Smart Glove Market is Projected to Reach at $3,373 Million By 2023 Growing at a CAGR of 9.5%
In 2016, specific health monitoring device segment dominated the market, in terms of revenue, due to increase in investment in technological advancement. 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.
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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.
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 fueling 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.
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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