The growth of the smart glove market is majorly driven by the advancement in research and technology associated with smart gloves coupled with the entry of smaller players. Furthermore, growth in the usage of wearable technologies is anticipated to drive market growth. However, high production cost acts as a prime restraint of the market. On the contrary, a high growth rate in smaller market segments paired with rising flexibility in wearable technology is anticipated to provide lucrative opportunities for the expansion of the smart glove market during the forecast period.
The smart glove market is segmented by usage, industry vertical, and region. On the basis of usage, the market is divided into fitness trackers, specific health issue monitoring devices, media & connected device, and others. On the basis of industry vertical, the market is bifurcated into healthcare, industrial, fitness, and others. Region-wise, the market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and the rest of Europe), Asia-Pacific (China, India, Japan, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players operating in the market include HaptX, Flint Rehab, Maze Exclusive, NEOFECT, Vandrico Solutions Inc. (Oxstren), Workaround GmbH (ProGlove), Samsung Electronics Co. Ltd., Shenzhen Seekas Technology Co. Ltd., Saebo, Blue Infusion Technologies, and Dexta Robotics.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart glove market analysis from 2020 to 2030 to identify the prevailing smart glove market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the smart glove market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart glove market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Usage
- Fitness Tracker
- Specific Health Monitoring Device
- Media And Connected Device
- Others
By Industry Vertical
- Healthcare
- Industrial
- Fitness
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- HaptX
- Flint Rehab
- Neofect
- Vandrico Solutions Inc. (Oxstren)
- Workaround GmbH (ProGlove)
- Samsung Electronics Co. Ltd.
- Shenzhen Seekas Technology Co. Ltd.
- saebo, inc.
- Blue Infusion Technologies
- Dexta Robotics
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
Executive Summary
According to this report titled, 'Smart Glove Market,' the smart glove market was valued at $2.1 billion in 2020 and is estimated to reach $5.1 billion by 2030, growing at a CAGR of 9.6% from 2021 to 2030.Smart gloves are electronic devices containing microcontrollers that are worn as an accessory on the hands. This design contains both, functional and decorative elements. These smart gadgets can be used as a fashion statement, a fitness tracker, a specialized health condition monitoring device, a media device, or can be linked to other smart devices. In addition, it is a next-generation technology having enormous growth potential with camera control, built-in speakers, network connectivity, and sensors.
The growth of the smart glove market is majorly driven by the advancement in research and technology associated with smart gloves coupled with the entry of smaller players. Furthermore, growth in the usage of wearable technologies is anticipated to drive market growth during the forecast period. However, high production costs act as a prime restraint of the market. On the contrary, a high growth rate in smaller market segments paired with rising flexibility in wearable technology is anticipated to provide lucrative opportunities for the expansion of the smart glove market size during the forecast period.
The outbreak of COVID-19 has significantly impacted the growth of the smart glove market, owing to a significant impact on prime market players. Conversely, the rise in demand for the cheapest PPE gloves and Internet of Things-based smart applications, such as augmented reality applications escalated the demand for smart glove solutions during the pandemic. However, the lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrained the growth of the smart glove market. On the contrary, the emerging economies significantly witness the need for a smart infrastructure solution that is expected to boost the smart glove market share post-pandemic.
The smart glove market is segmented by usage, industry vertical, and region. On the basis of usage, the market is divided into a fitness tracker, specific health issue monitoring devices, media & connected devices, and others. On the basis of industry vertical, the market is bifurcated into healthcare, industrial, fitness, and others. Region-wise, the market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and the rest of Europe), Asia-Pacific (China, India, Japan, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
According to smart glove market analysis, the specific health issue monitoring device segment was the highest contributor in 2020, due to a surge in the adoption of virtual reality and augmented reality applications. The healthcare and fitness segments collectively accounted for around 50.7% market share in 2020. The surge in adoption of next-generation virtual reality and Internet of Things solutions has led to the growth of smart glove solutions across the healthcare and fitness segment; thereby, enhancing the smart glove industry growth.
Country-wise, the U.S. holds a significant share in the global smart glove market, owing to the presence of prime players that are continuously putting resources into action to develop VR solutions. The adoption of next-generation smart wearable devices across prime sectors has strengthened the growth of the smart glove market in the region. Moreover, the surge in demand for fitness solutions is anticipated to drive the smart glove market growth.
Key findings of the Study
- In 2020, the specific health issue monitoring device segment accounted for maximum revenue and is projected to grow at a notable CAGR of 9.2% during the forecast period.
- The healthcare and fitness segments together accounted for around 50.7% of the smart glove market trends in 2020.
- The fitness segment is projected to grow at a CAGR of 9.9% during the forecast period.
- North America contributed for the major share in the smart glove market, accounting for more than 38.2% share in 2020.
Companies Mentioned
- HaptX
- Flint Rehab
- Neofect
- Vandrico Solutions Inc. (Oxstren)
- Workaround GmbH (ProGlove)
- Samsung Electronics Co. Ltd.
- Shenzhen Seekas Technology Co. Ltd.
- saebo, inc.
- Blue Infusion Technologies
- Dexta Robotics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 208 |
Published | March 2022 |
Forecast Period | 2020 - 2030 |
Estimated Market Value ( USD | $ 2.1 billion |
Forecasted Market Value ( USD | $ 5.1 billion |
Compound Annual Growth Rate | 9.3% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |