SOMATO-SENSORY TECHNOLOGY MARKET REPORT OVERVIEW
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The global somato-sensory technology market size is estimated to be worth US$ 24020 million in 2021 and is forecast to a readjusted size of USD 84448.65 million by 2031 with a CAGR of 13.4% during the forecast period.
The sudden rise in CAGR is attributable to the somato-sensory technology market growth and demand returning to pre-pandemic levels once the pandemic is over. Somatosensory technology can track human hand gestures and enables the consumers to interact with consoles, tv, or other equipment using the sensor. It tracks the movement and maps out the functions of the equipment as per the movement speed and accuracy. It uses software that helps it track gestures and provide the users with accurate functions. It is mostly used in gaming and healthcare applications to improve the user experience and improve their convenience. Somatosensory technology tracks the user's hands based on size, geometric proportions, and speed. It is used extensively in the gaming sector in VR applications. The sensors can detect movement and accurately simulate the environment in a game.
Somatosensory technology is helpful for game developers to create an interactive experience for their users and enhance their gaming experience. Further, it is used in the medical and healthcare sectors to enable patients to function better. It is a touch-free technology that helps patients suffering from certain conditions to operate efficiently. It is used in non-invasive and invasive technology that enables patients suffering from disorders and traumas to increase their operational efficiency and function optimally. Therefore, its increasing gaming and medical industry applications will promote global and United States somato-sensory technology market growth in the upcoming years.
COVID-19 Impact: Silicone Shortage and Shortage of Semiconductor Chipsets to Adversely Affect Market Growth
COVID-19 pandemic has negatively affected various industries worldwide. The demand for silicone semiconductors has surged beyond the supply. Increasing sales for smartphones, laptops, PCs, and other gadgets has surged the demand monumentally. However, because of the restraints on transport and manufacturing, production is lagging. Chipset stocks are selling out faster than expected, which, in turn, is causing a shortage.
Further, the adoption of part-time shifts and reduced capacities restrain manufacturers from producing chipsets in bulk. A somatosensory technology uses several nano-sized chipsets and silicone components. PS5 and the X-box series X experienced supply chain disruptions because of high demand from the consumers, which, in turn, may affect the somatosensory technology market negatively. Therefore, these restrictions shall hamper the market growth during the pandemic.
LATEST TRENDS
"Rapidly Developing Medical Facilities to Foster Market Growth"
The increasing demand for advanced medical infrastructure leads to the adoption of motion-enabled medical equipment. Prevalence of spine disorders and traumas boosts demand for advanced healthcare equipment. It enables patients to function efficiently by using motion. These sensors are expected to be used in wheelchairs because of their convenience and features. Further, the manufacturers aim to incorporate advanced features such as machine learning and artificial technologies to improve user experience. Medical professionals incorporate the global and United States somato-sensory technology for surgical applications. It is used in surgical equipment to feed programmed gestures and increase the equipment's efficiency.
Government investments in advanced medical facilities have led to the adoption of somatosensory technology. Evolving consumer preference and rising spending on better healthcare and medical facilities is expected to bolster the global and United States somato-sensory technology market.
SOMATO-SENSORY TECHNOLOGY MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into infrared sensors, microwave sensors, and ultrasonic sensors.
The ultrasonic sensor segment is expected to lead the market growth because of its adoption in the gaming sector. It is used extensively to detect the surroundings and feed the information to the developers regarding a particular area's dimensions. Based on the information, the developers recreate the model and surrounding digitally by using the global and United States somato-sensory technology. Further, it is used to recreate interactive and detailed models by scanning a particular subject in complete detail. This feature enables game developers to create interactive lighting, interaction, and 3D environments.
- By Application
Based on application, it is divided into health training, game manipulation, and others.
The health training segment may lead the market growth because of the technology's adoption in medical education. It helps medical students gain knowledge regarding surgical operations by using a digitally recreated human body model. This feature helps the professionals to improve their skills and successfully perform several surgeries.
DRIVING FACTORS
"Increasing Adoption in Gaming to Bolster Market Growth"
Global and United States somato-sensory technology is used extensively in gaming applications because of the emergence of Virtual reality games. The incorporation of the sensors in VR headsets leads to better performance and improved interaction with 3D models in a game. It enables developers to build advanced interactive environments and improve feedback and sync of players and the somatosensory technology—the rising demand for VR games from consumers fuels somatosensory technology sales. PS VR and other virtual reality headsets use the sensor extensively to improve the consumer's gameplay experience. Therefore, the rising adoption of the technology will boost the somatosensory technology market growth.
"Increasing Applications in Films and Medical Educations Industry to Drive Growth"
The emergence of virtual productions using advanced LED panels instead of green screens will boost the demand for somatosensory technology. It is used in productions to map out the background and surroundings as per the film director's requirement and improve the working efficiency. It enables the crew members to speed up the filming process and improves the production quality. It allows the VFX artists to create the environment in a detailed manner. For example, Virtual production was utilized to produce a Disney+ original show titled "The Mandalorian''. The VFX crew of the show utilized advanced sensors that helped them to create the environment and elements effectively and increase the crew member's productivity.
