Advancements in consumer electronics, growing popularity of Internet of Things (IoT) and connected devices, and rising awareness on health and fitness are some key factors expected to drive market growth
Market Dynamics:
Smart Glove is a high-tech rehab gadget that uses accelerometer and bending sensors to track wrist, forearm, and digit movements. It can track fitness exercises and provide fitness athletes recommendations of future exercises, counts the number of repetitions and estimates the calorie burned out. In addition, these gloves convert sign language into speech and text that help deaf and dumb individuals to convey their feelings and emotions. Further, smart gloves in manufacturing and logistics industries facilitates quality operations. For instance, in the manufacturing business, parts with visible surfaces are always evaluated using fixed cameras at the same angle and light intensity. But, its get difficult to examine sections that are not visible from the inside. By assessing parts regardless of light intensity, the image processing feature of smart gloves supports in the manufacturing of higher-quality goods. The development of sensor technology and wearable computing has been boosting demand for the application of smart gloves in various industries and is expected to contribute to market revenue growth over the forecast period.
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However, high cost of smart gloves, and lack of awareness on how-to use smart tech gloves are factors that can restrain market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Fitness Tracker Segment Revenue to Expand at a Rapid CAGR:
Fitness tracker segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing penetration of the internet and smartphones, growing awareness regarding health and fitness especially in working-class population, rising consumer disposable income levels and expansion of e-commerce platforms. A fitness tracker with Wi-Fi and Bluetooth can be used to receive incoming calls, texts, or emails without looking at the phone, which makes it more popular among younger generations.
Fitness Segment to Register Significant Revenue Growth:
Fitness segment is expected to register significant revenue growth over the forecast period owing to increasing number of health clubs and gyms, rising preferences of individuals toward their fitness goals and rising awareness about the consequences of unhealthy food and obesity that include heart strokes, diabetes and high blood pressure.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing demand of health monitoring applications, and integration of technology such as IoT, and artificial intelligence in fitness, industrial, and healthcare sectors. Further, growing popularity of wearable technology and presence of key players in the region are other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Apple, Inc
- Maze Exclusive
- HaptX
- NEOFECT
- Vandrico Solutions Inc.
- Seekas Technology Co. Ltd
- Lab Brothers LLC
- Samsung Electronics Co. Ltd
- Workaround GmbH
- Flint Rehab
For the purpose of this report, Emergen Research has segmented the global smart gloves market on the basis of usage, end-user industry, and region:
Usage Outlook (Revenue, USD Billion; 2017-2027)
- Media and Connected Device
- Fitness Tracker
- Specific Health Issue Monitoring Device
- Others
End-User Industry Outlook (Revenue, USD Billion; 2017-2027)
- Healthcare
- Fitness
- Industrial
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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