs). These devices are utilized for tasks that are usually performed using hands in the real world, such as exploration and feeling of touching an object. Haptic interface works through body sensations and movements. Largely used haptic devices are game controllers, joysticks, and steering wheels among others. Haptic interface is utilized across different industries such as Video Gamin, Medical devices, entertainment industry, and Smartphones & Electronic devices among others. Rising adoption of haptic technology and increasing utilization of Haptic Technology in Gaming Applications as well as recent collaborations and partnerships activities are key drivers for growth of Force Feedback Haptic Interface Market. For instance, according to Statista - in 2020, the Asia Pacific market of haptic technology was estimated at USD 6.20 billion, and this amount is projected to grow to USD 14.8 billion by 2026. Furthermore, as per Statista - In 2021, the revenue of worldwide Virtual reality (VR) gaming market was estimated at USD 1.4 billion, and the market is projected to reach to USD 2.4 billion by 2024. Moreover, in February 2021, Qualcomm entered into a partnership agreement with Berlin, Germany based Lofelt GMBH to improve haptic feedback on Android devices. Under this partnership both the players would jointly work on haptics through software for android devices. Also, growing technological advancements in haptic technology and rising number of investment activities towards Augmented & virtual reality technology are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, high Cost associated with force feedback technology-based solutions impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Force Feedback Haptic Interface Market study include: Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to increasing application of Augmented and virtual reality technology and growing investment towards extended reality technology in the region. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as growing penetration of leading market players , and rising adoption haptic technology in the region, would create lucrative growth prospects for the Force Feedback Haptic Interface Market across the Asia Pacific region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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