Portland, OR -- (SBWIRE) -- 05/25/2018 -- According to a new report by Allied Market Research, titled, Smart Glove Market by Usage and by Industrial Vertical: Global Opportunities Analysis and Industry Forecast, 2017-2023, 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.

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Smart wearable gloves are electronic devices with microcontrollers worn on hands as an accessory. This design incorporates practical functions as well as features. These smart devices are used as a fashion statement, fitness tracker, specific health issue monitoring device, media device, or connected to other smart devices. Furthermore, camera control, built-in speakers, network connectivity and sensors makes it a next generation technology with huge growth prospects.

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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.
According to Seapee Bajaj, Research Analyst, Semiconductor & Electronics at Allied Market Research, The features of smart gloves such as integration of gesture recognition, hall effect sensors, conversion of gestures into vocalized speeches, and real-time data input amongst others have a positive impact on the growth of the market.
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.

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