About Haptic Technology
Haptic Technology refers to technology that interfaces the user with a virtual environment via the sense of touch by applying forces, vibrations, and/or motions to the user. It stimulates tactile sensation using tactile or forces feedback mechanisms. It usually deals with tactile feedback which recreates the sense of touch by applying force, vibrations, or motion to the user. As per the sources, by 2022, the haptic technology for smartphones and small consumer devices will reach USD 20 billion. Future applications using haptic technology include holographic interaction, biometric haptic, and e-commerce. Although haptics technology is still in its nascent stage, it has immense potential to bring about drastic improvements in human interactions with the virtual world. With an increase in investments in advanced technologies the adoption of haptics will revolutionize the world.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 8.11% |
The competitive nature of the key haptics technology providers in global haptics technology market has led to increase their focus on continuous development in their products/offerings to strengthen their market presence globally. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Immersion Corporation (United States), ON Semiconductor Corporation (United States), Senseg Oy (Finland), Texas Instruments Incorporated (United States), Ultrahaptics (United Kingdom), SMK Corporation (Japan), Microchip Technologies, Inc. (United States), Synaptics Incorporated (United States), Precision Microdrives Ltd. (United Kingdom), Cypress Semiconductor (United States), Johnson Electric Holdings Ltd. (United States), Alps Electric Co., Ltd (Japan), Nidec Corporation (Japan), Haption S.A. (France) and Force Dimension (Switzerland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are AAC Technologies (Hong Kong), Novasentis (United States), Jinlong Machinery & Electronic Co., Ltd. (China), 3D Systems, Inc. (United States), Haptx Inc. (United States) and Imagis Co., Ltd. (South Korea).
Segmentation Overview
AMA Research has segmented the market of Global Haptic Technology market by , Application (Automotive & Transportation, Consumer Electronics, Healthcare, Gaming and Engineering) and Region.
On the basis of geography, the market of Haptic Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Feedback, the sub-segment i.e. Tactile will boost the Haptic Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware {Actuators, Drivers, Microcontrollers, Other} will boost the Haptic Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand for Haptic Technology in Virtual Reality Applications
Market Growth Drivers:
Increased Use Of Haptic Technology In Healthcare, Growing Penetration Of Head-Mounted Display Devices and Demand for Software as Services (SaaS)
Challenges:
Technical Challenges Related to Product Design
Restraints:
High Switching Cost Of Haptic Technology
Opportunities:
Growing Use As Assistive Technology For The Blind and Increased Demand From Education & Automotive Industry
Market Leaders and their expansionary development strategies
In June 2022, Ultrahaptics partnered with BMW to developed and demostrat haptics interfaces for next generation in car infoitainment and driver assistance system
In May 2020, Cirrus Logic launched Cirrus Logic CS40L25, an advanced haptic and sensing technology solutions to provide richer and immersive user experiences. This product will enable the OEMs to create customized user experiences beyond the single-action response compared to traditional mechanical buttons.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Haptic Technology Providers, Haptic Technology Hardware Providers, Venture Capitalists, Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.