Smart Glove Market

Smart Glove Market Size, Share, Growth (2023-2028)

Smart Glove Market is valued at USD 2.12 billion in 2023 and is expected to have a value of USD 3.99 billion by 2028. The expected CAGR is 8.9% during the forecast period 2023-2028.

Smart Glove Market Overview

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.

Smart Glove 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.

REPORT COVERAGE:

Smart Glove 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.

Smart Glove 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.

COVID-19 Impact on the Smart Glove Market

The COVID-19 pandemic outbreak has had a notable impact on the global smart glove market. The major operating players have seen a significant impact on the market's supply chain. The lack of a skilled workforce and delayed projects due to the lockdown principally hit the market by acting as an obstacle to the global market. The rise in demand for VR and AR-based smart solutions during the COVID-19 period across the prime sectors is the market growth propelling factor. The opportunity factors for the smart glove market are increasing demand and adoption of smart infrastructure solutions in different products like consumer electronics, residential, and commercial sectors.

Key developments in the 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.

Smart Glove Market Segmentation

By components

• Hardware

• Software

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. 

By Technology

• Gesture Recognition

• Haptic Technology

• Full Finger Tracking

• Motion Capture

• Tactile Feedback

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.

By Application

• Robotics

• Bio-Medical

• Gaming

• Media and Sports

• Digital Factory

• Fitness Tracker

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.

Smart Glove Market Regional Analysis:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

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.

Smart Glove Market Key Players

1. Brightsign

2. Leap Motion

3. Samsung, Stretch Sense

4. Manus

5. Feel The Same

6. AiQSynertial

7. Neofect

8. BeBop Sensors and Dexta Robotics

9. Noitom Ltd

10. Blue Infusion Technologies