According to the recent research report titled ‘GLOBAL Haptic Technology Market 2019-2027’, available with Market Study Report, global haptic technology market size is expected to expand at a CAGR of 14.85% over 2019-2027.
 

The report states that growing usage of touch screen interface, and soaring use of consumer electronic devices are fostering global haptic technology market growth. Moreover, rising adoption of haptics communication solutions by gaming console companies, along with increasing innovation and application in automotive industry adding considerable traction to business development.
 

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Increasing applications of haptics for visually impaired and holographic display products are also creating lucrative prospects for the market expansion.
 

Speaking of the restraining factors, mounting power consumption and high investment for technology adoption are negatively impacting business progression. The implementation costs are likely to reduce only after mass production. Moreover, technical challenges faced by manufacturers are anticipated to hinder worldwide haptic technology industry remuneration.
 

Based on feedback type, global haptic technology market is divided into force and tactile. With respect to components, the industry is split into software, drivers & controllers, actuators, and others. As per application spectrum, the market is segmented into healthcare, education & research, automotive & transportation, gaming, engineering, consumer electronics, and others.
 

On the regional front, leading contributors to global haptic technology market remuneration are North America (Canada, United States), Europe (Russia, Italy, Spain, France, Germany, United Kingdom), Asia Pacific (South Korea, India, Japan, China), Latin America (Mexico, Brazil), and Middle East & Africa (South Africa, Saudi Arabia, Turkey, United Arab Emirates.)
 

Asia Pacific industry is projected to showcase a robust growth rate over the analysis period, owing to developing economies in the region. Besides, flourishing automotive industry in South Korea, India, Japan, China, and ASEAN countries are leading to increased installation of touch-enabled display systems in vehicles. In addition, rising penetration of smartphones is also contributing to the regional market outlook.
 

Top companies swaying global haptic technology market dynamics are Ultraleap Ltd., Texas Instruments Inc., Synaptics Inc., SMK Manufacturing Inc., Senseg Oy, Precision Microdrives Ltd., Semiconductor Components Industries LLC, Microchip Technology Inc., Johnson Electric Holdings Ltd., Immersion Corporation, Imagis Co. Ltd., Haption SA, Force Dimension, Densitron Technologies Ltd., and 3D Systems Inc.