Haptic Technology Market Size is Grow at a CAGR of 13.89% by 2026 | Key Players are Immersion Corporation, Haption S.A

The size of the global Haptic Technology Market, which was estimated at USD 8,995 million CAGR in 2019, is projected to grow to USD 21,469.6 million by 2026, with a CAGR of 13.89%, as a result of the rising popularity of smartphones, tablets, and other wearable technology.

Industry drivers are the various elements that affect the development of the haptic technology market. The rising demand for loT devices is one of the key factors driving the haptic technology market. The demand for haptic technology is rising as more people own smartphones, tablets, and other wearable gadgets. The demand for haptic technology is being driven by the inclusion of haptic technology in smartphones and tablets to provide a positive touch experience. The market is expanding as a result of rising demand for wristbands, smartwatches, and other wearable technology. The expanding demand for cutting-edge technology in the automotive sector is another significant market driver.

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Key Players –

Some of the important key companies in the haptic technology market are present on the international scene and have made contributions to raising market revenue. These significant pivotal figures are

• Immersion Corporation (US),
• Texas Instruments Incorporated (US),
• Ultrahaptic (Ultraleap) (UK),
• Haption S.A. (France),
• ON Semiconductor Corporation (US),
• Johnson Electric (Hong Kong),
• SMK Corporation (Japan),
• Microchip Technologies Incorporated (US),
• Synaptics Incorporated (US),
• Force Dimension (Switzerland).

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Regional analysis –

North America, Europe, Asia Pacific, and other parts of the world make up the key geographic segments of the global market for haptic technology. With a market value of $2,230.7 million in 2018, Asia Pacific held the largest market share for haptic technology, and during the forecast period, the market is anticipated to expand at a CAGR of 16.1%. Increasing consumer device usage is one of the key market factors. There are many well-known smartphone manufacturers on the market, which is fostering the development of the haptic technology market in this area. Due to the implementation of cutting-edge technologies and a strong economy, North America has the second-highest market share. Due to the existence of significant automotive firms in this region, the European region is anticipated to increase more throughout the forecast period. The market for haptic technology is anticipated to grow due to the rising demand for navigation systems, climate control, and window controls.

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Market Segmentation –

The haptic technology market is ideally categorized into 2 parts on component and application. The segmentation based on components is further sub-categorized into Actuators, Drivers & Controllers, and Software sections. The application-based segment is further divided into Consumer Electronics, Automotive & Transportation, Gaming, Education & Research, Healthcare, and Engineering.

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