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The smart rings market size is forecast to increase by USD 73,210.3 at a CAGR of 31.2% between 2023 and 2028. The market's growth is driven by the increasing digitization of the global economy, which enhances connectivity and efficiency. Additionally, advances in technology and miniature active electronic components are enabling more innovative solutions across various industries. The ongoing development of low-power transparent electronics is also a significant factor, as it meets the rising demand for energy-efficient devices. Together, these elements create a favorable environment for market expansion, fostering advancements that support sustainability and improved performance in numerous applications. As businesses adapt to these changes, the potential for growth remains strong.
The market is experiencing significant growth due to the integration of cutting-edge technology such as Bluetooth, accelerometers, gyroscopes, and heart rate monitors. These sensors enable smart functions, allowing users to monitor health metrics like heart rate and sleep patterns in a fashionable way. Smart Rings also support contactless payments, making offline channel transactions more convenient. The industry is expanding, with AI-enabled chatbots like ChatGPT enhancing user experience. Smart Rings are not limited to wearables but also integrate with smart home appliances and IoT devices. Reliable sources suggest that smartphone shipments and the popularity of smart accessories are driving the market for contactless transactions and monitoring. Smart Rings, including the Nod Ring, are becoming essential accessories for individuals seeking to optimize their athletic performance and daily activities.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD th" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The bluetooth-enabled smart rings segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth, driven primarily by the integration of wearable technology and cutting-edge Bluetooth technology. These Bluetooth-enabled smart rings offer notifications and alerts, making them indispensable for users seeking to stay connected.
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The bluetooth-enabled smart rings segment was the largest segment and valued at USD 7,551.70 in 2018. However, they cannot function as standalone products and require integration with a smartphone. The Bluetooth segment is poised for growth during the forecast period, fueled by the increasing demand for smart functions and health metrics. Smart rings are equipped with sensors such as accelerometers, gyroscopes, and heart rate monitors, enabling them to track various health metrics and monitor sleep patterns. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market represents a significant portion of the global market for wearable technology, driven by the region's high adoption rate of cutting-edge technology. With a substantial number of residents already utilizing wearable devices, the openness to new innovations is palpable. Smart Rings, equipped with Bluetooth connectivity, accelerometers, gyroscopes, heart rate monitors, and smart functions, have gained popularity due to their ability to provide health metrics and enable contactless payments. Hence, such factors are driving the market in North America during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing digitization of global economy is notably driving market growth. The market is experiencing substantial growth due to the widespread adoption of wearable technology and the integration of cutting-edge features such as Bluetooth, accelerometers, gyroscopes, heart rate monitors, and smart functions. These devices enable users to monitor health metrics, including heart rate and sleep patterns, and offer smartphone integration for contactless transactions.
The industry's expansion is driven by the increasing number of smartphone users and shipments, particularly in emerging economies in APAC and MEA, where Internet penetration and mobile subscriber bases are rising. The integration of advanced technologies, such as AI and IoT devices, is further fueling the market's growth during the forecast period.
Popularity of wearable devices as payment methods is the key trend in the market. Wearable technology continues to evolve, with smart rings emerging as the latest innovation in this field. These cutting-edge devices offer a multitude of functions beyond timekeeping and fashion, including health metrics monitoring, smartphone integration, and contactless payments. Bluetooth technology enables seamless connectivity between smart rings and other devices, such as smartphones, tablets, and IoT devices.
Accelerometers and gyroscopes are integrated into smart rings to track physical activity and monitor sleep patterns. Heart rate monitors provide real-time health data, making these devices indispensable for fitness enthusiasts and health-conscious individuals. In addition to these features, smart rings offer smart functions, allowing users to control various smart home appliances and other connected devices with a simple tap. Contactless payments have become increasingly popular, and the smart ring industry is capitalizing on this trend. Hence, such factors are driving the market during the forecast period.
Presence of alternatives for smart rings is the major challenge that affects the growth of the market. The market represents an emerging segment of wearable technology, offering cutting-edge functionality through Bluetooth connectivity to smartphones. These rings incorporate advanced sensors such as accelerometers and gyroscopes, enabling them to track physical activity and monitor health metrics like heart rate and sleep patterns. Smart rings also support contactless payments, adding convenience to daily transactions.
The smart ring industry is poised for growth, driven by strategic collaborations between market participants and leading companies in various industries. Offline channels and online platforms alike contribute to the market's expansion, with increasing demand from consumers seeking fashionable, high-tech accessories. Smart rings can interact with smart home appliances, IoT devices, and tablets, enhancing their functionality and convenience. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
FEMOMETER INC: The company offers smart rings such as Femometer Smart Ring for Ovulation Tracking Size 6.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a growing technology segment, leveraging wearable devices for advanced functionalities beyond traditional timekeeping. These rings integrate technology such as biometric sensors, haptic feedback, and wireless connectivity, transforming them into versatile tools for health monitoring, communication, and convenience. Technology companies are investing in the development of smart rings, focusing on miniaturization, longer battery life, and user-friendly designs. The market for these devices is expected to grow significantly due to increasing consumer interest in wearable technology and the desire for discreet, fashionable devices. Smart rings cater to various applications, including fitness tracking, health monitoring, and security features. They offer a more personal and subtle alternative to smartwatches and other wearable devices. The market for these devices is expanding, with several players introducing new products and features to cater to diverse consumer needs. Smart rings are also gaining popularity in corporate environments, with companies offering them as employee perks or for use in access control systems. The market for these devices is expected to continue growing, driven by advancements in technology and increasing consumer demand. In summary, the market is an emerging technology segment, offering discreet, functional, and fashionable wearable devices for health monitoring, communication, and convenience. The market is expected to grow significantly due to increasing consumer interest, advancements in technology, and the desire for more personal and subtle wearable devices.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 31.2% |
Market growth 2024-2028 |
USD 73,210.3 |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
22.8 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 30% |
Key countries |
US, China, Germany, Italy, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Circular, E SENSES, FEMOMETER INC, Guangdong Jiu Zhi Technology Co.Ltd, iQibla LLC, Jakcom Technology Co. Ltd., McLear Ltd., MTG Co. Ltd., Nuanic Oy, Origami Group Ltd., Oura Health Oy, Pi Ring, Rajmall Inventives Pvt. Ltd., Ringly Inc., SLEEPON, Smart Siren Technology Inc., TheTouch X s.r.o., Tokenize Inc., Ultrahuman Healthcare Pvt Ltd, and WELLNESYS INC. |
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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