Haptic Technology Market Size

Haptic Technology Market Size

Haptic Technology Market size exceeded USD 7 billion in 2019 and is poised to grow at a CAGR of over 7% between 2020 and 2026. Rapidly increasing demand for consumer electronic devices and touch-enabled home appliances is fueling the adoption of haptic technology.

Increasing utilization of haptic in cars, mobiles, and IoT appliances to achieve improved product design and operating accuracy will boost the market growth. Several benefits provided by haptic, such as enhanced sound, touch, and visual effects in touchscreen devices are contributing to its wide adoption in the electronics sector. The vibration feedback provided by haptic technology aids users to improve touchscreen accuracy.

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The amplifying trend of incorporating haptic technology in gaming applications and augmented reality enabled devices is providing a positive outlook for the haptic technology market. Gaming input devices, such as joysticks and operating consoles, incorporate haptic technology to create different levels of vibrations, enhancing the user experience. The ability of haptic to simulate the user’s sense of touch by generating mechanical signals is one of the major factors boosting the market demand.
 

One of the major factors hampering the market growth is high implementation cost of the technology. Integration of haptic in consumer electronics or gaming consoles increases the overall cost of these devices, impacting negatively to their demand. Moreover, haptic technology enabled devices are highly susceptible to bugs and cyber security threats, challenging the industry growth. However, leading industry players are laying emphasis on developing secure interfaces to protect users from unauthorized entities that attempt to corrupt the operating system when connected to the internet.
 

The haptic technology industry is expected to witness a sluggish growth due to outbreak of COVID-19 pandemic in January 2020. Government enforced lockdowns and restrictions on movement have posed industry challenges such as disruptions in supply chain and shutdown of distribution facilities. This has caused a rapid decline in the sales of consumer electronics and other touchscreen devices impacting the market demand. Moreover, shifting consumer focus toward purchasing essential commodities and temporary shutdown of manufacturing, distribution, and service industries across the globe will restrict the market growth.