ALBANY, New York, Feb. 20, 2020 /PRNewswire/ -- Driven by several parameters, the global surface haptic technology market is expected to witness notable growth between 2019 and 2027 forecast period, says a recent study by Transparency Market Research. According to the study, the market is projected to grow rapidly with stellar CAGR of ~18% over the stated forecast period. As per the report, the growth of the market is also attributed to growing demand for touch screen devices such as monitors, smartphones and other consumer electronic gadgets.
"Looking at the growth in demand for touch screen smartphones and other electronic gadgets and devices, the manufacturers are investing a massive amount in implementing the surface haptic technology into their devices. These investments are stimulating the developers to produce innovative products for the manufacturers. It is because of these developments the surface haptic technology market is anticipated to generate approximately US$ 28 Bn in terms of revenue" –Transparency Market Research.
Key Findings in Surface Haptic Technology Market Study
To offer a 360 degree analysis of the market, the report classifies the surface haptic technology market into various segments. These insights from the report allow the players to develop effective strategies to accelerate the growth of their business in global surface haptic technology market. The segmentation of the market as per the study is mentioned below:
- Besides smartphone industry, the automotive industry is expected to emerge as the largest customer for the global surface haptic technology market players. This is because, the industry is developing smart cars that are equipped with sate of the art devices and touch panels. Due to these implementations in vehicles, the automotive industry is anticipated to emerge as one of the biggest user of the surface haptic technology. As per the report, the automotive segment shall account for more than 36% of overall growth of global surface haptic technology market during the tenure of 2019 to 2027.
- Both the hardware and software segment under the component category have equal share in the growth of global surface haptic technology market. This is because, one cannot stand alone. Hardware needs an effective interface that can calibrate the touch on the devices and act accordingly.
Explore the latest study on global surface haptic technology market under the title: Surface Haptic Technology Market (Component: Hardware and Software; and End-use Industry: Consumer Electronics, Retail, Automotive, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at
Global Surface Haptic Technology Market: Key Drivers
These insights from the report help the players to understand the factors that are actually driving the growth of global surface haptic technology market. They allow the businesses to make better decisions that can help them have a successful future in the surface haptic technology market. Some of the drivers highlighted in the report are as follow:
- Technological advancements in automotive and consumer electronics industry are the major factors that propel the growth of global surface haptic technology market. Technologies like IoT and AI have made the gadgets smart and intelligent. However, they still need inputs from humans. Using conventional input devices may lead to lagging and effectiveness of the products might get lost. To overcome this issue, the manufacturers are implementing surface haptic technology to their products. The technology allows players to transfer the data effectively in real-time, which as a result improves the performance of the products. Hence, the development of technologies in various end-user industries is the prime factor boosting the growth of global surface haptic technology market during the tenure of 2019 to 2027.
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Surface Haptic Technology Market: Major Challenges
The report on global surface haptic technology market by Transparency Market Research not just enlightens the readers with positive aspects of the market. It also helps them to cautiously monitor the challenges that might impede the growth of surface haptic technology market. With the help of these insights, the players can deduce certain strategies that might help them withstand the impacts of these challenges. Some of the challenges are:
- The major challenge that might impede the growth of surface haptic technology market is the fact that the devices based on this technology require high energy to operate. Since, these devices have several inter-connected components the power consumption of these devices is quite high. Therefore, to keep the device running, the user might need a high performance power source which might not be pocket-friendly. This roadblock can significantly hamper the growth of global surface haptic technology market during the tenure.
However, the manufacturers are developing devices that can perform optimally with less power consumption. With research and development, the developers are developing devices that can not only work on low power, but also store electricity for further applications. These developments shall help the surface haptic technology market to maintain its momentum and grow steadily during the estimated time frame.
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Global Surface Haptic Technology Market: Regional Analysis
Asia Pacific is expected to dominate the regional front of the global surface haptic technology market. This dominance of the region is the result rapidly growing smartphones and consumer electronics industry in China and India. Moreover, the preference of touch screen devices along with data oriented technologies in India further accelerates the dominance of the region in the market. Looking at the growth potential, several players are focusing their interest towards Asia Pacific which might further propel the prominence of the region in global surface haptic technology market during the tenure of 2019 to 2027.
The global surface haptic technology market is highly competitive and equally fragmented. This scenario of the market is the result of growing technological companies that are developing effective solutions for various end-user industries. However, the massive growth potential of the market is attracting several new players to enter the global surface haptic technology market but the road to success is not that easy.
The dynamics of global surface haptic technology market is dominated by several prominent players. This prominence might hamper the entry of new players in the surface haptic technology market.
To overcome this challenge, the new players are merging and collaborating with various businesses in the global surface haptic technology market. These strategies help the players to acquire effective resources that might further help them to sustain the challenging landscape of global surface haptic technology market.
Analyze baby surface haptic technology market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global surface haptic technology market is segmented on the basis of:
Surface Haptic Technology Market, by Component
Surface Haptic Technology Market, by End-use Industry
- Consumer Electronics
Surface Haptic Technology Market, by Region
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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