Status : Published Published On : Jun, 2022 Report Code : VRSME9129 Industry : Semiconductor & Electronics Available Format : Page : 195
2022
2028

Global Haptic Technology Market – Analysis and Forecast (2022-2028)
Industry Insight by Component (Hardware and Software), by Feedback Type (Tactile Feedback and Force Feedback), by Application (Healthcare, Consumer Devices, Automotive & Transportation, Commercial & Industrial, Education & Research, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The global haptic technology market size is anticipated to reach USD 8.5 billion by 2028 from USD 3.5 billion in 2021, registering a CAGR of 12.5% during the forecast period. Haptic technology is a form of three-dimensional communication that generates sensory experiences through pressure, motion, or vibration. This technique can be used to create virtual objects, improve control devices, and many other things in electronics. Wearables, game controllers, phones, virtual reality, the automobile industry, and many more fields employ haptic technology extensively. The market has expanded as a result of increased technological integration into consumer electronics products and touch-enabled home appliances. Users can increase touchscreen accuracy with the help of haptic technology's vibration feedback.

Haptic Technology Market Highlights

The adoption of touch screens in devices like media players and home appliances to provide users with a positive experience is propelling the market growth of the haptic technology industry.  Haptic Technology Market is also anticipated to grow as consumers seek more gaming technology for better gaming experiences. Since the definition of haptic is "able to contact," technology played a role in the development of the sense of touch. Large aircraft are deploying haptic technology, which is used to give negative feedback when it detects errors. The Haptic Technology identified the error or risk. The market for haptic technology is expanding more quickly and has a wider range of applications.

Industry Trends

The market for haptic technology is expected to increase as a result of the expanding trend of technological integration in augmented reality-enabled devices and gaming consoles. Haptic technology is used in gaming input devices like joysticks and remote consoles to produce various vibration intensities that improve the user experience. One of the main elements driving market demand is the haptics’ capacity to simulate the user's feeling of touch by producing mechanical signals.

The COVID-19 pandemic has led to decline in the growth of haptic technology market owing to disruption in production and supply chain, shut down of government and private sectors, lockdown and social distancing norms, and lack of labor force. This has led to sharp decline in the sales of consumer electronics, touchscreen devices, and automobile industry, thereby affecting the manufacturing process of the haptic technology.

Market Segmentation

Insight by Component

  • Hardware
  • Software

Software category is anticipated to grow at a high CAGR during the forecast period as it offers various advantages like pre-defined built-in tactile effects and adding features to enhance device performance, thereby propelling segment growth. Furthermore, increased adoption in electronic devices, gaming applications, surgical equipment’s, wearable devices will drive market revenue for haptic technology. To create high-quality haptic interactions, the virtualization software must have performance-oriented features. Due to advancements in consumer electronics technology and an increase in the popularity of haptic-enabled devices, the software category is predicted to expand rapidly over the projection period.

Insight by Feedback Type

  • Tactile Feedback
  • Force Feedback

The tactile feedback category dominates the global haptic technology market as it offers customers to personalize their messaging alerts and other notifications on smartphones, resulting in positive impact on the haptic technology. Moreover, increased demand from consumers to have a simulating experience while using smartphones and deployment in IoT-enabled devices like wristbands and smart watches will help consumers to keep track of their health, thereby driving the market growth.

Insight by Application

  • Healthcare
  • Consumer Devices
  • Automotive & Transportation
  • Commercial & Industrial
  • Education & Research
  • Others

Consumer devices dominate the haptic technology market owing to rising demand for consumer electronic devices like home appliances, laptops, tablets, smartphones, etc. Haptic technology is highly adopted in gaming consoles like Xbox, PlayStation, etc. as it offers a sense of touch and provides real-time experience, thus acting as a catalyst to market growth. Haptic feedback is used and serves as an important tool in wearable devices such as smartwatches and fitness trackers, allowing for faster operation, longer battery life, and easier-to-use activities. These wearable gadgets use haptics to communicate information and deliver realistic user experiences.

Haptic Technology Market Report Coverage

Report Metric

Details

Historical Period

2016–2021

Base Year Considered

2021

Forecast Period

By 2028

Market Size in 2021

$3.5 Billion

Revenue Forecast in 2028

$8.5 Billion

Growth Rate

CAGR 12.5%

Segments Covered in the Report

By Component, By Feedback Type, and By Application

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

Industry Dynamics

Growth Drivers

Rising Demand for Smartphones with Simulated User Experiences

The demand for smartphones, laptops, and tablets has increased as a result of the growing number of loT devices around the globe. The Haptic Technology Market Size also benefited greatly from it as haptic technology in smartphones and tablets provides positive touch experience. The demand for energy-storing devices is being fueled by the rising use of electronic gadgets including smartphones, tablets, digital watches, notepads, headphones, and earphones. For instance, the Global System for Mobile Communications (GSMA) Association predicts that by 2025, there will be 5.9 billion unique customers worldwide. Haptic technologies offer several benefits, including enhanced touchscreen, audio, and visual effects in screen touch applications, are likely to hasten the electronics industry's adoption.

In addition, the automobile industry greatly benefits from haptic technology, and demand for highly advanced vehicles has grown over time. These vehicles are equipped with high-quality safety measures, cutting-edge technology, and haptic technology are being used in these automobiles. The market is showing an increase in the Haptic Technology Market Trend due to the increased demand in the automobile industry. The demand for haptic technology will increase in the upcoming years as a result of numerous institutions and research facilities upgrading haptic solutions and taking these positive effects into account.

