Haptic Technology Market expected to reach USD 19.55 Billion by 2022, at a CAGR of 16.20%, over 2019–2022

The major factors influencing the growth of the haptic technology market (drivers, restraints, opportunities, and industry-specific challenges) and strategically analysing micro-markets with respect to the individual growth trends, prospects, and contributions to the total market. The base year considered for the study is 2015 and the market is forecast from 2016 to 2022.

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Browse 65 market data tables and 55 figures spread through 136 pages and in-depth TOC on “Haptic Technology Market - Global Forecast to 2022”

Tactile feedback haptics accounted for the largest market of the haptic technology market in 2015

Tactile feedback haptic technology accounted for the largest market in 2015, driven by its applications in consumer electronic devices such as smartphones and tablets. Almost all the smartphones and tablets are inbuilt with tactile feedback and the trend has been shifting to wearable devices such as smartwatches and wristbands. The market for tactile feedback haptics is also expected to be driven by the increasing demand in several applications such as gaming, automotive, and healthcare, among others.

The haptic technology market is application driven; the market for education & research application is expected to grow at the highest rate during the forecast period

The haptic technology market for the education & research application is expected to grow at the highest rate during the forecast period, followed by the industrial (engineering) application. This growth is attributed to the rising integration of haptics into AR & VR devices which have significant demand in the education sector.

Incorporating haptics in education would make teaching and learning easy as the students experience the practical applications of haptics and this helps them in understanding and further improving their skills. Also, many universities across the globe have been doing research on haptics and are also being the source of new companies. For example, Ultrahaptics (U.K.) has come out of the University of Bristol and has been making progress in developing midair haptics, where vibrations can be felt without touching the display.

The major companies in the haptic technology market that have been included in this report are Immersion Corporation (U.S.), Texas Instruments Incorporated (U.S.), Ultrahaptics (U.K.), Haption S.A. (France), ON Semiconductor Corporation (U.S.), Johnson Electric (Hong Kong), SMK Corporation (Japan), Microchip Technologies Incorporated (U.S.), Synaptics Incorporated (U.S.), Geomagic (U.S.), Force Dimension (Switzerland), Precision Microdrives Ltd. (U.K.), Senseg (Finland), and Imagis Co., Ltd. (South Korea).

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Asia-Pacific accounted for the largest market for haptic technology in 2015

Asia-Pacific accounted for the largest market for haptic technology, followed by North America and Europe, driven by the consumer electronics sector. This growth in the Asia-Pacific region is led by countries such as China, Japan, and South Korea. Other countries in this region such as Australia, New Zealand, and India are expected to create potential growth opportunities for this market during the forecast period because of its high demand in consumer electronic products.

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3D Sensors Market worth 5.46 Billion USD by 2022

The major factors driving the growth of the 3D sensors market include the rising demand for 3D enabled devices in consumer electronics, integration of the optical and electronic components, the use of sensing technology in gaming applications, and the growing requirement for security & surveillance systems.

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Browse 72 market data Tables and 95 Figures spread through 219 Pages and in-depth TOC on "3D Sensors Market - Global Trend & Forecast to 2022"

“Time-of-flight to hold a major share of the overall 3D sensors market during the forecast period”

The 3D sensors market for the time-of-flight technology is expected to grow at the highest rate during the forecast period. The main factor driving the growth of this market is the time of flight sensors that provides much higher frame rate compared to other sensor technologies. However, they provide a lower z-resolution (approximately 1 to 2 cm) compared to other 3D sensors. The features such as compactness and ease of use along with high accuracy and frame rate have helped this market grow.

Key Target Audience

• 3D sensor providers and distributors
• End users of 3D sensors and products
• Original equipment manufacturers (OEMs)
• Product manufacturers and suppliers
• Research organizations and consulting companies
• Semiconductor and component vendors
• Technology investors

“Consumer electronics application to exhibit highest growth rate by 2022”

The market for the consumer electronics application is expected to grow at the highest rate during the forecast period. This is mainly because of the high adoption rate of 3D sensors in consumer electronics. The presence of additional features such as virtual reality and motion detection in the gaming sector has boosted the growth of this market. Continuous product development with innovation in consumer electronics has increased the demand for 3D sensors.

