PUBLISHER: The Business Research Company | PRODUCT CODE: 1477078
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477078
Haptic technology is a broad term for any technology that creates an artificial touch sensation for a user. Haptic technology, also known as kinesthetic communication or 3D touch, refers to technology that interfaces with the user through the sense of touch by applying forces, vibrations or motions to the user. It uses tactile sensations, such as vibrations, motions or forces, to stimulate a user's sense of touch when interacting with digital interfaces or virtual environments.
The haptic technology market consists of sales, by entities (organizations, partnerships and sole proprietors), of haptic technology products and related services that simulate the sense of touch through vibrations, motions or forces to enhance the user's interaction with digital interfaces or virtual environments by providing a sense of touch or force feedback.
The global haptic technology market was valued at $6,548.8 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.0%.
Increasing Internet Penetration In Rural And Urban Areas
Increasing internet penetration in rural and urban areas drove the growth of the haptic technology market during the historic period. With the increasing availability of high-speed internet in both rural and urban areas, more people have access to online content, including multimedia experiences such as gaming, virtual reality (VR) and augmented reality (AR). Haptic technology enhances these experiences by providing tactile feedback, making them more immersive and engaging. Further, improved internet connectivity enables remote collaboration and communication, which has become increasingly important, especially in the wake of global events like the COVID-19 pandemic. Haptic technology can enhance remote communication tools by providing users with tactile feedback, allowing for more natural and intuitive interactions in virtual environments. For instance, in October 2022, according to DataReportal, a Singapore-based online reference library, a total of 5.07 billion people around the world used the internet, equivalent to 63.5 % of the world's total population. Internet users continue to grow too, with the data indicating that the world's connected population grew by more than 170 million in the past 12 months. Additionally, in July 2022, according to Livemint, an Indian financial daily newspaper, there were a total of 692 million active internet users in India, including 351 million from rural India and 341 from urban areas. The report estimates that there will be 900 million internet users in India by 2025. Therefore, increasing internet penetration in rural and urban areas supported the growth of the haptic technology market.
Focus On High-Fidelity Haptic Systems For Improved Haptic Feedback
Companies operating in the haptic technology market are focusing on innovative products such as high-fidelity haptic systems, which provide improved haptic feedback. High-fidelity haptic systems are systems that provide realistic and accurate haptic feedback that matches the physical properties and interactions of the virtual or remote environment. For example, in August 2022, D-BOX Technologies, a Canada-based haptic motion technology provider, launched G5 System, an innovative high-fidelity haptic technology actuator system. The controller box is now integrated into the redesigned actuators, saving a significant amount of space and allowing D-BOX haptic technology to be seamlessly integrated into any kind of device to create movement, texture and vibrations.
The global haptic technology market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 20.2% of the total market in 2022.
Haptic Technology Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global haptic technology market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for haptic technology? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The haptic technology market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider haptic technology market; and compares it with other markets.