New York, US, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Haptic Technology Market information by Component, Feedback, Application and Region – forecast to 2027” the market was valued at $8.995 million CAGR in the year 2019, and it is expected to reach $21.469.6 million by 2026 with a CAGR rate of 13.89%.
Haptic Technology Market Scope:
Augmenting Demand for Unparalleled Acceleration, Force, and Response Time Substantiates Market Performance
The global Haptic Technology Market is growing at a rapid pace. Growing awareness about the benefits of haptic technology is a major factor boosting market growth. Besides, the wide adoption of haptic solutions across industries, alongside extensive use of haptic actuators for robust operation purposes in hostile, low-visibility, and noise-filled environments, increases the market size.
High-definition haptic feedback significantly enhances the sensory experience of human-machine interfaces by engaging the full range of human tactile sensitivity. With the rising uptake of haptic technology in some of the burgeoning sectors such as automotive and healthcare, the market is projected to demonstrate outstanding growth in the years to come. The market is witnessing substantial R&D investments, which influence the market shares. Additionally, the proliferation of smartphones, smart electronic devices, and wearables bolster the market growth.
Dominant Key Players on Haptic Technology Market Covered Are:
- Immersion Corporation (US)
- Texas Instruments Incorporated (US)
- Ultrahaptic (Ultraleap) (UK)
- Haption S.A. (France)
- ON Semiconductor Corporation (US)
- Johnson Electric (Hong Kong)
- SMK Corporation (Japan)
- Microchip Technologies Incorporated (US)
- Synaptics Incorporated (US)
- Force Dimension (Switzerland)
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Proliferation of AR and VR Devices Escalates Market Value
Haptics perceives huge prominence in augmented reality (AR), and virtual reality (VR), boosting the growth of the market by increasing haptics uses in automobiles, gaming, and medical devices. Furthermore, rapid growth in IT sectors worldwide and continuously evolving IoT and smart technologies foster haptic technology market shares. The increasing adoption of haptic technologies by the increasing number of businesses drives market growth.
Besides, the increasing adoption of private cloud computing services and rising demand to support real-time integration across multiple servers, services, clouds, and data stores accelerate the market growth. The increasing penetration of cloud computing fosters the haptic technology market share, enabling enterprises to scale up their businesses more conveniently.
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Segmentation of Market Covered in the Research:
The haptic technology market is segmented into components, feedback, applications, and regions. The component segment is sub-segmented into actuators, drivers, controllers, and software. Among these, the actuator segment accounts for the largest market share. The feedback segment is sub-segmented into tactile and force.
The application segment is bifurcated as consumer electronics, gaming, education, automotive and transportation, healthcare, engineering, and others. The region segment is sub-segmented into Europe, Americas, APAC, and the Rest-of-the-World.
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Regional Analysis
The Asia Pacific region dominates the global haptic technology market. Factors such as the wide adoption of haptic technologies in some of the burgeoning sectors in the region and rapidly growing haptic technology markets in India, China, and Japan place the region in the leading position. Moreover, the spurring rise in consumer electronics, automotive & transportation, gaming, education & research, healthcare, and engineering, creates substantial market demand.
Increasing developments in technology and the presence of leading technology providers drive the market growth, allowing the early adoption of haptic technology. Rapid economic growth, rising numbers of enterprises, and increased business needs-related demand add to haptic market growth. Additionally, the increasing adoption due to the rising awareness of the benefits of haptic technology influences the market shares of the region.
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COVID-19 Analysis
COVID 19 disruptions impacted the haptic technology industry positively, accelerating the adoption of virtual reality and telerobotics in a number of enterprises. Companies are recognizing the value of true-contact haptics for training, design, and robotics applications to scale workforces to meet this growing demand. Besides, the pandemic fostered digitization and automation across the manufacturing sectors globally.
Many organizations took up the task of digitizing their business processes to respond to rising business demands and industrial automation, which fostered the adoption of haptic technology. Resultantly, the haptic technology market size witnessed a constant uptick in the past few months. Also, haptic solutions providers are increasing R&D investments, allowing the market to garner a substantial revenue pocket.
Competitive Analysis:
The haptic technology market would witness increasing strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launch. Leading IoT managed services market companies make strategic investments in driving research and development activities and expansion plans.
For instance, recently, on July 20, 2021, HaptX, a leading global provider of realistic haptic technology, announced raising US$12MN Funding to Open New Head Quarter in the Seattle area. The company is expanding manufacturing of HaptX Gloves DK2 to meet strong customer demand. HaptX's DK2 gloves are the world's most advanced haptic feedback gloves.
The growth in financing brings HaptX's total funding to US$31 MN. HaptX's advanced technologies make virtual reality (VR) a more immersive and fully realistic experience while addressing real-world enterprise needs. Funding includes participation from existing investors Mason Avenue Investments, Verizon Ventures, Upheaval Investments, and Taylor Frigon Capital Partners.
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