Haptic Technology Market is expected to reach USD$ 6.96 Billion by 2032, which creates realistic touch sensations in devices | According to SNS Insider


The report of SNS Insider for Haptic Technology market was valued at USD 3.44 Billion in 2023 and predicts the market will reach USD 6.96 Billion by 2032

Pune, July 05, 2024 (GLOBE NEWSWIRE) — The Haptic Technology Market is expanding according to the increasing need for complete immersion in consumer electronics. Haptic technology is gradually being built into cell phones, tablets, video game consoles, and VR/AR glasses to give users a more intense and engagement experience. Haptic technology is very quickly being applied in auto manufacturing to provide input to drivers via the wheel, the pedals in order and other instruments.



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Major Players Listed in the Report:

  • Immersion Corporation (U.S.)
  • 3D Systems (U.S.)
  • Jahwa Electronics (South Korea)
  • Renesas Electronics Corporation (Japan)
  • Texas Instruments (U.S.)
  • D-Box Technologies (Canada)
  • AAC Technologies (China)
  • Johnson Electric (China)
  • Microchip Technology (U.S.)
  • TDK Corporation (Japan)
  • Awinic (China)

Meta Licenses New Haptic Technology

Meta’s new licensing agreement with Immersion Corporation for haptic technology brings back the discussion of touch in virtual and augmented reality (XR). In spite of sluggish growth in the haptic hardware industry, this development indicates a possible resurgence. Immersion, a top provider in patents for haptic technology, provides touch feedback solutions for XR devices. This technology has the potential to greatly improve immersion by enabling users to physically experience virtual objects and textures, resulting in enhanced training simulations and a more captivating overall user experience. The agreement indicates Meta’s revived focus on haptics. Although big companies have prioritized artificial intelligence (AI) and spatial computing, there has been a decrease in interest in haptics within the industry despite advancements by companies like HaptX and Senseglove. Nonetheless, Meta’s ongoing commitment to Reality Labs, which includes the recent purchase of haptic startup Lofelt in 2022, indicates that haptic research is still being conducted in the background. Moreover, the initial quarterly profit shown by Reality Labs might enable them to allocate resources towards investing in upcoming XR technologies such as Immersion’s haptics. Although Meta’s specific intentions are not yet known, the agreement to license suggests a potential movement towards emphasizing touch within the Metaverse, potentially resulting in a more authentic and captivating user experience down the road.

VR Gloves in 2024: Making a Comeback in the Enterprise Metaverse

Although VR gloves have not been widely popular among consumers, they are now catching the interest of the corporate sector. With the rising popularity of VR in education, creating products, and working together, VR gloves equipped with haptic technology are becoming increasingly important. VR gloves are wearable devices that enhance immersion in VR by detecting the position of hands and providing sensory responses. Various gloves offer diverse information modalities, such as force feedback for item size and density and vibrotactile stimulation for texturing. These features allow users to physically sense virtual objects, enhancing their interactions within numerous applications.

Haptic Technology Market Report Scope & Overview

Report Attributes Details
Market Size in 2023 USD 3.44 Billion
Market Size in 2031 USD 6.96 Billion
CAGR (2024-2031) 7.26%
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver Consumer Electronics are Changing Due to Haptics

Haptics are revolutionizing automobiles & redefining safe driving

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New Haptic Technology Improves Communication with Digital Interfaces

In a world that is depending more and more on digital interfaces, the sense of touch is becoming a forgotten form of communication. Technological progress in haptics, creating lifelike touch experiences on devices, is starting to be seen as a solution for bridging this divide. The market, expected to hit in coming years, is set for significant expansion beyond its current stronghold in handheld devices (utilized by 85% of global population). Developers are moving away from vibration towards more intricate feedback systems in order to cater to different sectors. By 2023, the automotive sector is expected to be the most excited to embrace haptics technology, enhancing the driving experience with a more intuitive and informative touch. This focus on touch could change the way we engage with digital technologies, fostering more authentic and interesting connections in a society that is becoming more and more digital.

Segment Analysis

Hardware holds a 50% market share in the haptic technology industry, driven by components such as controllers and microcontrollers. This is mostly due to the widespread use of haptics in mobile phones, game controllers, and VR headsets. Nevertheless, software is gradually becoming recognized as the upcoming star. As haptic technology continues to progress beyond basic vibrations, the software supporting it becomes increasingly crucial for understanding user input, creating complex feedback patterns, and delivering an enjoyable user experience. Moreover, the growing need for customization and smooth integration of different hardware components requires more advanced software. This trend indicates a future where hardware sets the foundation, but technology wields the enchanting power.

Regional Analysis

Asia Pacific dominates the haptic technology market, with a staggering 45% share. This supremacy originates from their insatiable desire for consumer electronics. China, Japan, and South Korea are leading the way, purchasing smartphones, tablets, and wearables with all the bells and whistles, including haptics. Beyond hardware, the region is also focused on touch and acoustic haptics, which enable immersive experiences in gaming and other applications, driving market growth. Even the gaming industry is undergoing a haptic transformation, with investments in systems that deliver accurate tactile feedback for an immersive experience. And don’t forget about the thriving wearables sector, where smart watches and fitness trackers with haptic feedback are growing increasingly popular.

20% of the haptic technology market is represented by North America’s smartphone enthusiasts. The majority of customers already possess haptic-enabled devices, providing a solid foundation for potential expansion. With advancements in haptic technology, it is anticipated that North American consumers will rapidly transition to phones equipped with the latest haptic features. This trend highlights the increasing significance of haptics in various industries. Haptics are enhancing human-computer interface by creating more natural and lifelike experiences, from immersive virtual reality to improved automobile dashboards. This is fueled by efforts like TITAN Haptics’ recent program, designed to support startups and innovators by speeding up the production of haptic technology. Due to growing acceptance and ongoing advancements, haptics are on the verge of revolutionizing our interactions.

Key Takeaways

  • Understanding the increasing demand and different applications of haptics allows you to find potential customers for what you do. Whether you manufacture haptic equipment, software, or other related services, this analysis will help you approach a suitable audience.
  • Knowing current haptics trends, such as the shift to computer and consumer customization, offers you to change the development of your product strategy. This guarantees that your goods and services meet the evolving requirements of the marketplace.
  • Staying up to current on haptic developments allows you to find possible areas for innovation. This insight can help you create separate selling propositions to give yourself a distinct edge in the market.

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Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Haptic Technology Market Segmentation, by Component

8. Haptic Technology Market Segmentation, by Application

9. Regional Analysis

10. Company Profiles

11. Competitive Landscape

12. Use Case and Best Practices

13. Conclusion

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