Smart Rings Market By Product Type (Android, IOS, Windows Phone, Compatible Systems) By End Users/Applications (Health and Movement, Device Control, Communication)- Growth, Share, Opportunities & Competitive Analysis, 2016 – 2028
Smart rings are the wearable technology of the future. A smart ring is a wearable electronics device that contains mobile components like as sensors and NFC chips and is used for a range of applications, the most common of which is recording daily activities and acting as a peripheral tool to support mobile devices. The rings are used to receive images, videos, phone calls, contact information, and any other digital information that may be safely transferred from smart phones. The emergence of the smart ring sector has been accelerated by entrepreneurs. Smart rings have been around for over a decade. Smart rings, as a result, are a feasible alternative to smartwatches and fitness bands. Smart ring devices can be used for a variety of purposes. The most prevalent applications we've seen on the market lately are in the health and fitness categories.
Digital payments, internet security, and access control are some of the most practical applications. More use cases will undoubtedly emerge as the smart ring market evolves. For example, one smart ring may monitor both your sleeping habits and your everyday activities. Other smart rings can handle both, in addition to contactless payments and internet security. For instance, Gucci, a well-known luxury fashion house, and Oura, a health electronics producer, have cooperated to create a premium smart ring. Gucci X Oura, priced at $950 (about $73,690), is loaded with health monitoring functions as well as a premium design, and is, naturally, intended at those who want to flaunt luxury. Some of the industry's most significant players are concentrating on smart ring design that is both unique and enhanced. The Internet of Things (IoT) and improved electronics have made it unnecessary to upgrade existing gear.
The smart ring is powered by multiple technologies such as an NFC chip, a sensor, a Bluetooth chip, a battery, a microprocessor, and a light indicator. NFC, or near field communication, is a wireless connection that employs magnetic field induction to permit communication between devices within a short range, either by bringing them close together or by touching them. As a result, NFC-enabled transactions are extremely protected against unauthorised activity. Sensors, on the other hand, are in charge of tracking whatever parameters a smart ring contains. Depending on the features that smart ring manufacturers want to add in their products, different sensors may be incorporated in the ring.
What is the Market Size of Smart Rings in terms of value?
The global Smart Rings Market is projected to increase at a significant CAGR of 27.80% in the coming years. In 2021, the global Smart Rings market was valued at USD 18.5 million and is projected to reach at the value of USD 80.60 million by 2028. The demand for Smart Rings is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD 62.10 million during the forecast period of 2022 and 2028.
What is the role of IoT and Cloud in the Smart Ring Market?
The Internet of Things (IoT) and related services are driving the development and spread of smart rings. The expansion of cloud computing is also an important signal of the expansion of smart rings. Cloud services enable greater utilisation capacity on these little miniaturised devices with limited computing capabilities. As a result, the data acquired by the smart rings can be immediately stored to a personal data repository, allowing users to govern their data management while maintaining strong data privacy standards. As a result, IoT and cloud computing services are critical for smart rings to function, and expanding their breadth and availability is likely to expand the worldwide smart rings market.
Interesting Facts about Smart Rings Industry
Electronics have changed the concept of connectivity. Smartphones and wearable devices have expanded the scope of real-time connectivity. The global smart rings market is being driven by the increasing popularity of Android smartphones, as well as its ease of use and affordability. The rising personal and professional use of smart rings is driving up demand for smart rings.
North America region had a major share in terms of volume as well as value in the global Smart Rings market in 2021 and is projected to continue its dominance over the forecast period.
Microsoft Windows, iOS, and Android are all supported by the smart rings. With around 2 billion monthly active Android users vs 1 billion iOS users, the Android OS is expected to be one of the leading consumers of smart rings in the next years.
Companies, universities, and associations are collaborating to assess challenges and identify opportunities for Smart Rings R&D.
Who are the Top 10 Players/Companies in the Smart Rings market in term of value?
The key players in the global Smart Rings market in terms of value include McLear Ltd, Nod Ring, GEAK, Ringly, MOTA, Mycestro, Arcus, Thumb Track, Ring Theory, Jakcom Technology, Sirenring, Kerv, GalaGreat, VINAYA Technologies, Logbar Ring, Xin mob(CN), Vring, Neyya, RHL Vision Technologies Pvt and Moodmetric. These key players are concentrating on new product developments as well as technological innovation to enhance their production in Smart Rings to gain competitive market share at a global level. For instance, in September 2019, Amazon released the Echo Loop Smart Ring with the purpose of keeping Alexa close at hand. The Echo Loop Smart Ring vibrates to notify users of notifications, and built-in microphones and speakers allow users to talk with Alexa.
