Haptic Technology Market Size to Hit US$ 18.5 Billion by 2028 | CAGR of 11.%

According to IMARC Group's latest report, titled "Haptic Technology Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global haptic technology market size reached US$ 9.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.5 Billion by 2028, exhibiting a growth rate (CAGR) of 11.9% during 2023-2028.

Haptic technology uses virtual and mixed-reality solutions that utilize the senses of sight, sound, and touch to create a multi-modal user experience. It uses sensors to measure physical feedback and pressure sensitivity as an interface between users and connected devices, such as smartphones and tablets. It is commonly used in joysticks, controllers, and steering wheels to enhance the user experience in video games. At present, haptic technology finds extensive applications in surgical equipment, wearable devices, remote-controlled machines, and telerobots to improve their efficiency across the globe.

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Market Trends

The global haptic technology market is primarily driven by increasing product adoption to improve the scalability of devices. Moreover, the rising use of haptic technology in smartphones, tablets, home appliances, and virtual interfaces to enhance the sound, touch, and visual effects of products while improving operational efficiencies and designs is positively influencing market growth. Additionally, the increasing utilization of haptic technology in gaming applications has catalyzed market growth. Furthermore, the widespread adoption of 3D touchscreen displays in automobiles and medical electronics is contributing to market growth. Other factors, including the development of efficient tools and devices for visually impaired individuals, the proliferation of haptics in robotics, and rapid growth in the consumer electronics industry, are also anticipated to drive the market further.

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List of Key Companies Covered in this Market Report:

3d Systems Corporation
Haption
Immersion Corporation
Johnson Electric Holdings Limited
Microchip Technology Inc.
ON Semiconductor Corporation
Precision Microdrives Ltd.
Senseg Oy (O-film Global HK Trading Limited)
SMK Corporation
Synaptics Incorporated
Tactus Technology Inc.
Texas Instruments Incorporated
Ultrahaptics

The report has segmented the market on the basis of component, feedback, technology, application and geography.

Breakup by Component:

Actuators
Drivers and Controllers
Software
Others

Breakup by Feedback:

Tactile
Force

Breakup by Technology:

Captive
Resistive
Others

Breakup by Application:

Automotive and Transportation
Consumer Electronics
Education and Research
Gaming
Healthcare
Engineering
Others

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.