The Tactile VR market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of upsurge demand and usage of robotics across various end use industries. As per 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 on the basis of component into hardware and software. Among these segments, the hardware segment is anticipated to hold the largest share by the end of 2021 owing to usage of high sensitive sensors and cameras in various products. However, the software segment is expected to grow at a high CAGR owing to recent development and changes involved in software of virtual reality.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the tactile VR market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to growing importance of haptics in augmented and virtual reality, as well as in automobiles, healthcare, and medical industry in the region.
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Growing Smartphone Users Across the Globe to Drive Market Growth
According to the GSMA Intelligence, today, there are 5.27 Billion people that have a mobile device in the world representing 67.08% of the world’s population and by the year 2023 there will be7.33 billion smartphone users across the globe.
The rise in penetration rate of consumer electronics with large smartphone users across the world is expected to amplify the demand for tactile VR market. Moreover, upsurge demand and usage of robotics along with growing advancements in Virtual Reality products is also expected to boost the market growth in upcoming years. However, technical issues related to product design and high cost associated with Tactile VR products are some of the factors that are estimated to hamper market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global tactile VR market which includes company profiling of Force Dimension, Geomagic, Inc., Immersion Corporation, Hapton S.A., MK Electronics, HaptX Inc. and Texas Instruments Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global tactile VR market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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