Global Smart Glove Market Research Report - Segmentation By Usage (Fitness Tracker, Specific Health Monitoring Device, Media And Connected Device, Others), By Industry Vertical (Healthcare, Industrial, Fitness, Others) – Global Industry Analysis On Size, Trend, Share, Growth and Forecast 2024 to 2029

Updated On: June, 2024
ID: 13171
Pages: 175

Global Smart Glove Market Size (2024 to 2029)

The Global Smart Glove Market is valued at USD 2.12 billion in 2023 and is expected to have a value of USD 3.54 billion by 2029 from USD 2.31 billion in 2024. The expected CAGR is 8.9% during the forecast period 2024-2029.

MARKET SCENARIO

Sensor-based interactive wearable technology is used as a translator in the smart gloves for those with speech and hearing impairments. The smart gloves use different sensors such as Hall Effect sensors, Bend Sensors, and accelerometers to map hand and finger orientation. The main purpose of the smart gloves is to provide the easy sharing of ideas, reduce the communication gap, and for easy collaboration of the persona with speech and hearing impairment with others. Technology using machine-learning algorithms is designed for the automatic sign language recognition system to translate into text and sounds from the sign alphabet and common words. The algorithm software tools used in the technology provide high accuracy in gesture recognition. The advanced technology development and ongoing research and developments in smart gloves will positively impact the market in the near future.

MARKET DRIVERS

Rise in the adoption of nanotechnology and microencapsulation.

The formation process of a capsule of size from less than a nanometre to a hundred nanometres by enveloping one substance with another on a microscopic scale is called microencapsulation of nanoparticles or Nanotechnology. This technology provides a noticeable effect on the fabrics that results in the increased focus by the major players in the smart glove market on these technologies to provide a better experience to the users. On the other hand, an increase in the number of startups using the technology and a surge in the adoption of nanotechnology or microencapsulation by customers is acting as a smart glove market growth driving factor.The border adoption of smart wearables depends on the together movement of the technology development and understanding of customers’ demands. A systematic and integrated approach toward developing a user-centric system for maintaining an engagement of the user community for the long-run advances in the wearables systems is required. The purpose of the extended reality is to act as a window between the user and smart gloves. Therefore, extended reality is key for effective, intuitive, and seamless manipulation. More realistic interactions can be made between the user and the machines, and satisfying the needs beyond the simple controlling of objects can be created with extended reality. The emergence of the extended reality is a driving factor for the smart glove market shares.

MARKET RESTRAINTS

The key restraints for the smart glove market demand are the high production cost of the smart glove solution and the lack of awareness.

The incorporation of advanced technologies in smart gloves makes it an expensive product and limits potential user adoption and spread into various industries and segments. The complex setup procedure for the functionality of the smart gloves is a limiting factor for the non-tech-savvy users’ adoption and those who do not have the resources or time to invest in learning. If the comfort, ease of use, and reliability are not up to par, then the user’s acceptance will be affected, resulting in lower sales affecting the overall market growth and expansion globally.

MARKET OPPORTUNITIES

During the forecast period, the expansion of the smart glove has a lucrative opportunity due to the high market growth rate in the small market segment, along with the increase in the flexibility of wearable technology. Improving research and development activities in the technology for healthcare products will provide an opportunity to enter new user segments and expansion into new sectors. The product entry into the new emerging markets will provide an opportunity for smart glove market growth globally.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

8.9%

Segments Covered

By Components, Technology, Application, and Region.

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Brightsign, Leap Motion, Samsung, Stretch Sense, Manus, Feel The Same, AiQSynertial, Neofect, BeBop Sensors and Dexta Robotics, Noitom Ltd, Blue Infusion Technologies, and Others.