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The major companies that develop 3D sensors include ASUSTeK Computer Inc. (Taiwan), Cognex Corporation (U.S.), Infineon Technologies AG (Germany),  Intel Corporation (U.S.), IFM Electronic GmbH (Germany), LMI Technologies, Inc. (Canada), Microchip Technology Inc. (U.S.), Microsoft Corporation (U.S.), Occipital, Inc. (U.S.), OmniVision Technologies, Inc. (U.S.), PMD Technologies AG (Germany), Qualcomm Technologies, Inc. (U.S.), and SoftKinetic (Belgium).

 “North America to be the largest market for 3D sensors during the forecast period”

3D sensors are increasingly being adopted in North America, owing to the growing demand for effective and efficient processing in terms of three-dimensional imaging. Increasing focus of companies to implement 3D sensors in various applications and ongoing research & development have enabled the growth of the North American 3D sensors market. The implementation of 3D sensors helps in improving the understanding and the working process in various applications such as healthcare, aerospace and defense and automotive, where in-depth knowledge is of utmost importance.

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Smart Elevator Market expected to reach USD 26.69 Billion by 2023, at a CAGR of 19.8% over 2023

Trend toward adopting energy-efficient systems is the key driver for smart elevators. The population growth created a high demand for energy. Over the last three decades, the energy consumption rate has gradually gone up and created opportunity for the companies to invest in this sector. Therefore, the shift from traditional hydraulic to smart elevators that save time and consume less energy is the key driver for the market.

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Browse 67 market data Tables and 58 Figures spread through 146 Pages and in-depth TOC on "Smart Elevator Market - Global Forecast to 2022"
     
AVSRS would play a key role in developing the smart elevator market

The automated vehicle storage and retrieval is a robotic technology which uses elevators and other related systems. This technology allows vehicles to be transported by the robotic lifting system. The system offers maximized parking capacity by using minimal space, provides convenience to customers, and ensures vehicle safety. These parking systems can be used in any new construction or renovation projects. This automated parking technology is suitable for densely populated areas including metropolitan areas, business parks, office buildings, trains and subway stations, trade centres, hotels, and others. These automated parking technologies are environmentally friendly because car engines are shut off when cars are stored or retrieved in this parking system; also, the search time for a parking space is eliminated because this a robotic system which works without human intervention.

New installation services are expected to lead the market by 2022

The new installation services are likely to dominate the market by 2022. In emerging economies such as APAC, the Middle East, Africa, and Latin America, the market for new installations is expected to grow significantly at a high rate. The growing high-rise buildings and economy modernization initiatives of government, and favourable business environment are the key factors supporting the growth of new installations.

North America dominated the smart elevator market; APAC is expected to grow at the highest rate during the forecast period

The growth of this market in North America can largely be attributed to the increasing demand for energy-efficient systems. The stringent mandates of governing bodies propelled adoption of smart elevators. The North American region is the major market for smart elevators as this region has very high penetration of ICT technologies compared to other regions. The economy modernization initiatives in emerging countries and government support are the major factors contributing to the growth in APAC. The presence of most populous countries such as India and China make APAC a lucrative market as rapid urbanization and infrastructure in this region is likely to pave new growth avenues for companies.

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The major companies in the smart elevator ecosystem profiled in this report are as follows:

1. ThyssenKrupp AG (Germany)
2. Otis Elevator Company (U.S.)
3. KONE Corporation (Finland)
4. Schindler Group (Switzerland)
5. Hitachi Ltd. (Japan)
6. Hyundai Elevator Company Ltd. (South Korea)
7. Toshiba Elevators and Building Systems Corporation (Japan)
8. Mitsubishi Electric Corporation (Japan)
9. Fujitec Co. Ltd. (Japan)
10. Motion Control Engineering, Inc. (U.S.)

This research report categorizes the smart elevator market based on component, application, service, and geography. The report describes the drivers, restraints, opportunities, and challenges for this market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Augmented and Virtual Reality in Healthcare Market expected to reach USD 4,997.9 Million by 2023, at a CAGR of 36.6%, over 2023

Augmented and Virtual Reality in Healthcare Market by Offering (Hardware and Software), Device Type, End User, Application (Patient Care Management, Medical Training & Education, Pharmacy Management, Surgery), and Geography - Global Forecast to 2023", is expected to grow from USD 769.2 Million in 2017 to USD 4,997.9 Million by 2023, at a CAGR of 36.6% between 2017 and 2023. The increasing penetration of connected devices in the healthcare sector, increased investment in the AR and VR healthcare, and the growing need to reduce the healthcare cost are the major drivers for the augmented reality in healthcare and virtual reality in healthcare market.

