The global haptic technology market is expected to be valued at USD 19.55 Billion by 2022, at a CAGR of 16.20% between 2016 and 2022. The key drivers contributing to the growth of the market primarily include increasing adoption of haptics in consumer electronic devices such as smartphones and tablets, growing demand for haptics in gaming consoles, and potential market for haptics in medical and automotive sectors.
The consumer electronics sector was the largest application area for haptic technology followed by healthcare in 2015. However, the education & research sector is expected to provide the highest growth potential for haptic technology during the forecast period attributed to the potential demand for haptics in education & research.
Haptic software is expected to grow at the highest CAGR during the forecast period among other components, attributed to the increasing significance of haptics software in the future, especially for force feedback haptic devices. Also, its use in other applications such as VR & AR, wearable devices, surgical equipment, and gaming applications, among others, will propel the growth of haptic software.
Tactile feedback haptic technology accounted for the largest market compared with force feedback haptic technology in 2015, driven by its applications in consumer electronic devices such as smartphones and tablets. Almost all the smartphones and tablets are inbuilt with tactile feedback and the trend has been shifting to wearable devices such as smartwatches and wristbands.
Asia-Pacific accounted for the largest share of the global haptic technology market in 2015 driven by the presence of several major semiconductor companies and consumer electronics manufacturing companies in the Asia-Pacific region, especially in China, Japan, South Korea, and Taiwan. Most of the consumer electronics are manufactured in this region and these electronic companies are the end users of haptic products where haptics are integrated into the electronic devices. In addition, several automotive OEMs and medical device manufactures are integrating haptics into their products which would increase the market for haptics in Asia-Pacific at a considerable rate.