Further, the adoption of headsets is increasing rapidly in the medical sector to educate medical students regarding several surgical applications. It enables the students to perform surgery using VR technology. It educates them about the process, which, in turn, shall bolster the demand for global and United States somato-sensory technology. Therefore, these factors will drive the global and United States somato-sensory technology market growth.
RESTRAINING FACTORS
"High Installation and Production Cost to Stall Industry Growth"
The high installation and production cost of the sensors shall decline its demand. The advanced features of the technology are expected to raise its cost significantly. Independent companies and game studios operate at limited budgets, which, in turn, may reduce its adoption. Further, the global chipset shortage shall negatively affect global and United States somato-sensory technology production activities. Additionally, concerns regarding the accuracy and reliability of the technology shall hamper the growth of the industry.
SOMATO-SENSORY TECHNOLOGY MARKET REGIONAL INSIGHTS
"Presence of Major Companies to Support Growth in North America"
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North America is estimated to lead the global and United States somato-sensory technology market share because of major companies in the U.S. Companies such as Microsoft, Intel, and Apple are focusing on developing advanced somatosensory technologies to elevate the consumer experience. Microsoft and Intel are the leading producers of somatosensory technology because of the rapid technological advancements and consumer demand for advanced technologies such as an electrocorticography-based brain-computer interface. It utilizes several AI and ML software alongside sensors to improve the somatosensory feedback for direct cortical stimulation applications.
Further, the presence of several games studios such as Activision Blizzard, Electronic Arts, Epic Games, and others lead to the adoption of advanced gaming technologies. Additionally, the rising demand for advanced games from the population may magnify the growth of the global and the United States somato-sensory technology market.
Asia Pacific is the second-largest shareholder because of the development of advanced games and intelligence technologies from China. Companies such as Tencent Holdings Ltd. engage in the development of advanced smart-phone based games and software. This software advanced somatosensory technologies for the development of a video game's world. Therefore, the adoption of global and United States somato-sensory technology in video game development can boost the market growth.
In Europe, rapid urbanization and development in the industries lead to the adoption of advanced technologies. Advanced medical infrastructure would develop the production of global and United States somato-sensory technology positively. Additionally, its adoption in medical education would foster the global and United States somato-sensory technologies market.
KEY INDUSTRY PLAYERS
"Deploying Strategies to Escalate Adoption of Somatosensory Technologies to Help Companies Grow"
The global and United States somato-sensory technology market is filled with major players aiming to provide advanced technology to consumers. The companies are investing heavily in research and development to develop advanced digital models and textures. Manufacturers are investing heavily in virtual reality (VR) technologies to develop next-generation gaming, medical facilities, and production technologies. The manufacturers such as Sony have incorporated the technology in their new consoles for providing an optimal user experience and elevating the demand for the product. Furthermore, the adoption of part-time shifts enables manufacturers to increase the production of their products and satisfy the demand. This strategy is useful for the companies to reinforce their stance during the pandemic and recover their losses.
List of Market Players Profiled
- SONY
- Nintendo
- Microsoft Corporation
- IMI
- Intel
Industry Development
- March 2021: A leader in hologram augmented reality (AR) company named WiMi collaborates with China to provide holographic education to approximately 100 million students and children in rural areas.
REPORT COVERAGE
This report provides information regarding the leading segments and the recent trends. It comprehensively discusses the impact of COVID-19 on the global market and the driving and restraining factors. Additionally, it observes the regional developments and the strategies deployed by the major players.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 24020 Million in 2021 |
Market Size Value By |
US$ 84448.65 Million by 2031 |
Growth Rate |
CAGR of 13.4% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions
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What are the analysis of key trends for the somatosensory technology market?
As per our analysis, developments in the medical facilities and progressing medical education infrastructure can act as key trends for the global somato-sensory technology market.
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What are the future prospects for somato-sensory technology market?
The report suggests that the increasing adoption in the gaming and medical education industry is expected to fuel demand for somato-sensory technology, therefore aiding market growth.
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What are the opportunities and challenges regarding the somato-sensory technology market?
Increasing applications in the film, education, medical, and healthcare industry are the major opportunities, and the higher installation and investment costs are the challenges for the industry.
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Who are the prominent key players in the market, and how will they grow in this competitive market?
SONY, Nintendo, Microsoft Corporation, IMI, Intel are some of the major manufacturers. Focus on R&D and increasing investments in virtual reality (VR) technologies can help the manufacturers grow in this market.
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At what rate will the market grow during the forecast period?
The expected CAGR is 13.4%
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How much revenue will the market generate in 2031?
The global somato-sensory technology market size is estimated to be worth US$ 24020 million in 2021 and is forecast to a readjusted size of USD 84448.65 million by 2031 with a CAGR of 13.4% during the forecast period.