Haptic Technology Market worth over $10bn by 2026
Published Date: May 15, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Haptic Technology Market size is set to surpass USD 10 billion by 2026, according to a new research report by Global Market Insights, Inc.
The haptic technology market is driven by technological advancements in the field of healthcare. The application of haptic technology by doctors for training and mock surgical procedures is expected to propel its demand in the medical sector. The technology is also used for examining organ and tissue deformation for improved medical diagnostics.
Growing application of haptic in military and defense sectors will support the market size expansion. Haptic coupled with VR is being increasingly employed in the military for training new cadets. The technology allows cadets to train in virtual environments for improved performance in real-life situations. Moreover, utilization of haptic in the defense sector also aids to improve communication through vibration alerts in harsh environments.
High complexities in software design coupled with the lack of technological awareness may hamper the haptic technology market growth. High power consumption of haptic integrated devices due to vibrating alerts is also challenging the large-scale adoption of haptic technology in the market. However, companies are investing in R&D initiatives to develop low-cost actuators, drivers & controllers to decrease the overall implementation of this technology in consumer electronic devices.
The outbreak of COVID-19 in several countries across the globe has affected the market. Nationwide lockdowns enforced by several countries including the U.S., China, Italy, the UK, and India are impacting the manufacturing sector in several regions. Moreover, the sales of automobiles, consumer electronics, and other touchscreen devices have been negatively impacted owing to the temporary shutdown of retailers and e-commerce sales channels, hampering the market growth.
Increasing demand for haptic technology in movable platforms & training applications
The force feedback segment is expected to witness high growth in the haptic technology market due to ability of force feedback systems to improve operational efficiency through feedbacks from user inputs. These systems are utilized in applications such as movable platforms for ride simulations in amusement parks and specialized flight simulators in military training.
Haptic technology and motion control companies are launching new products integrated with VR and motion capture technology to augment their market share. For instance, in January 2020, Teslasuit introduced its new ‘Teslasuit Glove’ for professional applications such as medical rehabilitation and training. The glove gathers users’ biometric data and allows them to feel virtual textures through force feedback technology, which provides spatial, resistive & vibration effect, simulating interaction with virtual objects.
Browse key industry insights spread across 120 pages with 136 market data tables & 17 figures & charts from the report, “Haptic Technology Market Size By Feedback (Tactile, Force), By Component (Actuators, Drivers & Controllers, Software), By Application (Consumer Electronics, Gaming, Automotive, Healthcare, Robotics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Growing demand for high-sensitivity drivers and controllers
Drivers & controllers held for around 25% of the haptic technology market share in 2019, owing to their ability to provide motorized control on the actuators to initiate haptic feedback. Haptic technology drivers & controllers comprise several sensors that generate haptic feedback by calculating the forces applied by the user on the device.
Emerging players in the industry are developing technologically advanced drivers and controllers for enhanced pressure and touch sensing. For instance, in April 2020, Actronika launched its new generation VR haptic controller in collaboration with TGO Technology. The device is equipped with enhanced haptic feedback for a complete immersive experience.
Proliferation of haptic in the automotive sector for improved driving experience
Application of haptic technology is anticipated to grow rapidly in the automotive sector on account of increasing demand for new forms of improved driver communication in vehicles. The increased adoption of haptic to alert the driver trough levels of vibrations is proliferating its demand. The technology also improves the overall usability of infotainment systems and touchscreen panels in cars by providing a real-life feel & texture with every click.
Market leaders are leveraging this growing industry trend to launch new haptic technology platforms for automotive application. For instance, in February 2020 Tanvas, Inc., launched its new automotive multi-touchscreen display equipped with improved haptic effects and programmable textures in partnership with Innolux Corporation. The touchscreen interface provides streamlined, multi-touch technology to replace buttons and dials inside the car cabin.
Rising demand for advanced haptic technologies in North America
The North America haptic technology market valued at over USD 2 billion in 2019 and is slated to grow at around 5% CAGR during the forecast period. The rising adoption of technologically enhanced infotainment systems in vehicles is expected to augment the market share of haptic technology enabled systems in North America.
Increasing importance of advanced consumer electronic devices coupled with technologically sound population and high consumer disposable income will proliferate the adoption of haptic in the region. Furthermore, the strong presence of established market players, such as Immersion Corporation and HaptX Inc., in the U.S. pose robust growth opportunities for the market.
Market leaders are focusing on strategic collaborations and partnerships with technology providers to develop advanced haptic technologies. For instance, in April 2020, Immersion Corporation announced its partnership with Alps Alpine Co., Ltd. The partnership enables the deployment of Immersion’s Active Sensing technology in touchscreen devices by Alps Alpine. The new devices offer high-fidelity tactile effects for enhanced user experience in Human-Machine Interfaces (HMIs). Collaborative new product launch is also one of the prominent strategies adopted by market players contributing to the industry growth.
Key players in the haptic technology market include Force Dimension, Geomagic, Inc., Immersion Corporation, Hapton S.A., MK Electronics, HaptX Inc., and Texas Instruments, Inc.