NEW
YORK, July 17, 2024 /PRNewswire/ -- The
global smart rings market size is estimated to grow by
USD 34.40 billion from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of 21.39% during the forecast period. Growing digitization of
global economy is driving market growth, with a trend
towards popularity of wearable devices as payment methods.
However, presence of alternatives for smart rings poses a
challenge. Key market players include 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.
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Technology
(Bluetooth-enabled smart rings and NFC-enabled smart rings),
Application (Notifications, Security, Payment, Health and wellness,
and Data transfer), and Geography (North America, Europe, APAC,
Middle East and Africa, and South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
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
|
Key Market Trends Fueling Growth
The market for smart rings is experiencing growth due to the
rising adoption of contactless payment technology. NFC chips,
integrated into wearable devices like smart rings, enable
contactless payments through a direct tap and pay system at POS
terminals. This method offers several advantages, including reduced
transaction time and eliminating the need to carry cash or cards.
The use of wearable devices for contactless payment is still in its
early stages, but several industries have begun accepting payments
in this manner. For instance, McLEAR's Ringpay Payment Ring allows
users to make contactless payments of up to USD52 and offers member benefits and donation
capabilities. The popularity of contactless payment is increasing,
leading to partnerships between vendors and payment service
providers to facilitate wearable device payments. Retail and
clothing sectors are among those partnering to accept contactless
payments through smartphones or wearables. The growing preference
for contactless payments and the widespread adoption of contactless
payment terminals worldwide are expected to fuel the growth of the
global smart rings market.
The Smart Ring Industry is experiencing significant growth as
wearable technology advances. Cutting-edge technology like
Bluetooth, accelerometers, gyroscopes, and heart rate monitors are
integrated into these rings. Smart functions include health metrics
tracking, such as heart rate and sleep patterns. Offline channels
and online platforms sell these rings, with Kerv Wearables and Nod
Ring being popular brands. Contactless payments are also a feature,
allowing users to make transactions without a smartphone. AI and
chatbots like ChatGPT enhance user experience. Smart Rings work
with smart home appliances and IoT devices. Fashionable and unisex,
these rings offer accurate fitness tracking, making them a reliable
choice for athletic performance-focused audiences. The Bluetooth
segment dominates, with Bluetooth-enabled smart rings outselling
Wi-Fi models. Smartphone shipments and smart accessories sales
indicate a growing market for these innovative rings.
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Market Challenges
- The smart rings market faces challenges due to the dominance of
smartwatches in the wearable technology sector. Smartwatches, such
as those from Apple, Samsung, Garmin, and Fitbit, offer various
functionalities including making calls, messaging, and health
monitoring. These devices provide quick access to multiple apps and
have a large market share. However, the acceptance of smart rings
is slower due to their limited features and compact size, which
restricts the integration of multiple applications. Notifications,
health and wellness, security, payment, and data transfer are the
primary applications for smart rings. While there are technological
advancements, the compact nature of smart rings makes it difficult
to integrate all these applications into one device. End-users
increasingly prefer wearable devices with the highest number of
features and applications, making smartwatches and smart bands more
attractive. This trend poses a significant threat to the growth of
the smart rings market during the forecast period.
- The Smart Ring Industry is experiencing significant growth as
these wearable devices gain popularity among consumers. However,
the market faces challenges in both offline and online channels. In
offline stores, limited consumer awareness and lack of physical
try-on options hinder sales. In contrast, online sales face
competition from smart home appliances and IoT devices. Smart Rings
offer features like contactless transactions, monitoring of heart
rate, sleep patterns, and fitness tracking. However, to succeed,
they must appeal to fashion-conscious audiences and provide
accurate data. Bluetooth-enabled smart rings, such as the Luna Ring
with a titanium body, offer 70 health metrics including temperature
and SpO2 levels. With a long battery life of up to 7 days, these
rings can compete with smartwatches and fitness trackers. To expand
the customer base, smart rings must integrate with Android and iOS
devices, support Bluetooth and Wi-Fi, and cater to unisex
audiences. The future of smart rings lies in IoMT devices, helping
manage chronic health conditions.
