Market Research Report
Global Haptic Technology Market Forecast 2020-2028
|Published by||Inkwood Research||Product code||551045|
|Published||Content info||147 Pages
Delivery time: 2-3 business days
|Global Haptic Technology Market Forecast 2020-2028|
|Published: March 23, 2020||Content info: 147 Pages||
The global haptic technology market is anticipated to record a CAGR of 14.44% over the projected period of 2020-2028. The factors boosting the global market growth are increasing adoption of haptics in consumer electronic devices, growing demand for haptics in gaming consoles, increase use of touch screen interfaces, and implementation of haptic technology in automotive safety applications.
Haptic technology allows manual interaction with the virtual environment. A haptic device is used to create physical contact between the user and the computer. A user can not only feed information but also receive it in the form of sensation from the computer with the help of a haptic device. The increasing use of consumer electronic devices such as smartphones, tablets, and other wearable devices is one of the significant drivers of the market. Smartphones and tablets account for a significant market share at present, and the trend is expected to increase due to an increase of haptic effects in mobile gaming applications.
The consumer electronics category in the application segment garnered the largest market share in 2019. The fastest-growing application is education and research during the forecast period. However, one of the critical restraint to the market is the technical challenges faced by the product manufacturers for enabling haptic functionality in tablets, mobile phones, surgical instruments, automotive dashboards, and gaming consoles, among others.
The global haptic technology market is analyzed geographically on the basis of markets situated in North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the Asia Pacific region holds the largest share in terms of revenue, and is expected to continue this trend by the end of the forecast period. This is attributed to the growing economies in the Asia Pacific markets, such as China and Japan.
There are a large number of industry players present in the market. Some of the renowned players registering their presence in the global market are 3D Systems Corporation, Immersion Corporation, Johnson Electric Holdings Limited, Haption S.A., Microchip Technology Incorporated, etc.