Rising demand for consumer electronics devices such as smartphones, tablets, virtual interface, media players, and home appliances is a key factor driving growth of the global haptic technology market. In addition, increasing adoption of haptic technologies in gaming applications, and technological advancements are major factors expected to fuel growth to the global haptic technology market over the forecast period.
However, high cost, portability, debugging issues, and high power consumption are key factors restraining growth of the global haptic technology market. Additionally, lack of technological awareness and complex software design are major factors expected to hamper growth of the global haptic technology market over the forecast period.
The global haptic technology market is segmented on the basis of component, technology, application, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asia Pacific is a dominant player in the global haptic technology market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to growing penetration of smartphones, increasing use of internet enabled devices, and presence of major consumer electronics and semiconductor companies in countries such as China, Japan, Taiwan, and South Korea. The market in North America accounts for second-highest revenue share contribution to the global haptic technology market, followed by Europe. This can be attributed to increasing adoption of haptic technologies in various end use industries such as automotive, healthcare, and defence.
Prominent players in the global haptic technology market include Immersion Corporation, Texas Instruments Incorporated, Ultrahaptics, Senseg Ltd., ON Semiconductor, Johnson Electric, SMK Corporation, Microchip Technology Inc., Synaptics Incorporated, 3D Systems, Inc., and Force dimension.
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