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challenges - Download a Sample Report
Segment Overview
This smart rings market report extensively covers market
segmentation by
- Technology
- 1.1 Bluetooth-enabled smart rings
- 1.2 NFC-enabled smart rings
- Application
- 2.1 Notifications
- 2.2 Security
- 2.3 Payment
- 2.4 Health and wellness
- 2.5 Data transfer
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Bluetooth-enabled smart rings- The Bluetooth segment
is currently leading the global smart rings market due to the
availability of features like notifications and alerts in
Bluetooth-enabled rings. These rings require integration with a
smartphone to function and have an average battery life of 2-7 days
from a single charge. The compact size of these rings limits the
battery capacity, leading to bulkiness. Oura Health and Motiv are
notable vendors offering Bluetooth-enabled smart rings. Oura's
sleep-tracking ring monitors circadian rhythm, daily activities,
pulse, and body temperature, while Motiv's fitness tracker ring
focuses on daily activities, heart rate, and sleep habits. Both
companies offer aesthetically appealing designs with various color
options. Vendors are also expanding the functionality of smart
rings, enabling them to act as online security tools. These factors
are expected to boost the growth of the Bluetooth-enabled smart
rings market during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global rings market is experiencing robust growth driven by
fashion trends and cultural significance worldwide. Key players are
innovating with sustainable materials and personalized designs,
catering to diverse consumer preferences. Growth is fueled by
increasing disposable incomes and online retail expansion.
Global Slip Rings Market:
The global slip rings market is expanding with advancements in
robotics, automation, and renewable energy sectors. Key trends
include miniaturization, high-speed data transfer capabilities, and
enhanced reliability for critical applications. Growth is propelled
by industrial automation and the adoption of slip rings in wind
turbines and medical equipment.
Research Analysis
The Smart Rings market is a burgeoning segment of the wearable
technology industry, featuring cutting-edge rings infused with
advanced features. Equipped with Bluetooth technology, these rings
connect seamlessly with smartphones and tablets, offering smart
functions such as contactless payments, heart rate monitoring, and
sleep pattern tracking. Powered by sensors including accelerometers
and gyroscopes, these rings provide real-time health metrics,
enabling users to monitor their fitness levels and overall
wellbeing. The Smart Ring Industry is poised for significant
growth, with offline and online channels driving sales. Integration
with smart home appliances and IoT devices expands their
functionality, making them an essential part of a connected
lifestyle. Fashion-forward designs ensure these rings are not just
functional but also stylish additions to any wardrobe. Reliable
sources predict robust smartphone shipments and increasing demand
for smart accessories will fuel the market's expansion, making
contactless transactions and advanced monitoring capabilities more
accessible than ever.
Market Research Overview
The Smart Rings Market is a burgeoning sector of wearable
technology, featuring cutting-edge Bluetooth-enabled rings that
offer smart functions and health metrics. These rings integrate
sensors such as accelerometers, gyroscopes, and heart rate monitors
to provide accurate fitness tracking, sleep patterns, and calorie
counting. They can be synced with smartphones, tablets, and even
smart home appliances via IoT devices. Offline channels and
contactless payments are also becoming integral parts of the Smart
Ring Industry. Rings like Kerv Wearables and Nod Ring offer
contactless transactions, making everyday purchases more
convenient. AI and chatbots like ChatGPT are being integrated to
provide personalized coaching and insights. Smart Rings cater to
unisex audiences and come in various materials like titanium. They
offer reliable sources of health data, monitoring heart rate, sleep
patterns, temperature, SpO2 levels, and more. With up to 7-day
battery life and compatibility with Android and iOS devices, these
rings are becoming essential smart accessories for fitness
enthusiasts and those with chronic health conditions. The Bluetooth
segment of the smart rings market is expected to grow
significantly, with the market value projected to reach new heights
in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- 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
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
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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