Smart Rings Market Anticipated to Grow at a CAGR of 21.39% by 2027

The Global Smart Rings Market is projected to expand by USD 34.40 billion, experiencing a robust CAGR of 21.39% from 2022 to 2027. This growth is driven by increasing global digitalization, technological innovations, and the advent of miniaturized electronic components and low-power electronics. 

Smart rings, which are wearable electronic devices equipped with sensors and NFC chips, serve multiple functions, such as tracking daily activities and acting as peripheral tools for mobile devices. They present a compelling alternative to smartwatches and fitness bands. However, the market faces challenges like the presence of substitutes, rising concerns over data security and privacy, and the physical vulnerability of smart rings.

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Market Segmentation

Technology Segmentation

The Bluetooth-enabled smart rings segment is expected to witness significant growth during the forecast period. These rings need to be integrated with smartphones to perform their functions. The demand for notification devices is driving the growth of this segment, as Bluetooth-enabled rings can power themselves for 2-7 days on a single charge due to their compact battery sizes.

Application Segmentation

The notifications segment allows users to receive alerts for text messages, calls, calendar entries, and app notifications via vibrations or LED light alerts, making digital access easier without needing to hold a mobile device. These rings are compatible with most mobile devices via Bluetooth and work with operating systems like Android, iOS, and Windows. The integration of AI and advanced notification features is expected to drive the growth of this market segment.

Regional Market Analysis

Geographical Market Share

North America is projected to contribute 34% to the global market growth during the forecast period. The US is the largest market, with significant players like Ringly based in North America. The high adoption rate of wearable devices by consumers indicates a growing demand for wearable technology. Crowdfunding platforms play a crucial role in advertising campaigns for smart ring vendors, resulting in high pre-sales. Innovations such as contactless payment options and health monitoring features are expected to further boost regional market growth.

Market Dynamics

Primary Market Drivers

Technological advances and the miniaturization of electronic components are key drivers of market growth. The bulkiness of Bluetooth-enabled smart rings compared to NFC-enabled ones affects consumer preferences, with many opting for more compact options. Research and development in microelectronics will likely lead to the creation of smart rings with higher utility and more features, attracting new consumers and increasing market penetration.

Emerging Market Trends

The use of wearable devices for contactless payments is a major trend shaping market growth. NFC chips integrated into smart rings, smartwatches, and smart bands enable convenient contactless payments, reducing transaction times compared to traditional methods.

 For instance, McLEAR launched the Ringpay Payment Ring in November 2020, allowing contactless payments of up to USD 52. Strategic partnerships with retail and clothing vendors for contactless payments through wearable devices are also boosting market growth. Advanced battery technology integrated into wearable devices enhances data capabilities for remote monitoring of fitness, health, and home life, using Bluetooth and NFC technology.

Market Challenges

The availability of alternatives, such as smartwatches, poses a challenge to the smart rings market. Smartwatches offer features like calling, messaging, and health monitoring, providing more value for money. Major players like Apple, Samsung, and Fitbit dominate the market, often partnering with other industry participants. The compact size of smart rings limits feature integration, making smartwatches more appealing to tech-savvy consumers. These factors may impede market growth during the forecast period.

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Key Market Players

Companies are employing strategies like alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to strengthen their market presence.

  • FEMOMETER INC.: Offers smart rings like the Femometer Smart Ring for Ovulation Tracking.
  • iQibla LLC: Provides smart rings such as Zikr1 lite.
  • MTG Co. Ltd.: Markets products like RingPay.

Contact us for tailored solution

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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