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The smart rings market size is estimated to grow at a CAGR of 21.39% between 2022 and 2027. The market size is forecast to increase by USD 34.40 billion. The growth of the market depends on several factors, including the growing digitization of the global economy, advances in technology and miniature electronic components, and the development of low-power electronics. A smart ring is a wearable electronics device loaded with mobile components such as sensors and NFC chips that are used for a variety of applications, mostly tracking daily activities and as a peripheral tool to support mobile devices. This makes smart rings a better alternative to smartwatches and fitness bands.
The report includes a comprehensive outlook on the Smart Rings Market, offering forecasts for the industry segmented by Technology, which comprises bluetooth-enabled smart rings and nfc-enabled smart rings. Additionally, it categorizes Application into notifications, security, payment, health and wellness, and data transfer, and covers Geography regions, including North America, Europe, APAC, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2017 to 2021, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Advances in technology and miniature electronic components is the key factor driving market growth. One of the major factors affecting the global smart rings market is the bulkiness of the ring. NFC-enabled smart rings are compact, while Bluetooth-enabled smart rings are big and bulky. Bluetooth-enabled smart rings are preferred over NFC-enabled smart rings as they can be paired with their smartphones for notifications. However, due to the bulkiness of the rings, end-users prefer smart wristwear devices that are capable of higher functionality.
With R&D in miniature modules and chipsets, the market will witness an increase in size in the next five years. In addition, advances in the field of microelectronics can help make smart rings with higher utility and features, resulting in product differentiation. This can attract new consumers who are unfamiliar with wearable technology, resulting in higher market penetration. Therefore, the advancement and miniaturing of electronic components will drive the growth of the market during the forecast period.
The popularity of wearable devices as payment methods is the primary trend shaping market growth. There is increasing adoption of smart rings as a means of contactless payment in retail stores. Hence, wearable device manufacturers integrate NFC chips into wearable devices like smartwatches, smart bands, and smart rings. This helps ensure the convenience of contactless payment and reduces transaction time compared with traditional payment methods like cash or card method. Various vendors have also started accepting payments for their goods and services through wearable electronic devices.
For example, McLEAR launched the Ringpay Payment Ring in November 2020. They can make contactless payments up to USD 52 by using Ringpay Payment Ring. After that, to top their ring they can connect their preferred credit or debit card to the RingPay app. Further, strategic partnerships especially with retail and clothing vendors for contactless payment through wearable devices is another key trend. Hence the above factors are expected to boost the growth of the market during the forecast period.
The presence of alternatives for smart rings is a challenge that affects market growth. Smartwatches are posing as an alternative and offer features that include making calls, messaging, and health monitoring. It also provides ease of access to app users via smartphones and hence this segment forms the major share of wearable technology. Various vendors such as Apple, Samsung, and Fitbit are dominant market players who increasingly engage in strategic partnerships with other market participants from various industries.
In addition, the compact size of the smart ring limits the integration of more features while other wearables like smartwatches do not have this limitation. Advanced features and applications are preferred by tech-savvy users due to them having more value for money. Similar end users are hence being increasingly compelled to opt for smartwatches and other wearables instead. Hence, such factors may impede market growth during the forecast period.
The market share growth by the Bluetooth-enabled smart rings segment will be significant during the forecast period. A Bluetooth-enabled smart ring cannot be a standalone product, and it needs to be integrated into a smartphone to perform its functions. During the forecast period, the Bluetooth segment will see an increase in its market share. This is mainly due to the demand favoring notification devices. Bluetooth-enabled smart rings need a battery. Due to the compact size of the ring, the battery can power the smart ring for an average of between 2-7 days from one single charge.
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The Bluetooth-enabled smart rings segment showed a gradual increase in the market share of USD 2.17 billion in 2017. Several market players exist such as Oura Health which offers the Oura ring that can monitor circadian rhythm and sleep cycle. Additionally, it has other features like the ability to track pulse, body temperature, and aesthetic appeal by a wide variety of color options that include silver, black, and matte black. Hence newer technological advancements and features in smart rings are likely to increase the growth of the market during the forecast period.
The notifications segment allows users to get notifications such as text messages, calls, calendar entries, and app notifications by a vibrating or an LED light alert. This allows ease of digital access and removes the need to hold a mobile device. Additionally, they can be connected to most mobile devices via Bluetooth. Operating systems like Android, iOS, and Windows are compatible with smart rings. Furthermore, the integration of AI and more advanced notification features are likely to boost the growth of this segment of the market during the forecast period.
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North America is estimated to contribute 34% 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 US is the largest market. Ringley, one of the largest luxury smart ring market players, has its headquarters in North America. The high adoption of wearable devices by consumers is indicative of a trend to have greater demand for wearable technology like smart rings. Crowdfunding is also one of the key platforms by which smart ring vendors conduct advertising campaigns. This has exposed a greater number of supporters and backers which has resulted in many high pre-sales by vendors for their products. Additionally, other innovations such as options for contactless payment, and monitoring health status are likely to further boost the growth of the regional market during the fo4recast period.
The Smart Rings Market 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 growth strategies.
Global Smart Rings Market 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market 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 smart rings market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017-2027
Smart Rings Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.39% |
Market growth 2023-2027 |
USD 34.40 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
20.35 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, China, Germany, and Italy |
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., 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., and Pi Ring |
Market dynamics |
Parent market analysis, 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 the forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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