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.
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
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.
The global tactile VR market is further classified on the basis of region as follows:
Our in-depth analysis of the global tactile VR market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing Integration of Virtual Reality with Automotive and Consumer Electronics.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Technical issues related to product design and high cost associated with Tactile VR products in lower economic regions are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to rising disposable income, along with increased adoption of consumer devices.
The major players dominating the Tactile VR market are Force Dimension, Geomagic, Inc., Immersion Corporation, Hapton S.A., MK Electronics, HaptX Inc. and Texas Instruments Inc., and among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, end use industry and region.
With respect to end use industry, the automotive segment is anticipated to hold the largest market share owing to recent advancement in the field of automotive market and growth of virtual operated consumer electronics across the globe
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