Press release
Smart Glove Market Expected To Reach $3,373 Million, Globally, By 2023 | The key players profiled Workaround GmbH (ProGlove), Samsung Electronics Co. Ltd., Seekas Technology Co. Ltd., and Lab Brothers LLC
The global smart glove market was valued at $ 1,740 million in 2016, and is projected to reach at $3,373 million by 2023, growing at a CAGR of 9.5% from 2017 to 2023. In 2016, specific health monitoring device segment dominated the market, in terms of revenue, due to increase in investment in technological advancement.
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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 surge in demand for advanced circuitry, wireless connectivity, and independent processing capability.
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.
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.
Top Impacting Factors:
Advancement in Research and Technology
Influx of technological reforms in smart glove segment has driven the growth of the market. Features, such as tactile sensing and fine-motion control in robotics, increasing demand for health and fitness monitoring application make it a potential market for the prospective customers and users.
Growth in Usage of Wearable Technology
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.
High Cost of Manufacturing
The initial cost of a smart glove is high, which involves regular investment on maintenance and frequent software upgradation which restricts the adoption of smart gloves, thereby hampering the market growth.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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