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A04220 | Pages: 208 | Charts: 53 | Tables: 110 |
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.
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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.
[BYUSAGEGRAPH]
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.
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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.
[REGIONGRAPH]
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 Market Segments
Key Market Players