Entry of smaller players, advancement in research & technology associated with smart gloves, and developments in wearable technologies drive the growth of the global smart glove market.
PORTLAND, Ore., April 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Glove Market by By Usage (Fitness Tracker, Specific Health Monitoring Device, Media and Connected Device, Others), by By Industry Vertical (Healthcare, Industrial, Fitness, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global smart glove industry was estimated at $2.1 billion in 2020, and is anticipated to hit $5.1 billion by 2030, registering a CAGR of 9.6% from 2021 to 2030.
Drivers, Restraints, and Opportunities-
Entry of smaller players, advancement in research & technology associated with smart gloves, and developments in wearable technologies drive the growth of the global smart glove market. On the other hand, high production cost restrains the growth to some extent. However, rise in flexibility in wearable technology is expected to create lucrative opportunities in the industry.
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COVID-19 Scenario-
- Shutdown of manufacturing units across the world impacted the global smart glove market negatively, especially during the initial phase of the pandemic.
- However, surge in the adoption of smart infrastructure solutions across consumer electronics, residential, and commercial sectors has helped the market get back on track soon.
The Specific Health Monitoring Device Segment to Dominate by 2030-
Based on usage, the specific health monitoring device segment accounted for more than one-third of the global smart glove market share in 2020, and is anticipated to rule the roost by 2030. Innovation in electronic health care is reforming the involvement of both doctors and patients in the modern health care system by outspreading the capabilities of physiological monitoring devices. This factor boosts the growth of the segment. The fitness tracker segment, however, would cite the fastest CAGR of 9.9% throughout the forecast period. As a fitness tracker, smart gloves can measure heart rates, metabolism, and track the calories burnt. This also helps increase the effectiveness of a workout. These factors drive the segment growth.
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The Healthcare Segment to maintain the Lion's Share-
Based on industry vertical, the healthcare segment held nearly one-third of the global smart glove market revenue in 2019, and is expected to lead the trail by 2030. Rise in digitization paired with advancement in vertical reality solutions in the healthcare sector propels the growth of the segment. The fitness segment, on the other hand, would manifest the fastest CAGR of 9.9% from 2021 to 2030. Increase in demand for digital fitness tracking solution drives the segment growth.
North America Garnered the Major Share in 2020-
Based on region, North America, held the major share in 2020, generating nearly two-fifths of the global smart glove market, due to surge in investment by the market players in Artificial Intelligence solutions. At the same time, the market across Asia-Pacific would grow at the fastest CAGR of 10.9% by 2030. This is attributed to rising awareness about Artificial Intelligence and IoT technology across the region.
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Key Players in the Industry-
- HaptX
- Flint Rehab
- Vandrico Solutions Inc. (Oxstren)
- Neofect
- saebo, inc.
- Samsung Electronics Co. Ltd.
- Blue Infusion Technologies
- Shenzhen Seekas Technology Co. Ltd.
- Workaround GmbH (ProGlove)
- Dexta Robotics
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