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Head-up displays to witness high growth during the forecast period

Major use cases of AR and VR head-mounted displays in healthcare include pre-hospital medical care, nursing care in clinical environments, and medical treatment in hospitals. HMDs with respect to out-of-hospital-care and emergency medical services can be used to help casualties in mass accidents and disaster medicine. HMDs are expected to grow at a high rate in virtual reality in healthcare market owing to its widespread adoption in the healthcare industry. Also, the use of AR smart glasses is expected to grow at a high rate to boost the augmented reality in healthcare market.

Surgery application to witness high growth during the forecast period

The use of AR and VR can help surgeons perform surgeries more efficiently. The surgery might be a minimally invasive procedure or locating a tumor within the body, AR and VR healthcare apps can help save lives and treat patients seamlessly. The high growth of the surgery application is because of the advantages of the AR and VR technology used during the operational procedures. The surgery application in the augmented reality in healthcare and virtual reality in healthcare market is expected to grow at the highest CAGR during the forecast period.

Major players in the market for augmented reality in healthcare and virtual reality in healthcare are Google (US), Microsoft (US), DAQRI (US), Psious (Spain), Mindmaze (Switzerland), Firsthand Technology (US), Medical Realities (UK), Atheer (US), Augmedix (US), and Oculus VR (US).

North America expected to hold a major share of the augmented and virtual reality in healthcare market during the forecast period

North America, being technologically advanced and developed, is a leading market for the cutting-edge technologies that are used in display devices. North America led in 2016 in terms of market size and revenue generated from the applications in augmented reality in healthcare and virtual reality in healthcare. The US has many global companies that are involved in the AR and VR space for the healthcare applications. This helps North America stand out as a major region in the overall market for augmented reality in healthcare and virtual reality in healthcare.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. 

MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche 

markets.

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Speech and Voice Recognition Market worth 18.30 Billion USD by 2023

The speech and voice recognition market is expected to be valued at USD 6.19 Billion in 2017 and is likely to reach USD 18.30 Billion by 2023, at a CAGR of 19.80% between 2017 and 2023. Increased demand for speech-based biometric systems for multifactor authentication and growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition drive the growth of the market.

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Voice recognition technology expected to grow at higher CAGR during forecast period

The market for voice recognition is expected to grow at a higher CAGR during the forecast period. The need for biometrics authentication leads to the growing integration of voice authentication in mobile banking and creates a growing demand for multifactor authentication in enterprises and industries, leading to the growth of the market for voice recognition.

In October 2016, VoiceVault Inc. (US) partnered with BioConnect (US) to develop and integrate biometric authentication technologies into digital banking and finance platforms. This partnership enabled the integration of the existing voice recognition software of VoiceVault Inc. into the BioConnect Identity Platform a mobile platform offering biometric authentication solutions with voice and eye-scanning technology or password technology.

Consumer vertical expected to hold largest share of speech and voice recognition market during forecast period

The key factor contributing to the growth of the speech and voice recognition market in the consumer vertical is increasing efforts of original equipment manufacturers (OEMs) to bring speech and voice recognition technology in their devices.

Major players operating in the speech and voice recognition market include Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), and Acapela Group SA (Belgium).

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Americas expected to hold largest share of speech and voice recognition market during forecast period

The key factor contributing to the growth of the speech and voice recognition market in the Americas is the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico. For instance, in June 2017, VIQ Solutions Inc. (Canada) partnered with Pivot Technology Solutions, Inc. (Canada) to access Pivot Technology Solutions’ innovative products, next-generation ultra-secure platform, CyberCrypt, video capture devices, and high-definition (HD) telepresence systems, along with end-to-end services for the customer base of public organizations and private enterprises.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Artificial Intelligence in Manufacturing Market expected to reach USD 4,882.9 Million by 2023, at a CAGR of 52.42%, over by 2023

The growing usage big data technology, Industrial IoT in manufacturing, extensive usage of robotics in manufacturing, computer vision technology in manufacturing, cross-industry partnerships and collaborations, and significant increase in venture capital investments would propel the growth of the AI in manufacturing market.

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In recent years, major software vendors such as IBM Corporation (US), Microsoft Corporation (US), and Alphabet Inc. (US) have started offering cognitive applications and cognitive software platforms. Moreover, many start-ups such as DataRPM (US), Clearpath Robotics Inc. (Canada), Sight Machine (US), Preferred Networks Inc. (Japan), SkyMind Inc. (US), Kespry Inc. (US), and AIBrain, Inc. (US) are bringing intelligent software solutions in manufacturing. The booming venture capital market for AI software-based start-ups and usage of big data technology are driving the growth of the AI in manufacturing market for the software segment.

