Smart Ring Market Size, Share, Growth, and Industry Analysis, By Type (Android, IOS, Windows Phone, Compatible Systems), By Application (Health and Movement, Device Control, Communication) Regional Forecast to 2032

Updated On: 15 April 2024

Smart Ring Market REPORT OVERVIEW

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The global smart ring market size was USD 23 million in 2021. As per our research, the market is projected to touch USD 208.24 million by 2032, exhibiting a CAGR of 22.0% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the Global Smart Ring Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The wearable Smart Ring is a small, light-weight device that may be written on and has a reader for near-field communications (NFC) tags. To be more specific, a smart ring that gives users the ability to control all of their digitally enabled interactions, including their smartphone, smart home appliances, Google Glass, smartwatch, and a range of others. Smart rings have sophisticated sensors, processors, and communication systems that allow them to communicate with other devices, measure and track a range of health and fitness indicators, receive and show notifications, and carry out a number of other activities.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

A significant development is the acceptance of wearable technology as a form of payment. Smart rings are becoming more popular as a contactless payment option in retail establishments. As a result, makers of wearable electronics like smartwatches, smart bands, and smart rings incorporate NFC chips into their products. As a result, contactless payments are more convenient and take less time to complete than traditional payment methods like cash or credit cards. Wearable electronic gadgets are now being used by many businesses to receive payments for their goods and services. After that, consumers can connect their favorite credit or debit card to the RingPay app to top off their ring. Another important trend is strategic collaborations, particularly with retailers and garment suppliers for contactless payment via wearable technology.

Smart Ring Market SEGMENTATION

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• By Type

Based on type the Global Smart Ring Market is classified as Android, IOS, Windows Phone, Compatible Systems.

• By Application

Based on application the Global Smart Ring Market is classified as health and movement, device control, communication.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

Market expansion is being driven by the global economy's increasing digitization. Greater digitalization is also seen in developing nations in the APAC and MEA areas, in addition to developed nations. This is brought about by a rise in the usage of mobile devices, IoT devices, and Internet of Things devices. Additionally, wearable electronic devices are incorporating cutting-edge technologies like contactless payment and artificial intelligence. The global market for smart rings is anticipated to increase favourably as a result of this. Additionally, the increased availability of wearable device-compatible apps is anticipated to fuel the market for smart rings throughout the course of the projected period.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

During the anticipated timeframe, the market share growth for bluetooth-enabled smart rings will be high. Given that demand for devices that can be powered for 2–7 days on a single charge and notification devices in general, this market is expected to experience more demand. Furthermore, unlike other wearables like smartwatches, the smart ring's small size prevents the inclusion of more functionalities. Tech-savvy people like advanced features and applications because they offer better value for the money. Thus, similar end consumers are being driven more and more to choose smartwatches and other wearables in their place.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

The expansion of the smart ring market is being hampered by alternatives. With functions like calling, messaging, and health monitoring, smartwatches are positioning themselves as an alternative. Additionally, it makes using apps on smartphones simple, which is why this market makes up the majority of wearable technology. Many vendors, like Apple, Samsung, and Fitbit, are major players in the market who are progressively forming strategic alliances with other market participants from different industries. Furthermore, unlike other wearables like smartwatches, the smart ring's small size prevents the inclusion of more functionalities. Tech-savvy people like advanced features and applications because they offer better value for the money.

Smart Ring Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

Over the next few years, it is anticipated that Asia-Pacific will continue to hold the greatest market share in terms of both value and volume. This industry is expected to increase at a compound annual growth rate (CAGR) of 23.2% from 2017 to 2025. The number of people utilising consumer electronics, such as smart phones, tablets, and wearable technology, has increased by tenfold in recent years. The market in this area has grown as a result of this. In the near future, market expansion is likely to be aided by initiatives to digitise emerging nations' economies.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Acare (Taiwan)
• Arcus (US)
• GalaGreat (China)
• GEAK (China)
• Jakcom Technology (China)
• Kerv (UK)
• Logbar Ring (Japan)
• McLear Ltd (UK)
• Moodmetric (Finland)
• MOTA (US)
• Mycestro (US)
• Neyya (US)
• Nod Ring (US)
• RHL Vision Technologies Pvt (India)
• Ring Theory (US)
• Ringly (US)
• Sirenring (US)
• Thumb Track (US)
• VINAYA Technologies (US)
• Vring (US)
• Xin mob (China)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.