 

SEGMENTAL ANALYSIS

Global Smart Glove Market Analysis By Components

The hardware component is expected to have a significant share in the smart glove market. It includes the components like flex sensors, accelerometers, microprocessors, PCs, and Bluetooth shields. These are useful in capturing highly accurate hand and finger movements in real time. Accelerators can be used in the detection of the hand’s twisting, and microprocessors receive the signal for analyzing and calculating the data from the gestures. Lightweight and low manufacturing costs are the factors contributing to the high demand for hardware components. 

Global Smart Glove Market Analysis By Technology

Gesture recognition technology is expected to have high demand in the smart glove market in the coming years. The most beneficial feature of it is transferring hand gestures into digitally processed controls for electronic devices. Smart gloves transfer sign language into speech output that helps people with speech impairment in expressing their views. Haptic technology is the next high-demand holding segment in the market. It has flex sensors that allow users to communicate through computing devices. It helps in experiencing virtual reality.

Global Smart Glove Market Analysis By Application

Fitness trackers are increasingly having high market demand in the smart glove market during the projected period. Especially among the working age group, there is an increase in awareness about health and fitness as the expansion of the internet and smartphone penetration is high in this group. The ease in the purchase through e-commerce and increasing purchasing power will raise the contribution to the market growth. The integration of Bluetooth and Wi-fi in fitness trackers is mostly attracting young folks since the availability of many features like receiving incoming calls, messages, and others.

REGIONAL ANALYSIS

North America is projected to hold a significant share of the smart glove market during the forecast period. The rise in the adoption of wearable technology in the region is the prime factor in the market expansion. Owing to the increase in the demand for wellness surveillance applications and the incorporation of advanced technologies such as IoT and machine learning in the healthcare and industrial sectors drive the market. The acceptance of wearable computing and the involvement of significant rivals are the few factors supporting the market in the area. Further increase in the need for fitness and well-being monitoring applications in the North American region helps in the market growth.

KEY PLAYERS IN THE GLOBAL SMART GLOVE MARKET

Companies playing a prominent role in the global smart glove market include Brightsign, Leap Motion, Samsung, Stretch Sense, Manus, Feel The Same, AiQSynertial, Neofect, BeBop Sensors and Dexta Robotics, Noitom Ltd, Blue Infusion Technologies, and Others.

RECENT HAPPENINGS IN THE GLOBAL SMART GLOVE MARKET

  • Apple created a smart glove for providing a mixed reality. For providing an enhanced sensory experience to VR gamers self-mixing interferometry (SMI), the technique is being used by Apple. It allows devices to use less power and perform efficiently.

DETAILED SEGMENTATION OF THE GLOBAL SMART GLOVE MARKET INCLUDED IN THIS REPORT

This research report on the global smart glove market has been segmented and sub-segmented based on components, technology, application, and region.

By Components

  • Hardware

  • Software

By Technology

  • Gesture Recognition

  • Haptic Technology

  • Full Finger Tracking

  • Motion Capture

  • Tactile Feedback

By Application

  • Robotics

  • Bio-Medical

  • Gaming

  • Media and Sports

  • Digital Factory

  • Fitness Tracker

By Region

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

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Frequently Asked Questions

What is the market size and expected growth of the Global Smart Glove Market over the forecast period?

Smart Glove Market is valued at USD 2.12 billion in 2023 and is expected to have a value of USD 3.54 billion by 2029. The expected CAGR is 8.9%

Which country has the more market dynamic/share in Global Smart Glove Market?

North American Countries are expected to have the largest market dynamic/share in the Global Smart Glove Market.

What is the major Driving Factor of the Global Smart Glove Market?

The Smart Glove Market is primarily driven by technological advancements and the rising convenience and compatibility of wearables.

What is the most that is hampering the Global Smart Glove Market?

The growth of the smart wearable gloves market is being hampered by technical problems in the devices at vital periods, such as failure in medical situations.

What is the CAGR by the end of the forecast period of the Global Smart Glove Market?

During this forecast period it is anticipated to grow with the healthy CAGR of 8.9% over 2024-2029.

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