Global Smart Glove Market is anticipated to reach $3,373 Million by 2023

Allied Market Research recently published a report, titled, “Smart Glove Market by Usage and by Industrial Vertical: Global Opportunities Analysis and Industry Forecast, 2017-2023”.The report states that the global smart glove market accounted $1,740 million in 2016 and is expected to attain $3,373 million by 2023, registering a CAGR of 9.5% from 2017 to 2023. In terms of revenue, specific health monitoring device segment dominated the market in 2016 owing to a rise in investment in technological advancement.

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Smart gloves are electronic devices with microcontrollers that are worn on hands as an accessory, incorporating practical functionalities and various other features in its design. These smart devices are used as a fitness tracker, fashion statement, specific health issue monitoring devices, media devices, or connected to other smart devices. Smart gloves are increasingly being fitted with next-generation technologies, such as camera control, built-in speakers, network connectivity, and sensors that are set to attract future growth prospects.

The use of flex sensors, accelerometer, microcontroller, and Bluetooth chip are important drivers that supplement the smart glove market growth. These devices use principal component analysis to classify the real-time input data for feature extraction, which enables it to translate gestures into alphabets. The market growth is hampered by low accuracy of flex sensors in reading analog values.

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North America was the highest revenue contributor to the smart glove market in 2016, accounting for around 40% share, owing to a surge in demand for advanced circuitry, wireless connectivity, and independent processing capability. In the forecast period, 2017-2023, advanced research and development facilitated by increased investment in India and China would boost the growth of smart gloves market in Asia-Pacific.

The report features a competitive scenario of the smart glove market and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Apple Inc., HaptX, Flint Rehab, Maze Exclusive, NEOFECT, Vandrico Solutions Inc. (Oxstren), Workaround GmbH (ProGlove), Samsung Electronics Co. Ltd., Seekas Technology Co. Ltd., and Lab Brothers LLC. These players have adopted competitive strategies, such as innovation, new product development, and market expansion, to drive the market.

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Rise in number of multifunctional features in smart gloves, such as a scanner, health tracker, conversion of sign language gesture into vocalized speech, assist in aid in sales for the market. In addition, the growth in convenience and compatibility in the wearable technology, is fuelling the market growth.

Key Findings of the Smart Glove Market:
The specific health issue monitoring segment accounted for the highest share in 2016.
The specific health monitoring smart glove market segment generated the highest revenue
North America is expected to dominate the market, in terms of market share, during the forecast period.

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