Haptic Interface Market Driven by the Growing Demand from Healthcare

Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Haptic Interface Market.

Market Overview

In its research report, Market Research Future (MRFR), emphasizes that the global haptic interface market 2032 is expected to grow exponentially over the review period, securing a substantial market valuation of USD 16 Billion by 2032, and a healthy 32% CAGR over the review period.

Drivers and Restraints

The global market for haptic interfaces is driven by the rising demand for gaming applications and technological advancements in the gaming industry. However, the architecture associated with haptic interfaces is complex, which raises the cost of maintaining it restrains the global market growth. In the healthcare field, haptic technology is currently employed to prepare doctors for different surgical procedures. The future market for the haptic interface in holographic display products and its efficient use with tremendous growth opportunities in educational display technology available. The growing importance of haptic and increased virtual reality (AR & VR), as well as in sports, cars, and medical devices, contribute to the growth of the industry. Increasing investment in private-sector research and development activities for the implementation of advanced haptic and operating systems is expected to accelerate this region's growth in the near future.

Segmental Analysis

By technology, the market is sub-segmented into tactile feedback and force feedback. Based on the technology, the tactile feedback segment led the global haptic interface market in 2019, owing to the use of tactile, haptic feedback technology in mobile devices, such as smartphones and tablets. Smartphones and tablets are built-in with tactile feedback, and wearable devices such as wristbands and smartwatches have become the subject of the trend. Nonetheless, due to an improvement in the gaming experience among consumers, the force feedback segment is expected to see a higher growth rate over the forecast period.

By operating systems platform, the market is sub-segmented into Windows, mobile operating systems and others

By application, the market is sub-segmented into manufacturing industries, military & defense, gaming console, medical and healthcare, consumer electronics, automotive, and others.

Regional Analysis

The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.

Due to increasing smartphone ownership and consumer electronics in the world, Asia-Pacific is expected to be the dominant area on the global haptic interface market. Likewise, increasing demand for wearable devices in countries like China, Japan, Korea, and India is one of the factors that increase the region's acceptance of the haptic interface. Also, driving the market is the presence in the area of consumer electronics product manufacturers such as LG, Lenovo, Meizu, Panasonic, Samsung, and Sony, among others, as they integrate haptic interface in various devices such as mobile phones and gaming controllers (Sony PlayStation series). However, during the forecast period, Asia-Pacific is also projected to be the fastest rising region. Large manufacturing units in Japan, China, and India are now implementing the haptic interface technology to enhance the workflow.

North America is the second-largest region of the haptic interface industry in terms of market share. Advances in technology and the involvement of key players in this area help the growth of the market for haptic interfaces. Another factor driving market growth is a significant interest in private sector R&D towards the development of haptic.

Competitive Analysis

The major market players operating in the global market, as identified by MRFR, are Apple Inc. (US), Google LLC (US), Haption SA (France), AAC Technologies Holdings Inc. (China), Immersion Corporation (US), 3D Systems (US), Nuance Communications (US), Novasentis Inc. (US), Ultrahaptics Ltd. (UK), Qualcomm Technologies, Inc (US) among others.