Authored By: Sarah
11 Jul 2024

 Smart Rings Market Size to grow by USD 34.40 billion between 2023-2027

According to a research report “ Smart Rings Market” by Technology (Bluetooth-enabled smart rings, NFC-enabled smart rings) Application (Notifications, Security, Payment, Health and wellness, Data transfer) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 34.40 billion, at a CAGR of  21.39% during the forecast period. The global smart rings market is experiencing robust growth due to the expanding digitization of the global economy. Notably, emerging economies in regions such as Asia-Pacific and the Middle East and Africa are witnessing significant digitization, driven by increasing Internet penetration, a burgeoning mobile subscriber base, and the proliferation of IoT devices. In 2020, the US accounted for approximately 10% of the global smartphone user base, and this figure is projected to expand during the forecast period. The integration of advanced technologies, including contactless payment and artificial intelligence, into wearable electronic devices is further fueling the adoption of smart rings in the global market.

Browse market data tables, figures, and in-depth TOC on “Smart Rings Market” by Technology (Bluetooth-enabled smart rings, NFC-enabled smart rings) Application (Notifications, Security, Payment, Health and wellness, Data transfer) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample

 

By Technology, the Bluetooth-enabled smart rings segment is projected to dominate the market size in 2024

In today's fast-paced business environment, staying connected is crucial. Smart rings offer a discreet and convenient solution for managing notifications from messaging and social media apps. These innovative devices, which can be paired via Bluetooth to most mobile devices, grant users easy digital access without the need to constantly handle their phones. Notifications, including text messages, calls, calendar entries, and app alerts, are conveyed through a small vibrator or color-coded LED light inside the ring. By syncing data with apps developed for major operating systems like Android, iOS, and Windows, smart rings enable users to stay informed while maintaining a professional appearance.

By Application, Notifications  segment is expected to hold the largest market size for the year 2024

The Bluetooth segment dominates the global smart rings market, driven by the demand for notification and alert features exclusive to Bluetooth-enabled devices. Integration with a smartphone is essential for these rings to function effectively. The forecast period is expected to witness a significant increase in the Bluetooth segment's market share due to the growing preference for wearable devices that provide real-time notifications. Despite their compact size, these Bluetooth-enabled smart rings require a battery, providing an average usage duration of 2-7 days from a single charge.

North America is forecasted to hold the largest market size by region in 2024

In the global smart rings market, North America emerged as the largest geographical segment in 2022. The US, being an early adopter of this innovative technology, boasts a high average selling price due to the region's significant penetration of wearable devices. The openness of end-users in North America towards new wearable technology is evident. A notable factor fueling the market growth is the substantial number of existing vendors running successful crowdfunding campaigns. Social media platforms are saturated with lucrative advertisements for these campaigns, attracting a considerable number of supporters and backers.

The Smart Rings Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Circular
  • E SENSES
  • FEMOMETER INC.
  • Guangdong Jiu Zhi Technology Co.Ltd
  • iQibla LLC
  • Jakcom Technology Co. Ltd.
  • MTG Co. Ltd.
  • Nuanic Oy
  • Origami Group Ltd.
  • Oura Health Oy
  • Rajmall Inventives Pvt. Ltd.
  • Ringly Inc.
  • SLEEPON
  • Smart Siren Technology Inc.
  • TheTouch X s.r.o.
  • Tokenize Inc.
  • Ultrahuman Healthcare Pvt Ltd
  • Wellnesys Inc.
  • McLear Ltd.
  • Pi Ring
.

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Research Analysis Overview

The Smart Rings market is witnessing significant growth as the demand for smart wearables continues to surge. According to reliable sources, the global smart wearables market is expected to reach new heights, with smart rings being one of the fastest-growing segments. These cutting-edge devices offer a fusion of fashion and functionality, providing users with health metrics such as sleep patterns, heart rate monitoring, and contactless transactions. Smart Rings are IoT devices that come with sensors like gyroscopes, accelerometers, and Bluetooth technology. They can be synced with smartphones, tablets, and even smart home appliances, allowing users to control various smart functions with just a flick of their wrist. The Smart Ring Industry is expanding beyond fitness and health tracking, with an increasing focus on contactless transactions. These rings offer a convenient and secure way to make payments, eliminating the need for physical wallets or cards. The market for Smart Rings is growing through both online and offline channels. With the rise of e-commerce, online sales are expected to dominate, but offline sales through fashion retailers and electronics stores remain significant. The future of Smart Rings looks bright, with endless possibilities in the realm of wearable technology.

Market Research Overview

The Smart Rings market is witnessing significant growth as more people with chronic health conditions turn to IoMT devices for continuous monitoring. These Bluetooth-enabled smart rings offer accurate fitness tracking for 70 health metrics, including SpO2 levels, temperature, and heart rate. With a titanium body and long battery life of up to 7 days, they are a unisex accessory that seamlessly integrates with both iOS devices and Android. The Bluetooth segment of the Smart Ring Industry is thriving, with popular models like the Luna Ring and Nod Ring from Kerv Wearables. These smart rings offer smart functions such as sleep tracking, calorie counting, and heart rate monitoring, making them a viable alternative to fitness trackers and smartwatches like the Amazfit. Moreover, these smart accessories offer contactless transactions, adding to their appeal. The Smart Ring Industry is expected to grow further with the integration of AI and chatbots like ChatGPT for personalized health insights. The market is expanding beyond wearables to include smart home appliances and online/offline sales channels. Reliable sources predict that smartphone shipments and the adoption of smart appliances and tablets will drive the demand for these cutting-edge technologies. Sensors such as gyroscopes and accelerometers are also being integrated into these rings, making them versatile and fashionable.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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