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Tactile VR Market Segmentation by Component (Hardware, and Software); and by End Use Industry (Automotive, Consumer Electronics, Healthcare, Transportation, Industrial, and Others) – Global Demand Analysis and Opportunity Outlook 2020-2029

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Tactile VR Market Highlights over 2020-2029

The tactile VR market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The growth of the market can be attributed to upsurge demand and usage of robotics across various end use industries. Moreover, natural exploration along with continuous research and development activities in the field of virtual reality is expected to have a positive impact on the tactile VR Market. Tactile VR involves the combination of tactile material and virtual reality to explore the concept of tangible data. According to a recent data published by The International Federation of Robotics, almost 2 million new units of industrial robots are expected to be installed in factories across the globe from the year 2020 to 2022.

Tactile VR Market

The market is segmented based on component into hardware and software. The hardware segment accounts for the maximum share in the component segment during the forecast period owing to usage of high sensitive sensors and cameras in various products. However, the software segment is expected to grow at a high CAGR over the forecast period owing to recent development and changes involved in software of virtual reality.

On the basis of end use industry, the market is further segmented as automotive, healthcare, consumer electronic, transportation, industrial and others. The automotive and consumer electronic segment is expected to occupy the largest market share in the forecast period owing to recent advancement in the field of automotive industry and growth of virtual operated consumer electronics across the globe. Also, there is an increase in adoption of tactile VR products in the automobile sector to control various components of the vehicle such as steering wheels, acceleration & brake paddle and other dashboard controls. CLICK TO DOWNLOAD SAMPLE REPORT

Global Tactile VR Market Regional Synopsis

Geographically, the tactile VR market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to rising disposable income, along with increased adoption rate of consumer devices, which is one of the major driving factors for market growth. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing importance of haptics in augmented and virtual reality, as well as in automobiles, healthcare, and medical industry in the region. Along with this, the North America also leads in terms of technological advancement in the field of IT, which is also expected to contribute to the market growth in the region. As per the analysis of Cyberstates, United States is the largest tech market in the world, representing 33% of the total, or approximately $1.6 trillion for 2021. Alternatively, the market in Europe is also anticipated to occupy a significant share in the tactile VR market on account of its large smartphone users and rapid development & launch of various advanced virtual reality products such as gloves, shoes and headsets in the region.

Tactile VR Market

The global tactile VR market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global tactile VR market includes the following segments:

By Component

  • Hardware
  • Software

By End Use Industry

  • Automotive
  • Consumer Electronics
  • Healthcare
  • Transportation
  • Industrial
  • Others

Growth Drivers

  • Upsurge Demand and Usage of Robotics
  • Growing Advancements in Virtual Reality Products
  • Increasing Integration of Virtual Reality with Automotive and Consumer Electronics

Challenges

  • Technical Issues Related to Product Design
  • High Cost Associated with Tactile VR Products

Top Featured Companies Dominating the Market

  • Hapton S.A
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Force Dimension
  • Geomagic, Inc
  • Immersion Corporation
  • MK Electronics
  • HaptX Inc
  • Texas Instruments Inc
  • Johnson Electric
  • Microchip Technology
  • TDK

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