Smart Ring Market

Global Smart Ring Market Size (2023 to 2028)

The global smart ring market is expected to be worth USD 72.27 million by 2028 from USD 26.25 million in 2023, growing at a compound annual growth rate (CAGR) of 22.45% during the forecast period.

Smart rings are the new age wearable electronic devices that connect with the mobile using Bluetooth or near-field communication (NFC) technology and offer functionalities such as health tracking, gesture control, mobile payments, and communication.

Global Smart Ring Market Drivers:

The primary factor attributing to the growth of the global smart ring market is the increased demand for easy-to-use wearable electronics among consumers. These wearables offer improved convenience and provide various options to individuals like fitness tracking, payments, notifications, and so on. Also, there is a growing focus on the visual appearance and stylish design of electronic devices, supporting the adoption of smart rings. The augmented need for a healthy lifestyle resulted in the widespread sales of wearable devices that offer fitness tracking activities like sleep monitoring, calorie counter, steps counter, heart rate tracking, and others. Smart rings provide a convenient and easy-to-carry option for health monitoring, which encourages more people to purchase the products.

With the advances in technology, customers are looking for more effective options to manage their daily calls, messages, and application notifications rather than using mobile phones all the time. This requirement has propelled the use of wearables like smart rings, supporting the global market growth. In addition, the NFC technology available in these smart rings supports contactless payments at merchant outlets. As all the nations around the world are transitioning to digital and cashless transactions, smart rings are expected to witness tremendous growth in the following years. The advances in technology have enhanced the performance and functionality of wearables such as long battery life, new sensors, and app compatibilities, promoting sales in the global smart ring Market. Besides connecting with smartphones, smart rings also provide a safe and secure environment for personal and confidential data.

The recent trends of urbanization and digitization have fostered the need for more portable and effective applications, which is a positive aspect of the smart ring market. Furthermore, the rising consumer awareness about the benefits of wearable devices, the use of smart rings in preventive healthcare solutions, and the availability of user-specific features are bolstering the demand in the international marketplace for these rings. Moreover, the spike in the research and development activities to integrate smart rings with smart home appliances to enhance security is likely to create more opportunities for the global smart ring market in the forecast period.

Global Smart Ring Market Restraints:

The major limitation of the smart ring market is the high cost associated with these products, which is discouraging a wide range of consumers in cost-sensitive and developing areas of the world. Also, the issues with the limited battery range because of the less space for additional cells are a challenge for the business. In addition, there is a huge complexity involved in the manufacturing of compact-sized sensors, processors, and miniature devices, hindering the new entrants. Besides, the smaller size of these rings results in limited functionalities compared to other smart devices in the market. The consumers’ interest in other alternatives with more options coupled with concerns related to data security and privacy are acting negatively for the smart ring market. Also, the integration challenges of smart rings with different devices like smartwatches, smart homes, and smartphones can hamper their adoption. Moreover, the aesthetic appearance according to the changing fashion trends, comfortable fitting for daily use, customization according to the user requirements, the durability of the device, and data accuracy are some of the areas that can restrain the global smart ring market in the coming days.

Impact of COVID-19 on the smart ring market:

The COVID-19 pandemic had a profound impact on the global smart ring market. The lockdown situation across the world led to supply chain disruptions and logistics challenges for manufacturers and distributors. The strict government restrictions forced industries and start-up companies to halt research and development activities, thereby impacting the innovations and production of new devices. Also, the COVID-19 pandemic led to a change in priorities for people and companies, resulting in postponement and delays in the launch of novel technologies. In all the sectors, the major focus was shifted towards immediate needs, affecting the demand in the smart ring market. Further, the strict social distancing measures, travel limitations, remote working, and other safety measures negatively impacted the productivity and development of the business. However, with the ease of lockdown conditions, the worldwide market started to continue growing because of the emphasis on improved lifestyle and preventive healthcare. Consumers are turning towards wearable devices to regularly monitor their health and take necessary actions beforehand. Moreover, the interest among companies to spend more on advanced technologies like smart houses and connected devices is likely to benefit the smart rings market in the future.

REPORT COVERAGE:

This research report on the global smart ring market has been segmented and sub-segmented based on technology, operating system, application and region.

Global Smart Ring Market – By Technology:

• Bluetooth
• NFC

The Bluetooth segment dominated the global smart ring market in 2022 and is likely to record steady growth in the forecast period. The rising use of smartphones to undertake daily activities is encouraging consumers to look for options that are more compact such as smart rings. Bluetooth technology enables easy pairing of smartphones and smart rings without any internet or Wi-Fi. The benefits of Bluetooth-enabled devices like notifications, activity tracking, and health monitoring are supporting the growth of this segment in the international marketplace.

