Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- The global haptic technology market is anticipated to surpass a valuation of USD 22 billion, attaining a CAGR of 16% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed report. Haptic technology offers an enhanced multi-modal experience to its users by engaging sound, sight, and touch. The technology is extensively used in consumer electronics like tablets and smartphones, as it helps to provide tactile feedback to the users. The surging need for product differentiation in consumer electronics is one of the major factors accelerating the market growth globally. Soaring demand for touchscreens in consumer electronics like home appliances and media players for improved customer experience is estimated to favor the market growth. Moreover, with the rising demand for advanced technologies and gaming applications, the market is estimated to grow at a significant pace.
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Factors Inspiring the Market
A key trend impacting the market is the implementation of the 3D touchscreen with haptic feedback. Microsoft, for instance, has developed devices implementing haptic technology with 3D screens. This provides feedback to the operators, thereby offering the ability to push 3D objects in a virtual space.
On the contrary, the high power consumption of devices using haptic technology is likely to restrict the market growth in the foreseeable future. Moreover, technical limitations like handset design and touchscreen size are likely to limit the market growth. Also, lack of technological awareness, coupled with the high cost, is predicted to hinder the market growth.
Key Players:
The key players dominating the global Haptic Technology Market include Texas Instruments Incorporated (U.S.), Immersion Corporation (U.S.), Haption S.A. (France), Ultrahaptics (U.K.), Johnson Electric (Hong Kong), ON Semiconductor Corporation (U.S.), Microchip Technologies Incorporated (U.S.), SMK Corporation (Japan), Force Dimension (Switzerland), and Synaptics Incorporated (U.S.).
Segmentation:
The haptic technology market is segmented on the basis of component, feedback, and application.
By component, the haptic technology market is segmented into actuators, software, drivers & controllers, and others.
By feedback, the haptic technology market is segmented into force and tactile. Of these, the tactile feedback segment is more prevalent due to their existence in tablets, smartphones, laptops, and other consumer electronic devices. With the shifting trend to smartwatches, wristbands, and wearable devices, the market is likely to gain prominence in the segment.
By application, the haptic technology market constitutes of automation & transportation, consumer electronics, education & research, healthcare, gaming, engineering, and others. Of these, the consumer electronics segment is considered to be the largest application area. On the other hand, education & research is likely to gain prominence due to its potential demand from the segment.
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Mapping the Global Market:
Geographically, the haptic technology market has been studied under North America, Asia Pacific, Europe, and Rest of the World (RoW).
Considering the global scenario, Asia Pacific reigns over other regions, mainly due to the advancing technologies, coupled with eth soaring demand for tablets and mobiles in the region. In this region, China, India, and Japan are predicted to expand at high rates due to the existence of prominent consumer electronics manufactures. The growing buying power of customers in purchasing these products are further encouraging the market demand.
North America is estimated to expand at the fastest rate during the review period. The region resonates strong growth opportunities, with Canada and the U.S. to drive the market. This can be credited to the existence of a large number of established haptic technology service and solution providers in the region. North America also has the well-established infrastructure, allowing penetration of devices offering high-speed connectivity. This is likely to contribute to the market growth in the region.
Countries like France, Germany, and the U.K. are likely to direct the course of the market in Europe. The soaring demand for mobile devices is a major factor encouraging the market growth in the region. Moreover, the existence of advanced infrastructure, coupled with the surging adoption of advanced technologies in multiple countries of Europe are accelerating the growth of the regional market.
Head-to-Head
July 2019: A team of researchers in Israel has recently developed an innovative dog vest, which enables users to transmit command and communicate with their dogs with the help of haptic technology. Dogs are trained to respond to haptic vibration commands by wearing a modified canine vest, which is developed in Israel at the Ben-Gurion University.
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