Global Haptic Interface Market – Industry Trends and Forecast to 2030

Global Haptic Interface Market, By Component (Hardware, Software), Technology (Tactile Feedback, Force Feedback), Operating System (Windows, Mobile O.S.), Application (Education and Training, Gaming Console, Automotive Industry, Military, and Defense) - Industry Trends and Forecast to 2030.

Haptic Interface Market Analysis and Size

There has been increased growth in the haptic interface due to the development of educational display technology. Moreover, sports, autos, and medical technology drive this industry's growth and popularity. The use of sophisticated haptic is required by rising private sector research spending, which is anticipated to increase shortly. Consequently, these growth determinants give the market a positive outlook over the forecasted timeline.

Data Bridge Market Research analyses that the global haptic interface market, which was USD 2,267.38 million in 2022, would rocket up to USD 20,028.65 million by 2030 and is expected to undergo a CAGR of 31.20% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Haptic Interface Market Scope and Segmentation

Market Definition

The haptic interface is a technique for inspecting equipment to discover faults and assure long-term industrial production efficiency. These systems monitor, analyze, and identify vibrations that may signal a malfunction, impending failure, or process constraint.

Global Haptic Interface Market Dynamics

Drivers

• Increased usage across the education sector

In the area of education and training, the haptic interface can be extremely beneficial. Without an interactive gadget to facilitate learning, students who struggle with particular ideas or subjects may find it challenging to move on. Students can learn about many subjects tactilely through haptic interfaces, which helps improve learning and retention. People with low vision, hearing loss, or other conditions that make it difficult to engage in physical interaction can benefit from this. As a result, the high usage across the education and training sector will largely aid the market growth.

• Increasing consumption of electronic devices

The rising use of electronic gadgets, including smartphone, tablet, digital watches, notepads, headphones, and earbuds, is fueling the demand for energy-storing devices. For instance, the System for Mobile Communications (GSMA) Association predicts that by 2025, there will be 5.9 billion unique customers worldwide. The technology's many benefits, including enhanced touchscreen, audio, and visual effects in screen touch applications, will likely hasten the electronics industry's adoption. The increased usage of electronics further accelerates the 's's overall growth.

Rapid urbanization and lifestyle change are also estimated to bolster the market's overall growth. The increased consumer spending also cushions the 'market's growth within the forecasted period.

Opportunity

• Growth in trends and research and development

The increase in the trend of incorporating haptic technology in gaming applications is estimated to generate lucrative opportunities for the market, which will further expand the haptic interface market's growth rate in the future. Additionally, the research and development activities will offer numerous market growth opportunities.

Restraint/Challenge

• Lack of Technical Expertise

Technical proficiency is necessary for systems optimization, software updates, system networking, data transports, and others. As a result, it becomes challenging to implement haptic interface technology in settings with restricted knowledge access. Therefore, lacking technical skills has limited the market's overall expansion.

Additionally, the market is constrained by the effect of governing ethics and the lack of qualified technological resources for data analysis. Furthermore, the availability towards proficiency at distant sites and the tendency to incorporate the haptic interface systems with other maintenances are projected to be challenges for the haptic interface market over the forecast period.

Recent Development

• In June 2022, Apple Inc. launched patented ultrasonic haptic soundwave technology. With this ultrasonic haptic feedback solution, users will get the desired sensation in virtual reality. Moreover, Apple Inc. is working on a mixed-reality headset that may use ultrasonic haptic soundwaves
• In February 2021, A multi-year license deal between Faurecia and Immersion Corporation was approved, enabling Faurecia to purchase Immersion's haptic technology solutions. Faurecia will be able to design an intricate, interactive haptic user interface using cutting-edge technology from Immersion Corporation.

Global Haptic Interface Market Scope

The global haptic interface market is segmented on the basis of components, technology, operating system, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software

Technology

• Tactile Feedback
• Force Feedback

 Operating System

• Windows
• Mobile O.S.

 Application

• Education and Training
• Gaming Console
• Automotive Industry
• Military and Defence

Global Haptic Interface Market Regional Analysis/Insights

The global haptic interface market is analyzed and market size insights and trends are provided by country, well type, application, equipment, and function, as referenced above.

The countries covered in the global haptic interface market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.   

North America is expected to dominate the haptic interface market because of the rise in demand of virtual reality in various applications such as automobiles, medical devices, gaming, and others within the region.

 Asia-Pacific is expected to witness significant growth from 2022 to 2029 due to the prevalence of various consumer electronics manufacturers within the region.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and 'Porter's five forces analysis, case studies are some pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Haptic Interface Market Share Analysis

The global haptic interface market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global haptic interface market.

Some of the major players operating in the global haptic interface market are:

• Apple Inc. (U.S.)
• Google L.L.C. (U.S.)
• HAPTION (U.S.)
• Immersion (U.S.)
• 3D Systems, Inc. (U.S.)
• Nuance Communications, Inc. (U.S.)
• NOVASENTIS, INC. (U.S.)
• Ultraleap Limited (U.K.)
• Qualcomm Technologies Inc (U.S.)
• ALPS ALPINE CO., LTD. (Japan)
• NIDEC CORPORATION (Japan)
• Cypress Semiconductor Corporation. (U.S.)
• Texas Instruments Incorporated. (U.S.)
• Semiconductor Components Industries, L.L.C. (U.S.)
• Microchip Technology Inc. (U.S.)
• Johnson Electric Holdings Limited (China)
• Jinlong Machinery & Electronics Co. Ltd. (China)
• Precision Microdrives Limited (U.K.)
• Mplus (India)