The global haptic technology market is expected to register growth over the forecast period. Haptic technology provides an improved multi modal experience to the user by engaging sight, sound, and touch. This technology is increasingly used in consumer electronics such as smartphones and tablets as it provides tactile feedback to its users. The growing need for product differentiation in consumer electronics is expected to be the major driving force for the haptic technology market. Increasing demand for touchscreens in consumer electronics such as media players and home appliances for enhanced customer experience is expected to favor market growth. Additionally, increasing demand for gaming applications and technological advancements is further expected to drive market demand.
High power consumption of devices using haptic technology may act as a restraint to market growth. Technical limitations such as touchscreen size and handset designs are further expected to hinder the haptic technology market. Lack of technological awareness and high cost is also expected to pose a challenge to market growth. Increasing the use of haptic technology in home appliances, automobile, and education sectors may provide new opportunities to market participants. The haptic technology market can be segmented on the basis of application and technology. The application segment includes automotive, consumer electronics, industrial, healthcare, defense, gaming, and POS & kiosks. Defense and healthcare applications are expected to grow rapidly over the forecast period. Automobile manufacturers have adopted this technology to increase the security and safety standards for their customers.
Different touchscreen technologies include resistive, capacitive, surface acoustic wave (SAW), and optical imaging. Capacitive touchscreen, which is majorly used for multi-touchscreens, is expected to dominate the haptic technology market over the forecast period. Asia Pacific is expected to grow at a considerable rate owing to its increasing smartphones & tablet user base. North America and Europe are expected to contribute significantly to defense, automobile, and healthcare applications. Few key players in the market include Immersion, Senseg, and SMK Electronics. Immersion is expected to account for considerable market share. Market participants such as Samsung and LG Electronics are expected to increasingly incorporate haptic technology into their products over the next six years.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.