The growing popularity of haptic technology in the game industry is identified as a major growth impeller for the market. MRFR study states that the global Haptic Technology Market can expand at 16% CAGR from 2017 to 2023. By 2023, the worldwide market of haptic technology can value at $22 Bn.
Robotics is a lucrative technology segment that is observed to actively employ haptic technology. The growing demand for robots due to rise in need for automation across different sectors is expected to prompt the expansion of the global Haptic Technology Market. Increase in the need for human-machine interference solutions can add momentum to the Haptic Technology Market. The high credibility of virtual reality solutions, such as 3D design and modeling, across different industries can boost the growth of the Haptic Technology Market.
MRFR identified reputed producers of haptic technology enabled solutions. They are; Texas Instruments Incorporated (U.S.), Immersion Corporation (U.S.), Haption S.A. (France), Ultrahaptics (U.K.), Johnson Electric (Hong Kong), ON Semiconductor Corporation (U.S.), Microchip Technologies Incorporated (U.S.), SMK Corporation (Japan), Force Dimension (Switzerland), Synaptics Incorporated (U.S.), and others. Marketers are funding for product ramifications. This can benefit the global Haptic Technology Market.
The Haptic Technology Market is studied by feedback, component, and application.
The application-based segments of the market are automation & transportation, consumer electronics, gaming, education & research, engineering, healthcare, and others. The healthcare industry is experiencing high adoption of haptic solutions for more effective and convenient execution of medical procedures.
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The feedback-based segments of the market are force and tactile. Tactile imaging is proving highly beneficial for clinical and diagnostic applications. The rise in medical applications of haptic technology can boost market growth.
The component-based segments of the market are drivers, actuator, software, controllers, and others. The component segment of the market can cash-in on the rise in endorsement of haptic technology by wealthy sectors.
The North America Haptic Technology Market is expected to thrive through the review period. Reputed tech companies in the region are investing in solutions that can add greater convenience to the life of customers. Silicon Valley is invested in intuitive designing that can be used to boost productivity, which is resulting in hefty investment for research and advancements in haptic technology. These are factors that can prompt the North America market. The US can win considerable profits for the regional Haptic Technology Market in the assessment period. The tech-savvy citizenry and the ongoing trend of robotics are identified as potential growth impellers of the North America market.
The European Haptic Technology Market is expected to experience a surge due to the rise in adoption of virtual reality solutions. Europe is known for its booming aviation business. The aviation sector is incorporating haptic technology to achieve superiority in their services. The disruption of haptic technology in the aviation sector can shore up the EU Haptic Technology Market growth.
Asia Pacific Haptic Technology Market to experience growth at a high pace. Exploitation of haptic technology by gaming, healthcare, and automobile industries in the region can lay ground work for the market to surge. APAC is identified as a lead automobile manufacturer. Applied haptic technology in the automobile sector can boost the expansion of the regional market.