Farmington, May 12, 2023 (GLOBE NEWSWIRE) -- The Global Smart Rings Market Was Worth At US$ 125.60 Million In 2022 And Is Expected To Reach US$ 747.41 Million By The End Of 2030, With A CAGR Of 25.8% Between 2023 And 2030. Smart rings are outfitted with sophisticated sensors, processors, and communication technologies that enable them to interact with other devices, measure and monitor a variety of health and fitness metrics, receive and display notifications, and perform a variety of other tasks. These rings are frequently designed to be fashionable and unobtrusive, making them a popular option for people who want to monitor their health and fitness without transporting bulky devices. Increased adoption of wearable technology, rising demand for healthcare and fitness monitoring, and rising interest in connected devices and the Internet of Things (IoT) are anticipated to drive significant growth in the global smart ring market over the next few years.
Request Sample Copy of Report “Smart Rings Market Size, Share & Trends Estimation Report By Type (Android, IoS, Microsoft Windows),By Technology (Bluetooth-enabled smart rings, NFC-enabled smart rings),By Applications (Mobile/contactless payments, User authentication and access control, Information sharing), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook
Based on the operating system, the market for smart rings is divided into Android, IoS, and Microsoft Windows. The Android operating system market segment is anticipated to generate the most revenue and occupy the most space. Analysts predict that by the end of 2025, this segment of the market will account for 57% of the total market. This segment is anticipated to experience the greatest growth because Android smartphones are becoming more popular and because they are inexpensive and simple to use.
Technology Outlook
Based on their respective technologies, the global market is divided into two groups: smart rings with Bluetooth and smart rings with NFC. Most people purchase Bluetooth-enabled smart rings because it is simple to attach them to smart phones.
Applications Outlook
On the basis of their applications, the market is subdivided into mobile/contactless payments, user authentication and access control, information sharing, and healthcare system monitoring, among others. NFC-enabled smart rings can be used to make purchases without contacting a card reader. They can also share information via phone calls, text messages, emails, and other forms of communication. In addition, one of the most important applications is monitoring healthcare, which can be used to track, among other things, blood pressure, heart rate, and pulse rate. In the "Others" section, you can find applications that, among other things, allow you to control the sound and brightness of your smartphone and take photographs.
Regional Analysis:
During the forecast period, Asia-Pacific is expected to maintain the largest market share in terms of both value and volume over the next few years. From 2017 to 2025, this sector is anticipated to expand at a compound annual growth rate (CAGR) of 23.2%. In recent years, the number of individuals using consumer electronics such as smart phones, tablets, and wearable devices has multiplied by ten. This has caused the market in this region to expand. In the near future, efforts to digitize developing economies are also likely to contribute to market expansion.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 25.8% from 2023 to 2030. |
| Revenue Forecast by 2030 | US$ 747.41 Million |
| By Type |
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| By Technology |
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| By Application |
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| By Companies |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Trends: One of the primary factors fueling the growth of the smart ring market is the increasing number of consumers who pay with wearable technology. As contactless payment options increase in popularity, market participants are forming more partnerships to facilitate payment with peripheral devices. Retailers and clothing merchants, among others, are collaborating with payment service providers to process contactless payments via wearable devices. Customers can pay with their phones or accessories by bringing them close to the card reader on the terminal.
Drivers: Wearable technology is growing in popularity among motorists.
The popularity of wearable devices such as smartwatches, fitness monitors, and smart glasses is increasing. This creates a demand for novel and inventive wearable products.
The development of technology
Thanks to technological advancements in areas such as miniaturization, battery life, and wireless connectivity, it is now possible to produce smart rings that are tiny, powerful, and packed with features.
More individuals value health and wellness
There is a growing demand for wearable devices that can monitor and measure a variety of health parameters, as the global importance of health and wellness continues to rise.
Increasing the use of mobile payments
As a result of the COVID-19 pandemic, more individuals are using mobile payments to avoid contacting surfaces. People are intrigued in the market due to the fact that smart rings can make mobile payments simple and secure.
Intelligent residential technology is becoming more prevalent.
As the prevalence of smart home technology grows, smart rings can be used as remote controllers for smart devices such as lights, thermostats, and security systems. This motivates individuals to purchase smart rings that can interface to smart homes.
Opportunity: As more individuals adopt cloud computing, the global market for smart rings will expand.
The global market for smart rings is likely to expand as more people acquire computers, smartphones, and other smart devices. Smart rings are essentially technological devices that enable smartphone users to store and exchange information. This technology allows users to store images, contact information, videos, and other forms of digital data.
The increased health consciousness of individuals is also beneficial to the smart jewelry industry. Smart rings are frequently used to monitor the wearer's movement, pulse rate, and sleep patterns. This technology can also be used to purchase items without touching them. People in this industry are constantly coming up with new concepts, which they then use to create high-tech smart rings with features such as improved security and personal access control.
The exponential development of smartphone usage will be beneficial to the market.
The digital rings are compatible with Windows, iOS, and Android smartphones. With approximately 2 billion monthly active Android users compared to 1 billion iOS users, the Android operating system is anticipated to be one of the largest purchasers of smart rings in the future years. In addition, the low cost of Android smartphones and the fact that they are compatible with a variety of electronic devices are anticipated to provide a substantial boost to the global smart ring market.
Challenges: The fact that there are alternative options hinders the growth of the smart ring market. A smart watch is a multifunctional digital device that can make calls, send messages, and monitor your health by tracking your steps, calories expended, heart rate, and sleep patterns. It makes it simple for smartphone users to access a variety of applications. The market for smart watches is a significant portion of the market for wearable technology. Apple Inc., Samsung Electronics Co. Ltd., Garmin Ltd., and Fitbit, which is owned by Alphabet Inc., are among the largest market participants. Consequently, the presence of these alternative options will hinder the market's growth over the next few years.
Key Segments Covered:
Top Market Players:
- Circular SAS
- Contecto
- E SENSES
- Fujitsu Ltd.
- Haltian Oy
- Jakcom Technology Co. Ltd.
- K Wearables Ltd.
- Logbar Inc.
- McLear Ltd.
- Origami Group Ltd.
- Oura Health Ltd.
- Proxy
- Ringly Inc.
- SLEEPON
- Tokenize Inc.
By Type
- Android
- IoS
- Microsoft Windows
By Technology
- Bluetooth-enabled smart rings
- NFC-enabled smart rings
By Application
- Mobile/contactless payments
- User authentication and access control
- Information sharing
- Monitoring healthcare system
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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