On the other hand, the NFC segment is also gaining traction due to their advantages such as less power supply or batteries compared to Bluetooth devices. However, the requirement for constant internet to use the NFC is limiting the reach of this technology.

Global Smart Ring Market – By Operating System:

• Android
• iOS
• Microsoft Windows

The Android segment is predicted to dominate the global smart ring market in the coming years. The surge in the sales of Android smartphones is the primary factor expected to boost the growth of this segment. The easy affordability and accessibility of Android phones are driving the demand for their business. In addition, the simple compatible options with third-party service applications are another positive element of this operating system. However, the iOS-compatible smart rings are also supposed to expand at a considerable rate due to the enhanced security features and appealing product designs.

Global Smart Ring Market – By Application:

• Health & Wellness
• Data Transfer
• Merchant Payments
• Notifications
• Security

The health & wellness applications of these smart rings are anticipated to rule this segment in the international market with the changing consumer preferences for a healthy lifestyle. After the COVID-19 pandemic, there has been a humungous demand for wearable electronic devices to regularly track blood pressure, oxygen, blood glucose, and heart rate. This need for tracking devices is foreseen to continue in the following years, contributing to the profits in this segment.

Similarly, the notifications segment is also estimated to flourish in the predicted timeframe because of the seamless integration of the smart rings with smartphones irrespective of the operating system. The easy-to-carry and maintain features of these rings are supposed to boost their sales in the future, avoiding the use of mobiles for any notifications.

Global Smart Ring Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America recorded the lion’s share in the global Smart Ring Market. The USA is the leading market in this region due to the presence of some of the key players, technical awareness among the population, and high demand for wearable electronics. The flourishing demand for smart devices that are more effective and portable among all demographics is creating a positive outlook for the market in this area. Canada is also a prominent region in North America that offers a huge scope for business growth in the coming years.

The Asia Pacific region is supposed to register the highest growth rate in the foreseen period due to the expanding population and their demand for convenient options. The increasing foreign investment and setup of manufacturing units in nations like India, South Korea, and China are creating a positive environment for the Smart Ring Market. Similarly, the surge in consumer disposable income coupled with the awareness of the benefits of smart rings is supporting the market demand in this locale. The rising investments in state-of-the-art technologies and research and development activities in smart devices are further predicted to fuel the business in the APAC countries.

Europe is also a significant market that will grow at a notable rate in the future owing to the latest innovations in emerging technologies like miniature electronics and wearable electronic devices. The mature fashion industry along with the presence of some of the luxury brands is creating a huge scope for the smart rings business in this region. Besides, the supporting government regulations related to data security and wearable devices are benefitting local businesses.

Latin America is an emerging region in the global Smart Ring Market because of the recent improvements in the local economy and supportive government initiatives for research activities. Brazil is the leading nation in this market with the increasing demand for consumer electronics among people.

The Middle East and Africa region has a comparatively smaller presence in the global Smart Ring Market. However, the latest technological developments, expansion of internet connectivity and digital infrastructure are supposed to create more business opportunities for this region in the future.

KEY MARKET MANUFACTURERS:

Companies playing a key role in the global smart ring market include MTG Company Ltd, FEMOMETER Inc., Kerv Wearables, iQibla LLC, E-Senses, McLear, Logbar Ring, Moodmetric, Fujitsu, Ringly Inc., Jakcom Technology, NFC Ring, Vinaya, Oura, TheTouch X, Nimb, Nod Ring, MOTA, Mycestro, GalaGreat, Origami Group Limited, Tokenize Inc., Wellnesys Inc., Pi Ring, and Smart Siren Technology, Inc.

NOTABLE HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• In July 2023, Noise, a leading consumer electronics company introduced its first smart ring known as Luna Ring in India. Made of a titanium body, this premium smart wearable can capture around 70 health parameters like temperature, SpO2, blood pressure, and heart rate. With a 7-day long battery life, Luna Ring is compatible with all operating systems.
• In December 2023, Bonatra, a health-tech company that develops human longevity programs introduced its new wearable smart ring called Ring X1. Integrated with the company’s mobile application, Ring X1 offers continuous glucose monitoring along with the regular tracking of heart rate, steps, SpO2, sleep, temperature, and HRV.
• In June 2023, an India-based start-up company Ultrahuman launched its new wearable device Ultrahuman Ring Air that can track sleeping patterns. This new ring is the successor to the company’s earlier released Ultrahuman Ring.