Who are the Top 10 Countries in the Smart Rings Market?
In the global Smart Rings market, the major countries are US, Canada, China, Japan, Australia, Germany, France, Italy, Spain, and UK. The largest market share is in United States. The market's growth can be attributed to rising wearable device demand as well as improved health and fitness consciousness. Consumers are becoming more aware of the health benefits of these devices in a variety of venues, which is driving their adoption. The development of low-cost sensors has facilitated the growth of smart wearable gadgets. As a result, they are increasingly being adopted by both consumers and enterprises. The key companies in the Smart Ring market are collaborating to produce new products and expand their customer base.
Which is the Key Product Type Segment in the Smart Rings Market?
The smart rings market is divided into four categories based on operating system: Android, iOS, and Microsoft Windows, and Compatible Systems. The Android operating system sector is expected to have the biggest market share in terms of both revenue and volume. The increasing popularity of Android smartphones, as well as their ease and affordability, is expected to be the primary growth driver for this market. It is powered by Google's Android OS, a Linux-based operating system (versions: Gingerbread, Honeycomb, Ice Cream Sandwich). The biggest benefit of using an Android phone for smart ring app creation is that it gives you access to the massive app store where you can develop and launch apps. The IoS operating system, on the other hand, is expected to be the fastest expanding segment over the projected period.
What are the Major Driving Factors for Smart Rings Market?
The definition of connectedness has been altered by electronics. Smartphones and wearable technologies have opened up new possibilities for real-time connectivity. The growing popularity of Android smartphones, as well as their ease and affordability, are driving the global smart rings market. The increased use of smart rings on a personal and professional level is driving up demand for smart rings. One of the key elements driving demand for smart rings is rising consumer health awareness. The global smart rings market currently offers a diverse selection of smart rings with different health and wellness functions.
What are the Major Restraints for Smart Rings Market?
Lack of control on the data generated by organizations via their smart ring limits market expansion. Most wearable gadget privacy policies stipulate that data composed would be shared with the vendor, hence allowing for a data breach. Moreover, data breaches are a major issue for consumers, making it difficult for people to accept the use of these devices, as a result, negatively impacting market growth. The high cost of smart rings, on the other hand, is a significant constraint in the smart ring market.
Which Region Dominated the World Smart Rings Market?
In 2021, North America dominates the Smart Rings market over the forecast period. The market's expansion can be ascribed to rising demand for wearable devices and increased health and fitness awareness. Consumers in many locations are becoming more aware of the health benefits given by these gadgets, which is pushing their adoption. The proliferation of smart wearable gadgets has been aided by the development of low-cost sensors. As a result, both consumers and businesses are increasingly adopting them in this region. The Smart Ring market's major players are collaborating to develop new products and grow their consumer base. Apple Inc., Samsung Electronics Co., Ltd., and LG Electronics Inc., for example, have formed a joint venture to develop new products that will function with their respective operating systems (OS). As disposable income levels rise and infrastructure conditions improve, a rising number of customers in emerging nations are adopting smart wearable devices (ease of access to electricity, internet connectivity, etc.). This is a significant boost to the market's growth prospects. For instance, Samsung's newer smartphones include a Smart Home Operate function that allows users to control various devices linked to a SmartThings hub using natural language processing and voice recognition features built into the phones.
Asia Pacific is expected to grow significantly over the next eight years as a result of rising disposable income and changing consumer lifestyles, which will lead to the purchase of luxury jewellery products with enhanced technology features and designs. Furthermore, rising investments by major players such as Samsung Electronics Co., Ltd., Google LLC, Huawei Technologies Co., Ltd., ZTE Corporation, LG Electronics Inc., vivo, YT Technology Company Limited, and BBK electronics (Hangzhou) Technology Co.,Ltd in the launch of their own branded smartphones are driving demand for smart rings in this region.
Segmentation of Global Smart Rings Market-
Global Smart Rings Market – By Product Type
Android
IOS
Windows Phone
Compatible Systems
Global Smart Rings Market – By End Users/Applications
Health and Movement
Device Control
Communication
Frequently asked questions about the global Smart Rings industry
The global Smart Rings market is expected to be impacted significantly by COVID-19.
North America accounted for the highest share in the global Smart Rings market in terms of value.
Electronics have changed the concept of connectivity. Smartphones and wearable devices have expanded the range of real-time connectivity options. The global smart rings market is being driven by the growing popularity of Android smartphones, as well as their accessibility and affordability. Smart rings are in high demand due to their expanding application on a personal and professional level.
Product type segment had a major share in 2021 with more than 40% of the market revenue share.
Health and Movement segment had a major share in 2021 with more than 30% of the market revenue share.
