According to a new report published by Allied Market Research, 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.
The key players profiled in the report 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. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the smart glove market.