The growth of the global haptics technology market largely hinges on to advancements in electronic manufacturing. Integration of haptic technologies with digital devices and electronic systems has created new opportunities for market growth and expansion. The use of haptics spans into a wide range of industries including entertainment, military training, and other healthcare. Haptic sensors enable users to feel a sense of touch through discrete vibrations that run in tandem with the commands on an electronic device or system. Therefore, haptics technologies have caused formidable changes to the way people electronic devices. In view of these factors, it is safe to state that the global haptics technology market would grow by leaps and bounds in the years to follow.
In this review by Transparency Market Research (TMR), several important factors that reflect the growth dynamics of the haptics technology market have been expounded. The total worth of the global haptics technology market is rising alongside advancements in sensor-based systems and technologies. In addition to this, use of these technologies for providing premium assistance to disabled persons has also generated fresh demand across the global haptics technology market. The COVID-19 crisis has had a noticeable impact on the haptics technology market, mainly because research centers and manufacturing units witnessed a major setback to growth during the phase.
Global Haptics Technology Market: Competitive Landscape
The large companies in the global haptics technology market are focused on developing haptic technologies that can assist visually impaired persons by providing alternative visual sensations. These sensations can also be given an audio route to help people with hearing impairments. This strategy of the vendors could help them gain the confidence of smart device manufacturers. Integration of haptics technology in smart devices can be a source of humongous utility for persons with impairments.
Development of haptic devices and technologies requires core research and development on the end of manufacturers. Therefore, continuous research and development has become a salient feature of the strategies adopted by the leading vendors. Some of the key players operating in the global haptics technology market are AAC Technologies Holdings, Inc., Haption SA, Densitron Technologies Plc, Johnson Electric Group, Tactus Technology Inc., and Maxim Integrated Products, Inc.
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Global Haptics Technology Market: Key Trends
The need for providing virtual reality experiences in gaming technologies and audio-visual theatres has brought haptics under the spotlight of attention. The use of haptic technologies in video games enables manufacturers to develop responsive gaming technologies. Several gaming product manufacturers have embraced haptics as a key component of their manufacturing architecture. Furthermore, haptic technologies are also used in personal computers and mobile devices, further emphasizing on the need for increased investments in the market. Other key areas related to haptics include robotics, simulators, teleoperators, aviation, and neurorehabilitation.
Use of haptic feedback on mobile phones and other smart devices has helped in delivering in enhanced experiences to users. These haptics notes help in providing information across smart devices with the use of touch sensors. Since this information is served in textual or graphical formats, its utility for the end-users is tremendous. Over the course of the next decade, haptics technology could become a part of several other electronic devices and systems. It is projected that the global haptics technology market would move along a lucrative growth track in the times to follow. Besides, the use of the technology to provide key information on display devices has given confidence to electronic manufacturers looking to integrate haptics in their products’ architecture.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.