Haptic Technology Market Analysis

Haptic Technology Market Analysis

The tactile feedback segment held around 70% of the haptic technology market share in 2019. This growing market share can be attributed to shifting consumer inclination toward a simulating experience while using smartphones. Tactile feedback allows users to personalize various types of messaging alerts and other notifications on their smartphones, further influencing the market size. Tactile feedback is also used in IoT enabled devices, such as smart watches and wrist bands, to assist consumers in keeping a track of their health, fueling the market growth.
 

The software segment is expected to grow rapidly during the forecast timeframe owing to increasing significance of haptic technology in electronic devices. Haptic software provides several benefits such as pre-defined built-in tactile effects and the ability to add features to improve the device performance. Ease of application of haptic software in several use cases, such as surgical equipment, gaming applications, and wearable devices, is propelling the market revenue.
 

The gaming sector is anticipated to witness significant growth through 2026 led by increasing adoption of mobile-based video games. Haptic technology integrated with gaming consoles and mobile gaming interfaces provides players with an enhanced real-life experience. Haptic enabled gaming controllers provide a sense of tangibility to several events in a video game, such as a crash or an explosion, providing robust growth opportunities for the market.
 

Several market players in the virtual gaming industry are launching new products integrated with improved haptic technology to cater to the rising demand for advanced consoles. For instance, in April 2020, Sony announced the launch of its DualSense gaming controller with haptic feedback for the upcoming PlayStation 5. DualSense is equipped with adaptive triggers on the L2 and R2 buttons of the controller, which provide powerful sensations and improved communication with other players.
 

The Europe haptic technology market revenue is predicted to reach USD 3 billion by 2026 impelled by rising consumer spending on technologically advanced consumer electronics devices. Consumers are increasingly spending on modern infotainment systems with simulated touchscreen displays for enhanced safety and driving experience in passenger cars and commercial vehicles.
 

Increasing adoption of haptic technology in simulated training applications will drive the market growth in Europe. For instance, in April 2020, FundamentalVR, a medical training company launched its @HomeVR platform based on haptic for surgical training of medical professionals.