Haptic Technology Market Set for Growth Surge
A new study from market research firm Global Market Insights reveals that demand for haptic technology is forecast to rise from its current market value of over $7 trillion to over $10 trillion by 2026, gaining remarkable traction between 2020 and 2026.
Thanks to growing demand for haptics in the gaming industry and increased use of haptic systems in consumer electronic devices such as tablets and smartphones, the haptics market is set to enjoy exponential growth in coming years.
Haptic technology seeks to simulate the sensation of touch using multiple mechanisms. Along with other sensory mechanisms, haptics can be used to give the user a much more realistic experience. As it is a sensory technology, haptics work together with sensors capable of detecting the environment in which the system is operating, whether that is virtual reality, remote control or an automobile game, thereby providing a relevant response.
Increased use in automotive industry
Increased use of haptic technology can be seen in the automotive industry, particularly in technologies that directly relate to the drive or the person in the automobile. Each form of haptic technology has a number of different uses in vehicles. For example, eccentric rotating mass vibration (ERMV) motors feature in dashboards, built-in Sat Nav’s, touch screens, and in central control systems which warn the driver when the engine is overheating.
Haptics are also commonly used in telerobotics, or teleoperation. In a telerobotic system, the human operator primarily controls the movements of the robot from a distance. Many teleoperated robots are typically restricted to perform simple tasks, such as focusing a camera and then sending back visual images.
Sense of being inside another environment
In a more advanced form of teleoperation system, referred as telepresence, the human operator has a sense of being inside the environment of the robot. In addition to audio and visual cues, haptic technology also allows for the integration of touch cues.
The haptic technology market can be analysed in terms of feedback, components, applications, and regional landscape. Based on feedback, the market is categorised into force and tactile. The force feedback segment accounted for about 30% of the market share in 2019, owing to its growing use in robotics and the healthcare industry.
In terms of application, the overall haptic technology market is categorised into robotics, automotive, healthcare, gaming, consumer electronics, and others. The rising adoption of haptics in smartphones and tablets will drive the market demand for consumer electronics over the forecast period (through to 2026). From a regional perspective, the Middle East & Africa haptic technology market will witness considerable growth due to the rising inclination of consumers in the region towards advanced gaming equipment for entertainment purposes.