Haptic Technology Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2711
Haptic Technology Market size is predicted to witness significant growth from 2018 to 2024 driven by its increasing use in touch screen systems. Most consumer electronic devices such as cell phones, laptops, and public display systems provide touch-enabled displays. Growing consumer preference for using highly-advanced technical devices, such as 3D touchscreens, virtual gaming objects, and interactive kiosks, is increasing the haptic technology market demand. The implementation of the technology is done by manufacturers to maintain a competitive advantage over the rivals in this industry. This technology provides several advantages such as enhanced user experience, tactile feedback, and a feel of a realistic and immersive environment. For instance, in gaming applications, the user is able to experience the recoil from a gunshot or car collision, providing a better user experience.
The rising consumption of digital interfaces incorporating these technologies is driving the haptic technology market growth. In commercial settings, the interface reduces the need for office supplies. These technologies provide users with immediate information and allow them to modify the behavior to cater to the various tasks such as ledger keeping and data analyzing more efficiently. Training workers on the operation of new technologies is an important and tedious task for organizations. These systems aid in reducing the efforts and the time required for training due to their easy adaptability and usage.
A major factor restraining the haptic technology market growth is the high cost to implement it in the products as these are priced much higher, increasing the overall costs of the equipment that these systems are installed in. The haptic technology market is susceptible to cyber security threats owing to the risk of being hacked and controlled by hackers that corrupts the memory and the operating system of the technical tools when connected online. This problem can be resolved by designing and implementing secure interfaces that protect user data and systems from unauthorized entities. Issues pertaining to navigation, calibration, and rigidity of movement in user’s electronic and virtual materials further hinders the haptic technology market. The processing tool in such devices is limited, prompting users to wait for the information to be processed before the command execution. The electronic devices require regular updates of the memory and the processing speed of these tools to continue its functionality.
A major trend impacting the haptic technology market is the implementation of the 3D touchscreen with haptic feedback. For instance, Microsoft has developed devices incorporating these technologies along with 3D screens, which can provide feedback to operators and give them the ability to push 3D objects around in a virtual space. The trend of manufacturing self-service kiosks by implementing these technologies will aid in increasing the usability of touch senses in the kiosks. Advanced electrostatics is used to create movement sensations on kiosk touch screens, eliminating the need for movable components such as servers & scanners and suitable for all screen sizes and types. The implementation of IoT systems with these components is an advanced technical trend in the haptic technology market owing to its use in eccentric rotating mass, linear resonant, and piezoelectric actuators. Apple’s Taptic Engine, which is an IoT system based on the LRA technology provides a localized experience for improving users’ touch on the keyboard.
Tactile feedback segment in the haptic technology market has witnessed high revenue and growth prospects in the recent years. This is attributed to the rising implementation across several consumer electronics devices such as smartphones, tablets, and laptops. Additionally, increasing usage in various other applications such as wearables, gaming, healthcare, and automotive products is fueling the demand. Force feedback segment in the industry is predicted to witness steady growth due to the ability of the system to receive feedbacks from the various inputs given by the user to eliminate performance issues. These systems are applied in specialized devices such as gaming joysticks, virtual reality walls, and medical operation machines. For instance, in March 2015, Apple Inc. launched a new MacBook incorporating the haptic force feedback technology that allows the trackpad, touch sense recreation by vibration simulation.
The education segment is witnessing a rapid growth in the haptic technology market. The high growth is due to its implementation in conducting performing experiments such as understanding the the feel of tissues and visualizing the interaction of Nano-scale materials. These technologies are also used in educating visually-impaired students by providing study materials in electronic devices with haptic displays. The haptic technology market has growth opportunities in healthcare machines as doctors are able to navigate through and view the patient’s 3D brain scan. It is increasingly implemented in cases of perceptual deficiencies by health professionals and patients to alert them in performing necessary actions and can be used in both home and hospital settings.
India, China, and Japan are expected to grow at high rates in the haptic technology market owing to the presence of a large number of consumer electronics manufacturers in these countries. A high demand in the Asia Pacific region is attributed to the increased buying power of customers in purchasing such products. The U.S. has dominated the haptic technology market due to the early adoption of advanced technologies and growing research and development practices related to these technologies. Growing number of automobile manufacturers in the country are increasing the technology consumption. These are used in vehicles that provide communication essential information to the driver at times of emergency situations and accidents. Additionally, this is used in creating non-visual communication and control systems in vehicles by improving the reaction time and providing necessary warnings. The increasing demand for automotive user interface in the U.S. that supports safe driving is creating large development opportunities for the haptic technology market. The ultrasonic mid-air advancement enables three-dimensional vehicle interaction, reducing the need for buttons, knobs, and screens.
Players operating in the haptic technology market include SMK Electronics, Immersion Corporation, Texas Instruments, Inc., Haption S.A., Force Dimension, and Geomagic, Inc. Companies have adopted strategies such as new product developments or innovations, mergers, acquisitions, collaborations, and partnerships to sustain the increasing competition in the haptic technology market. For instance, in May 2018, Immersion Corporation signed a licensing agreement with Panasonic to add haptics to automotive interfaces application, strengthening its hold in the haptic technology market.
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