Selbyville, Delaware, May 19, 2020 (GLOBE NEWSWIRE) -- According to latest report “Haptic Technology Market by Feedback (Tactile, Force), Component (Actuators, Drivers & Controllers, Software), Application (Consumer Electronics, Gaming, Automotive, Healthcare, Robotics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of haptic technology will cross $10 billion by 2026.
The haptic technology market growth is owing to rising adoption of self-service kiosks with 3D touchscreens and enhanced haptic feedback. Rising integration of haptic and 3D technology into kiosk touchscreens for enhanced visualization of objects and improving the overall operating performance is driving the market growth.
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The proliferation of robotics in manufacturing, industrial automation, and healthcare sector is driving the demand for haptic technology. Implementation of haptic in robotics provides precise control over the robot’s positions for enhanced accuracy in sensitive manufacturing and surgical applications. Moreover, industry players are launching innovative haptic solutions for robots deployed in various scenarios.
The Asia Pacific haptic technology market is expected to project a positive outlook owing to increasing adoption of smartphones and tablets. The region is anticipated to dominate the global industry due to growing use of smart devices including touchscreen home appliances such as smart refrigerators and kitchen appliances. Electronic manufacturers in Asia Pacific are launching new products to cater to the growing demand for smart gaming devices in the region.
Key companies operating in the market include Texas Instruments, Inc., Haption S.A, MK Electronics, Geomagic, Inc., Immersion Corporation, and Force Dimension. Market players are adopting several strategies focusing on developing alliances with technology providers to launch innovative haptic technology solutions in the market. Established companies are also emphasizing on business expansion strategies to cater to a wider customer base.
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Some major findings in the haptic technology market report include:
- Increasing penetration of smartphones, tablets, and laptops with advanced haptic feedback is augmenting the demand for haptic technology in the market. Haptic technology simulates a sense of touch with these devices, enhancing the overall user experience.
- Rising implementation of haptic technology in the automotive sector is proliferating the demand for 3D touchscreen displays in modern vehicles for enhanced driver communication.
- Increasing disposable income coupled with consumer inclination to purchase technologically advanced gaming equipment in North America and MEA is supporting the demand for haptic technology enabled products in these regions.
- Haptic technology providers are focusing on strategic collaborations with electronic manufacturers to integrate high-fidelity haptic into mobile phones, smart wearables, etc.
- The haptic technology industry in Europe is expected to witness a rapid growth due to increasing use of high-performance haptic solutions in healthcare and defense sectors.
Table of Contents (ToC) of the report:
Chapter 3. Haptic Technology Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact analysis of COVID-19 pandemic
3.3.1. Global outlook
3.4. Industry ecosystem analysis
3.4.1. Component suppliers
3.4.2. Software & technology providers
3.4.3. System integrators
3.4.4. Distribution channel analysis
3.4.5. End-use landscape
3.5. Technology & innovation landscape
3.6. Regulatory landscape
3.6.1.1. North America
3.6.1.2. Europe
3.6.1.3. Asia Pacific
3.6.1.4. Latin America
3.6.1.5. MEA
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls & challenges
3.8. Growth potential analysis
3.9. Porter's analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Internal rivalry
3.10. Competitive landscape, 2019
3.10.1. Strategy dashboard (New product development, M&A, R&D, Investment landscape)
3.11. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.