Challenges

High Cost of Force Feedback Haptic Devices

The cost of using haptic technology is not prohibitive, but force-feedback haptic devices are more expensive than tactile feedback haptic devices, and this has significantly hampered the market for haptic technology. Force haptic feedback technology is available in 3 DoF, 7 DoF, and 6 DoF, and it provides consumers with a virtual haptic sensation in real-time for a variety of applications. Many industries, including the automotive, medical, aerospace, and other manufacturing businesses, use force-feedback haptic devices. The size of these gadgets makes them problematic for wearable technology.

Furthermore, technological challenge witnessed by the manufacturers that adopts haptic technology in devices like gaming controllers, smartphones, automobile, tablets, etc. Haptic technology enhances user experience and offers user-friendliness to the device. But it becomes difficult for the manufacturers to decide which element will fit in a particular system.

Also, this technology's high switching costs may make it unaffordable for many businesses. This serves as a significant barrier to adoption in several application categories. The use of haptic technology in smartphones and other portable electronics devices is being hampered by power consumption haptic technology-based products.

Opportunities

The increased adoption of haptic technology in education and robotic applications along with rising demand for the holographic display industry will offer lucrative opportunities for haptic technology market growth. Robots can handle a robotic hand and other objects with full control by using haptic technology, such as gloves. The robots can effortlessly manage robotic arms with the aid of haptic technologies. The market is expanding as a result of the expanding use of 3D touchscreen displays in automotive and medical devices.

Geographic Overview

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

APAC is anticipated to have largest market growth during the forecast period owing to the presence of well-established manufacturers and increased adoption in emerging economies like China and India. Moreover, the robust growth in digitalization and increased penetration of internet-enabled devices, and technological development will accelerate the haptic technology’s market growth. Also, the increased R&D activities, increased need to develop novel applications of haptic technology, the shift in lifestyles, and rising demand for touchscreens to augment consumer experience will propel the region’s market growth forward.

Competitive Insight

The market for haptic technology is fragmented as there are many industry players globally. Some of the manufacturers are MNCs and have production and sales base in several regions. Furthermore, increased investment and R&D activities have led to product innovation and product launches in the haptic technology industry. In addition, the industry players are entering into partnerships, M&A with domestic players so as to expand their geographical base in the merging countries.

Human-machine interfaces are being redefined by haptic technology, which makes them more comfortable, familiar, and natural. Immersion, a well-known haptic leader, continues to innovate as the power of touch has a significant impact on customers and the industry. The haptic technology from Immersion provides the strong APIs, high-quality performance, and simple integration required to produce sophisticated tactile effects across applications and hardware configurations. Through the use of their technology, consumers can have realistic digital touch feedback in mobile, automobile, gaming, etc. They offer a wide range of products for device makers, haptic hardware firms, designers, and developers, including use cases, software, tools, and services.

The plug-and-play haptic module from Ultraleap is a simple solution for integrating virtual touch and upgrading products. The smart approach to quickly advance out-of-home entertainment, advertising, and retail is STRATOS Inspire. This bolt-on module adds touchless haptics to current installations and is designed for quick deployment and public use.

Recent Development by Key Players

In February 2022, A licence deal for the use of its technology in automobile interfaces was signed between Duck-il, a Korean automotive supplier, and Immersion Corporation, the industry's leading licensor of haptic technologies.

In January 2022, Synaptics Incorporated has launched S9A0H ASIC TouchPadTM solution which offers hardware/software platform and supports the highest level of firmware security. In order to increase productivity, it also offers scalability to fulfil the demand for bigger, way smarter, and more responsive haptic-enabled touchpads.

Key Players Covered in the Report

Some of the prominent players in the Haptic Technology Industry include Texas Instruments Incorporated, Immersion, Johnson Electric Holdings Limited, Precision Microdrives, Microchip Technology Inc., AAC Technologies, TDK Corporation, Synaptics Incorporated, Ultraleap, and SMK CORPORATION.

Haptic Technology Market Size and Market Analysis

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The Haptic Technology Market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2022-2028.

Segments Covered in the Report

By Component

  • Hardware
  • Software

By Feedback Type

  • Tactile Feedback
  • Force Feedback

By Application

  • Healthcare
  • Consumer Devices
  • Automotive & Transportation
  • Commercial & Industrial
  • Education & Research
  • Others

Region Covered in the Report

•    North America

- U.S.
- Canada
- Mexico

•    Europe

- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe

•    Asia-Pacific (APAC)

- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific

•    Rest of the World (RoW)

- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries

Frequently Asked Questions

The global haptic technology market size is anticipated to reach USD 8.5 billion by 2028 from USD 3.5 billion in 2021, registering a CAGR of 12.5% during the forecast period.
. The increased adoption of IoT devices i.e., tablets, smartphones, wristbands, wearable devices, and others to enhance product design and operational accuracy will drive the market growth for the haptic technology market. Nevertheless, the technology has so many uses in electronics, and the demand for haptic technology firms is rising as a result of the increased desire for cutting-edge technology in products.
The increased adoption of haptic technology in education and robotic applications along with rising demand for the holographic display industry will offer lucrative opportunities for haptic technology market growth.
APAC is anticipated to have largest market growth during the forecast period owing to the presence of well-established manufacturers and increased adoption of consumer devices in emerging economies like China and India.
Some of the major players in the global Haptic Technology industry include Texas Instruments Incorporated, Immersion, Johnson Electric Holdings Limited, Precision Microdrives, Microchip Technology Inc., AAC Technologies, TDK Corporation, Synaptics Incorporated, Ultraleap, and SMK CORPORATION.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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