Smart Rings Market size is set to grow by USD 34.40 billion from 2023-2027, Growing digitization of global economy to boost the market growth, Technavio

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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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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Segment Overview 

This smart rings market report extensively covers market segmentation by

1. Technology 
• 1.1 Bluetooth-enabled smart rings
• 1.2 NFC-enabled smart rings
2. Application 
• 2.1 Notifications
• 2.2 Security
• 2.3 Payment
• 2.4 Health and wellness
• 2.5 Data transfer
3. 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.

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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.

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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

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SOURCE Technavio