Haptic Technology Market Gains Impetus Valuing USD 22 Billion by 2023 16% CAGR

“Haptic Technology Market”
Global Haptic Technology Market, By Component (Actuators, Drivers & Controllers, Software) By Feedback (Tactile, Force) and Application (Consumer Electronics, Research & Education, Gaming, Healthcare, Engineering) – Forecast 2023

Market Highlights

In this rapidly changing world of technology, haptic technology market is projected to show major growth prospects during the forecast period. Owing to the growing demand for haptics in the consumer electronics segment, the Haptic Technology Market is highly driven growing demand from the consumer electronic products.

 

The global haptic technology market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the haptic technology market in Asia Pacific is expected to witness significant growth and hold the largest market share during the forecast period. Within Asia Pacific, haptic technology market is projected to contribute faster to the growth of revenue backed by increasing demand for consumer electronic products in countries such as Australia, New Zealand and India. These countries are expected to create potential growth opportunities for haptic technology market during the forecast period.

 

The Haptic Technology Market is growing rapidly over 16% of CAGR and is expected to reach at approx. USD 22 Billion by the end of forecast period.

 

Haptic Technology Market Players:

  • Immersion Corporation (U.S.)
  • Texas Instruments Incorporated (U.S.)
  • Ultrahaptics (U.K.)
  • Haption S.A. (France)
  • ON Semiconductor Corporation (U.S.)
  • Johnson Electric (Hong Kong)
  • SMK Corporation (Japan)
  • Microchip Technologies Incorporated (U.S.)
  • Synaptics Incorporated (U.S.)
  • Force Dimension (Switzerland)

 

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Haptic Technology Market Segmentation

The haptic technology market has been segmented on the basis of component, feedback and application. The application segment is further bifurcated into consumer electronics, automation & transportation, education & research, gaming, healthcare, engineering and others. Out of which the healthcare segment is expected to have higher growth potential owing to the growing medical applications. Tactile imaging translates the sense of touch into a digital image and this proves to be very beneficial in various clinical applications.

 

Market Research Analysis:

In the global haptic technology market, North America is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. U.S and Canada are anticipated to drive the growth of haptic technology market. This is owing to the presence of large number of established haptic technology solutions and service providers in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides high speed connectivity. This is expected to be a major factor for the growth of haptic technology market. Rising demand for consumer electronic products is another factor driving the growth of haptic technology market.

 

Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of haptic technology market. In Europe, the rising demand for mobile devices is the major driving factor for the growth of haptic technology market. The presence of advanced infrastructure and increasing adoption of technological advancements in numerous countries are other factors driving the growth of haptic technology market. North America is followed by Europe in terms of growth in haptic technology market.

 

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Haptic technology market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Haptic Technology market in Middle East and Africa occupies a relatively smaller pie of the global Haptic Technology market.

 

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