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2022
Smart Glove Market

Smart Glove Market

by Usage (Fitness Tracker, Specific Health Monitoring Device, Media And Connected Device, Others), by Industry Vertical (Healthcare, Industrial, Fitness, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030

✷  Report Code: A04220
Pages: 208
Mar 2022 | 14617 Views
Author(s) : Himanshu J , Vineet K
Tables: 110
Charts: 53
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The global smart glove market was valued at $2.1 billion in 2020, and is projected to reach $5.1 billion by 2030, growing at a CAGR of 9.6% from 2021 to 2030.

The smart glove is an enhanced wearable device designed to enable users to touch and operate virtual objects more naturally and directly. Further, the smart wearable gloves pretend to give sensitive inputs that user hands can feel, specifically kinesthetic and tactile feedback that simulates touching and handling items. Moreover, smart devices can be used as a fashion statement, a fitness tracker, a specialized health concern monitoring device, a media device, or they can be linked to other digital devices.

In addition, PPE gloves technology is witnessing a revolution across healthcare technologies, assistive technologies, smart homes, and robotics, owing to the ability to offer interactive experiences with the real and virtual worlds through a variety of virtual and augmented reality systems. Moreover, the rise in utilization of virtual reality-based smart glove technology in fitness and gaming solutions is expected to drive the smart glove market growth during the forecast period.

The smart glove market is significantly affected by the emergence of COVID-19, owing to the shutdown of manufacturing units globally. However, the market is expected to register significant growth in the coming years due to the adoption of smart technologies in the regions worldwide.

The smart glove market is expected to witness notable growth during the forecast period, owing to the entry of smaller players. Furthermore, advancement in research and technology associated with smart gloves significantly contributes towards the growth of the market. Moreover, growth in the usage of wearable technologies is expected to propel the growth of the smart glove market growth during the forecast period.

However, the high production cost is one of the prime factors that restrain the market growth. On the contrary, a rise in flexibility in wearable technology and a high growth rate in smaller market segments are expected to provide lucrative opportunities for the growth of the market during the forecast period.

The outbreak of COVID-19 has significantly impacted the growth of the smart glove market outlook in 2020, owing to a significant impact on prime players operating in the supply chain. However, the rise in demand for VR and AR-based smart solutions across prime sectors is one of the major factors that propel the market growth during the COVID-19 pandemic. On the contrary, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdown, globally. Furthermore, the surge in the adoption of smart infrastructure solutions across consumer electronics, residential, and commercial sectors is expected to strengthen the smart glove market opportunity post-COVID-19.

The smart glove industry is segmented by usage, industry vertical, and region. Based on usage, the market is divided into fitness trackers, specific health issue monitoring devices, media & connected devices, and others. The specific health issue monitoring device segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.

Smart Glove Market
By Usage

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Specific health monitoring device segment influence the market in 2020, and expected to follow the same in future.

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On the basis of industry vertical, the market is bifurcated into healthcare, industrial, fitness, and others. The healthcare segment acquired the largest smart glove market share in 2020. However, the others segment is expected to grow at a high CAGR from 2021 to 2030.

Smart Glove Market
By Industry Vertical

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Healthcare segment hold domination position in 2020.

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Region-wise, the smart glove 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). North America, specifically the U.S., remains a significant participant in the global smart glove market forecast. Major organizations and government institutions in the country are intensely putting resources into the technology, therefore, driving the smart glove market size in this region.

Smart Glove Market
By Region

2030
North America 
Europe
Asia-Pacific
LAMEA

North America segment garner significant market share in 2020.

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TOP IMPACTING FACTORS

Significant factors that impact the growth of the global smart glove industry include, advancement in research and technology associated with smart gloves paired with growth in the usage of wearable technologies. Moreover, the entry of smaller players is expected to drive the growth opportunity in the market. However, high production cost hampers are acting act as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, a rise in flexibility in wearable technology and high growth rate in the smaller market segment is expected to offer potential growth opportunities for the smart glove market during the forecast period.

COMPETITION ANALYSIS

Competitive analysis and profiles of the major smart glove market players, such as 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 are provided in this report.

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.

Smart Glove Market Report Highlights

Aspects Details
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
 

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The smart glove market is predicted to rise at an exponential rate during the forecast period. Improvement in human-to-machine interaction and virtual reality and artificial intelligence-powered smart gloves are likely to fuel the market growth. In addition, the surge in demand for the Internet of Things and smart infrastructure solutions in consumer electronics, residential, commercial, and healthcare sectors are expected to drive the growth of the market in the coming years.

The smart glove market is highly competitive, owing to the strong presence of existing vendors. Smart glove vendors who have access to extensive technical and financial resources are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors.

The surge in the adoption of digital infrastructure solutions across emerging economies drives the need to enhance smart glove solutions. Moreover, prime economies, such as China, South Korea, and Japan, plan to develop and deploy next-generation VR and AR solutions across various sectors. For instance, on September 25, 2021, the Ulsan National Institute of Science and Technology, announced the development of the world’s first virtual reality gloves with heat, vibration, and motion controls all integrated together. This new VR glove is built in real-time and reflects changes on the display, which is anticipated to provide lucrative opportunities for market growth.

Among the analyzed regions, North America exhibits the highest adoption rate and has experienced a massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, South Korea, and others, investing in these technologies. Regions, such as the Middle East and Latin America, are also expected to offer new opportunities in the smart glove market.

Globally, various key players and government agencies operating in the smart glove market are investing in next-generation VR solutions to make them compatible with various industrial platforms. For instance, in November 2021, Meta, announced the development of a next-generation VR solution to fit into the plans of the metaverse: a haptic feedback glove that allows CEO, Mark Zuckerberg to play Jenga in virtual reality, which showcases lucrative growth opportunities for the market growth. 

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

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FREQUENTLY ASKED QUESTIONS?

A. Smart Glove applications in the gaming industry globally are witnessing a rise, owing to virtual reality solutions in digital gaming.

A. Healthcare, Fitness, and Industrial sectors are some of the leading Industry Vertical of the smart glove market.

A. North America, specifically U.S., remains a significant participant in the global smart glove industry

A. The smart glove market was valued at $2.07 billion in 2020 and is projected to reach $5.11 billion by 2030.

A. HaptX, Workaround GmbH, Samsung Electronics Co. Ltd, NEOFECT, and • Shenzhen Seekas Technology Co. Ltd. are some of the leading players in the smart glove market.

A. The smart glove market is expected to grow at a CAGR of 9.6% from 2020 - 2030

A. Advancement in research and technology associated with smart gloves, growth in the usage of wearable technologies, and rise in flexibility in wearable technology are driving smart glove market growth.

A. By usage and industry vertical are two segments of the smart glove market.

A. Product Launch, Business Expansion, Collaboration, Partnership, are some of the key growth strategies adopted by smart glove market players.

A. By Industry vertical, Healthcare dominates the smart glove market.

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