The Rise of Haptic Technology: Driving Forces and Market Growth

 

Haptic technology refers to a technology that can create an experience of touch by applying forces, vibrations, or motions to the user. This technology is utilized in a wide range of applications such as automotive interfaces, medical training, gaming, and virtual reality. The goal of this technology is to simulate the sensation of touch with several mechanisms. Also, this technology can offer a more immersive experience to the users by allowing them to feel and interact with virtual objects as if they were real. There are several types of haptic technology which include Force feedback, Tactile feedback, and Motion feedback. Further, it is a crucial sector that is constantly rising, and it has the potential to revolutionize how we interact with computers and other devices in the future.

Haptic Technology Market Key Factor Driving Growth:

·        The growing demand for haptic technology in mobile devices is propelling the growth of the global haptic technology market and is predicted to maintain its dominance over the forecast period as the adoption of tablets and smartphones is rising rapidly.

·        Development in the automotive sector is the other factor driving the global market as haptic technology is progressively utilized in the automotive sector for enhancing safety as well as driver experience.  

·        Another factor enhancing the growth of the market is virtual reality and augmented reality technologies as these technologies boost the users' experience and make it more immersive.

·        Growing investment in research and development of haptic technology is predicted to uplift the industry's growth as it enhances the evolution of new and innovative products.  

·        Further, medical technology is considered the major factor expected to propel the industry share over the assessment period as this technology is utilized in medical devices and simulations to boost the accuracy and realism of medical procedures.

However, the absence of standards and huge costs are the major factors restricting the growth of the global haptic technology market. Also, limited applications and limited compatibility are the other factors hindering the industry's growth. Further aspects predicted to uplift the global market are regulatory issues and the absence of awareness. 

As per the study published by Emergen Research in March 2023, the global haptic technology market size was USD 2.90 Billion in 2022 and is predicted to reach a revenue CAGR of 12.0% over the projection period. Also, the study enlists various important factors, starting from the basics principal to advanced market intelligence which plays a vital part in strategizing. 

For instance, as per the Global System for Mobile Communications Association, there will be 5.9 billion distinct users globally by 2025. Growing acceptance of haptic technology in the electronics sector is anticipated to boost the market share over the forecast period due to the several advantages such as improved sound, touchscreen, and visual effects in display touch applications.

Additionally, in February 2021, Immersion Corporation and Faurecia Corporation approved a multi-year licencing deal to allow Faurecia to purchase Immersion's haptic technology solutions. Faurecia will be able to design an intricate, interactive haptic user interface using cutting-edge technology from Immersion Corporation.

The leading players operating in the global haptic technology market include Texas Instruments Incorporated, Analog Devices, Inc., Microchip Technology Inc., Semiconductor Components Industries, LLC, Precision Microdrives Limited, NIDEC COPAL ELECTRONICS, Synaptics Incorporated, Cypress Semiconductor Corporation, Samsung, Johnson Electric Holdings Limited, Methode Electronics, Apple Inc., SMK ELECTRONICS CORPORATION U.S.A, Immersion, ALPS ALPINE CO., LTD., Visteon Corporation, and AAC Technologies.

In conclusion, haptic technology is anticipated to grow at a significant rate over the projection period. There are several factors responsible for global market enhancement that includes rising awareness and advantages of haptic technology. Further, the technology has been progressively utilized in several applications that include automotive, healthcare, gaming, and virtual reality, among others.