Technavio analyzes that the Haptics Market is expected to grow at a CAGR of 12.88% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9674.9 million.There are various factors that contribute to the growth of the market. The haptics market is experiencing significant growth due to the increasing adoption of High Definition (HD) haptics technology. This advanced haptic feedback system provides users with more precise and realistic tactile sensations, enhancing the overall user experience in various applications such as gaming, virtual reality, and mobile devices. The integration of HD haptics is set to revolutionize industries, including healthcare, automotive, and consumer electronics, by providing a more immersive and interactive user interface. This technological advancement is poised to drive market growth and innovation in the coming years.
In the consumer electronics sector, haptic technology is experiencing a renewed interest, with applications extending beyond traditional use cases. Virtual reality training for pilots in the aviation industry is a burgeoning area, where haptic feedback is crucial for enhancing the user experience and ensuring safety. Haptics are also integral to cockpit displays, providing tactile sensations to complement visual and auditory cues. However, high power consumption and battery constraints pose challenges. Haptic software and advanced touchscreen controls, including those with haptic touch, are increasingly preferred. These trends are propelling the growth of the haptics market within consumer electronics, including gaming devices, smartphones, smartwatches, tablets, and more. The evolving market landscape and escalating consumer demands are expected to fuel the expansion of this market during the forecast period.
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Haptics Market Segmentation
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The Haptics market encompasses various industries including consumer devices, wearables, smartphones, tablets, smart homes, virtual reality hardware, and the gaming sector with Sony's PlayStation 5. Haptic technology finds application in the medical and aerospace industries for training purposes, such as haptic gloves and mid-air haptics. Haptic feedback is also utilized in pilot training for airlines, cockpit displays, and vehicle production. Despite providing an immersive tactile experience, haptics technology can consume high power and require large batteries in devices. Haptics-enabled touch-based phones and consumer devices OEMs are also significant contributors to the market's growth.
The global technology hardware, storage, and peripherals market encompasses manufacturers of consumer devices such as smartphones, tablets, wearables, and computing equipment including servers, electronic components, and peripherals. This market's size is determined by the revenue generated from the sales of these hardware devices, equipment, and components. Key growth drivers include the burgeoning demand for data centers due to the COVID-19 pandemic, which has fueled the need for work-from-home technologies and cloud services. Additionally, industries like wearables, virtual reality hardware, gaming with PlayStation 5, medical, and aerospace are expected to significantly contribute to the market's expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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