Published Date: 19-Feb-2021
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According to a new report Global Haptic Technology Market, published by KBV research, The Global Haptic Technology Market size is expected to reach $4.5 billion by 2026, rising at a market growth of 13.6% CAGR during the forecast period.
The haptic technology market for software is anticipated to maintain a higher growth rate during the forecast period. Haptic software is the component of the haptic stack that regulates the haptic experience in real-time. In order to control the actuator, the software layer should develop command signals for the driver IC to convert into electrical signals. It is essential that the software layer has performance-centric functionality to develop superior haptic experiences.
The haptic technology market for the consumer devices application is anticipated to procure the highest market share over the forecast years. One of the primary factors that boost the haptic technology market is the rising demand for consumer devices like smartphones, tablets, and other wearable devices. Haptic technology is used in a majority of smartphones and tablets, and the tendency has been moving towards wristbands and smart watches.
Latin America, Middle East & Africa, is anticipated to procure a substantial market size during the forecast period. Rising demand for consumer electronics and the incorporation of haptics into various devices across healthcare, AR & VR applications, automotive, and gaming would propel the market growth.
Europe is expected to be the highest evolving region during the forecast period. The regional haptic technology market is boosted by numerous factors like the presence of one of the large automotive and consumer electronics industries. Aspects such as restoring economic conditions, high average income, and a better standard of living of people have pushed the growth of the European haptic technology market.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Infineon Technologies AG, TDK Corporation, Microchip Technology, Inc., Dialog Semiconductor PLC, ON Semiconductor Corporation, Synaptics, Inc., Immersion Corporation, SMK Corporation, HaptX, Inc., and Ultraleap Limited (Leap Motion, Inc.).
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