Haptic Technology Market is anticipated to witness healthy growth to 2024
Date: 2019-01-31   Author: Ronak Bora  Category: #technology

Haptic Technology Market is anticipated to witness healthy growth to 2024

Haptic Technology Market in education segment is witnessing a rapid growth during the forecast period. The high growth is due to its implementation in conducting performing experiments such as understanding the the feel of tissues and visualizing the interaction of Nano-scale materials. These technologies are also used in educating visually-impaired students by providing study materials in electronic devices with haptic displays. The haptic technology market has growth opportunities in healthcare machines as doctors are able to navigate through and view the patient’s 3D brain scan. It is increasingly implemented in cases of perceptual deficiencies by health professionals and patients to alert them in performing necessary actions and can be used in both home and hospital settings.

Tactile feedback segment in the haptic technology market has witnessed high revenue and growth prospects in the recent years. This is attributed to the rising implementation across several consumer electronics devices such as smartphones, tablets, and laptops. Additionally, increasing usage in various other applications such as wearables, gaming, healthcare, and automotive products is fueling the demand.

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Force feedback segment in the industry is predicted to witness steady growth due to the ability of the system to receive feedbacks from the various inputs given by the user to eliminate performance issues. These systems are applied in specialized devices such as gaming joysticks, virtual reality walls, and medical operation machines. For instance, in March 2015, Apple Inc. launched a new MacBook incorporating the haptic force feedback technology that allows the trackpad, touch sense recreation by vibration simulation.
 
Haptic Technology Market size is predicted to witness significant growth from 2018 to 2024 driven by its increasing use in touch screen systems. Most consumer electronic devices such as cell phones, laptops, and public display systems provide touch-enabled displays. Growing consumer preference for using highly-advanced technical devices, such as 3D touchscreens, virtual gaming objects, and interactive kiosks, is increasing the haptic technology market demand. The implementation of the technology is done by manufacturers to maintain a competitive advantage over the rivals in this industry. This technology provides several advantages such as enhanced user experience, tactile feedback, and a feel of a realistic and immersive environment. For instance, in gaming applications, the user is able to experience the recoil from a gunshot or car collision, providing a better user experience.
 
The rising consumption of digital interfaces incorporating these technologies is driving the haptic technology market growth. In commercial settings, the interface reduces the need for office supplies. These technologies provide users with immediate information and allow them to modify the behavior to cater to the various tasks such as ledger keeping and data analyzing more efficiently. Training workers on the operation of new technologies is an important and tedious task for organizations. These systems aid in reducing the efforts and the time required for training due to their easy adaptability and usage.
 
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India, China, and Japan are expected to grow at high rates in the haptic technology market owing to the presence of a large number of consumer electronics manufacturers in these countries. A high demand in the Asia Pacific region is attributed to the increased buying power of customers in purchasing such products. The U.S. has dominated the haptic technology market due to the early adoption of advanced technologies and growing research and development practices related to these technologies. Growing number of automobile manufacturers in the country are increasing the technology consumption. 
 
Players operating in the haptic technology market include SMK Electronics, Immersion Corporation, Texas Instruments, Inc., Haption S.A., Force Dimension, and Geomagic, Inc. Companies have adopted strategies such as new product developments or innovations, mergers, acquisitions, collaborations, and partnerships to sustain the increasing competition in the haptic technology market. For instance, in May 2018, Immersion Corporation signed a licensing agreement with Panasonic to add haptics to automotive interfaces application, strengthening its hold in the haptic technology market.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
 



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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