Haptic Technology Market - Demand, Latest Trends, Business Opportunities by Leading Players to 2026

The haptic technology market might surpass USD 10 billion by 2026.
Virtual reality (VR) has taken the gaming industry by a storm. VR haptics technology comes as an exciting piece of offering that provides an extra dimension to the VR world. The technology enables users to feel the virtual environment through the sense of touch along with the aural and visual perception.
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The haptic technology market is projected to see steady growth from 2021 as the effects of the pandemic lessen. Analysts predict that this could affect the sales of automobiles, gaming equipment, and consumer electronics, in turn disrupting haptic technology market growth.
In terms of application, haptic technology is mainly used in gaming, consumer electronics, robotics, healthcare, and automotive sectors. Over the years, robots has managed to make its presence in industrial automation, healthcare, and manufacturing sectors. Rapid expansion in the robotic industry could fuel the demand for haptic technology. Haptic solutions offer accurate control over robots for improved precision in surgical and sensitive manufacturing applications.
The haptic technology market is estimated to garner remarkable growth on account of proliferating use of self-service kiosks with enhanced haptic feedback and 3D touchscreens. Numerous kiosk manufacturers have begun to integrate 3D and haptic technology in their products to offer improved visualization of objects.
Rising adoption of haptic technology in the automobile sector could play a crucial role in boosting product penetration. Automakers are driving heavy demand for 3D touchscreen displays that improve driver communication. This has compelled manufacturers to develop haptic solutions specific for automotive applications.
However, the ongoing COVID-19 health crisis may damper overall haptic technology market growth in 2020 as the global economy takes a huge dip due to government-enforced lockdowns. Various countries have restrained consumer movement and temporarily shut down major distribution and manufacturing facilities to curb the spread of COVID-19.
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Companies specializing in haptic technologies are introducing new and innovative solutions for robots deployed in diverse environments. Citing an instance, earlier in March 2019, HaptX designed a haptic telerobotic platform that allowed users to send out realistic touch feedback to anyone across the globe.
Companies operating in the haptic technology market are working on developing strategic relationships with electronic manufacturers to incorporate high-fidelity solutions into smart wearables, and smartphones. Taking July 2018 for instance, SoftServe Inc. collaborated with Ultrahaptic to create a sophisticated virtual touch technology that enables users to feel textures and shapes without physically touching the object.
Usually, VR haptic uses external instruments like shoes, gloves, and joysticks to convey feedback generated by the computer in the form of vibrations. With the help of technological advancements, VR haptics solution is slowly evolving from creating vibrations in remote controllers to something intuitive.
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