Software to hold the largest share of the AI in manufacturing market during 2017-2023

The AI software is used to assist the manufacturing plant operator in finding the relevant insights, material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control. In recent years, major software vendors such as IBM Corporation (US), Microsoft Corporation (US), and Alphabet Inc. (US) have started offering cognitive applications and cognitive software platforms.

Deep learning technology expected to grow at the highest rate between 2017 and 2023

The deep learning technology, which includes image recognition, signal recognition, and data mining, is expected to witness the highest CAGR during the forecast period. The rapid adoption of robotics in the manufacturing industry, huge volume of data that is generated from the computer vision technology, and big data technology are driving the growth of the AI in manufacturing market for the deep learning technology.

The major players in the AI in manufacturing  market are Siemens AG (Germany), Intel Corporation (US), NVIDIA Corporation (us), Alphabet Inc. (us), IBM Corporation, Microsoft Corporation (US), General Electric Company (US), DataRPM, Sight Machine (US), General Vision, Inc. (US), AIBrain, Inc. (US), Rockwell, Automation Inc. (US), Cisco Systems, Inc. (US), Mitsubishi Electric Corporation (Japan), Oracle Corporation (US), SAP SE (Germany), Preferred Networks, Inc. (Japan), Vicarious Inc. (US), Skymind Inc.(US), Citrine Informatics (US), CloudMinds Technologies (US),  and Ubtech Robotics Corp. (China).

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North America to hold a major share of the AI in manufacturing market during the forecast period

North America, which comprises the US, Mexico, and Canada, dominates the overall AI in manufacturing market. The US is a major contributor to the growth of the AI in manufacturing market in North America. Cross-industry participation in the manufacturing domain along with significant increase in venture capital investment in North America is driving the growth of the AI in manufacturing market. Moreover, the presence of major AI providers such as NVIDIA Corporation (US), IBM Corporation (US), Intel Corporation (US), and Alphabet Inc. (US) is expected to drive the growth of the AI in manufacturing market in this region.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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The Analysis includes methodology of individual growth trends in Augmented Reality - (AR) Market

The increasing demand for AR devices in healthcare, growing demand for AR in retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market. The high penetration of head-mounted displays in gaming and entertainment, huge investments in the VR market, advancement of technology and digitization, and availability of affordable VR devices are the major drivers of the VR market.

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Head-up displays to witness high growth in the AR market during the forecast period

Head-up displays (HUDs) for the augmentation of images are presently used in automotive, and aerospace & defense sectors for training purposes; the AR market for HUDs is still in the developing phase and is likely to commercialize in the near future. The AR HUDs are likely to be used mainly for navigation in airplanes and automotive. The information such as the roadmap and the speed along with the other necessary details in the line of sight would be displayed at the windscreens and would help the driver to drive safely. The use of head-up displays for applications such as automotive, and aerospace & defense would help the market to grow at a higher rate.

Consumer application to lead the augmented reality and virtual reality market

The consumer application has been studied on the basis of gaming, sports, and entertainment sections. The augmented reality market has witnessed a high growth and leads the market owing to its use in apps. The AR gaming apps have seen widespread adoption in the last 2 years and are expected to be the major drivers for the growth of the augmented reality market. However, the consumer application leads the VR market due to the high demand for HMDs in gaming and entertainment.

Major players in the augmented reality and virtual reality market are Sony (Japan), Oculus (US), Samsung (South Korea), Google (US), PTC (US), HTC (Taiwan), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara, (US), Blippar (UK), Osterhout Design Group (US), Magic Leap (US), Upskill (US), Continental (Germany), Visteon (US), Eon Reality (US), MAXST (South Korea) and Vuzix (US).

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APAC expected to hold a major share of the augmented reality and virtual reality market during the forecast period

APAC comprises China, Japan, India, South Korea, and Rest of APAC. Being an emerging economy, APAC is witnessing major changes in the adoption of new technologies and advancements. Owing to a large number of display panel manufacturers in the region, APAC witnesses an increasing adoption of latest technologies. The rising investments in commercial and defense applications and its security applications would also boost the growth of the AR and VR market in this region. Also, the growing healthcare and automotive market in Japan would drive the growth of AR technology.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
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