Smart Rings Market to Reach Value of US$ 11.44 Million by 2030, And Rise At A CAGR of 24.0%, Contrive Datum Insights
According to a market research study published by Contrive Datum Insights, Asia-Pacific has the largest market share in terms of both value and volume, and this trend is expected to continue in the coming years
Farmington, Feb. 02, 2023 (GLOBE NEWSWIRE) — The global Smart Rings Market was worth US$ 1.67 Million in 2022 and is expected to reach US$ 11.44 Million by the end of 2030, with a CAGR of 24.0% between 2023 and 2030. A smart ring is a technological accessory that can be worn on the finger. They are frequently designed for a specific function, such as tracking your health and fitness, managing your phone, or making NFC payments (near-field communication). It may also include other functions, such as alerts that notify you when you receive a text message, email, etc. Smart rings are high-tech, wearable electronic items used to store and share information. The rings are used to receive photographs, videos, phone calls, contact information, and any other digital information that may be safely transmitted from smartphones.
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The Internet of Things (IoT) and the services that work with it are a major reason why smart rings are gaining popularity and being utilized by more individuals. The expansion of smart rings parallels the expansion of cloud computing. Cloud services enable these small devices with limited computing power to be utilized in a wider variety of ways.
Smart Rings Market Recent Developments:
- In January 2015, Fujitsu Laboratories Ltd. announced that they had made a small, light ring-shaped device that can be worn and has a handwriting input feature and a reader for near-field communications (NFC) tags.
- In November 2020, RingPay by McLEAR will finally be released, and we can’t wait! As the first company to make wearable payment technology and the creator of the Smart Ring, we work hard to give our Ringholders new and exciting services. We’ve been working hard to make sure the new RingPay is full of great new services, features, and benefits that we know you’ll love.
- In June 2014, Ringly, a new iPhone-connected smart ring for women, was released. It uses Bluetooth LE to connect to a phone and lights up and buzzes when a call, text, email, or other app notification comes in.
Smart Rings Market Segmentation Analysis:
The market for smart rings is segmented by the operating system into Android, IOS, and Microsoft Windows. The Android operating system sector is anticipated to generate the greatest revenue and occupy the most market area. According to analysts, by the end of 2025, this market segment would account for 57% of the global market.
In terms of technology, the global market is divided into two categories: Bluetooth and NFC smart rings. Bluetooth-enabled smart rings dominate the market since they are simple to link to smartphones. NFC-enabled smart rings, on the other hand, are anticipated to develop at the quickest rate because they operate without batteries or electricity.
On the basis of their applications, the market is subdivided into mobile/contactless payments, user authentication and access control, information sharing, and healthcare system monitoring, among others. Smart rings equipped with NFC can be used to make payments without touching a card reader, and they can communicate information via receiving calls, texts, emails, and other notifications.
Asia-Pacific, North America and Europe, the Middle East and Africa, and Latin America are the four regions that make up the global market for smart rings. Asia-Pacific has the largest market share in terms of both value and volume, and this trend is expected to continue in the coming years. This sector is projected to expand at a CAGR of 23.2% between 2017 and 2025. The use of consumer electronics such as wearable gadgets, tablets, and smart phones has increased by a factor of 10 during the previous several years.
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Scope of Report:
|Growth Rate||24.0% from 2023 to 2030|
|Market Size in 2022||USD 1.67 Million|
|Revenue Forecast by 2030||USD 11.44 Million|
|By Technology||Bluetooth-enabled smart rings, NFC-enabled smart rings|
|By Type||Android, IoS, Microsoft Windows|
|By Applications||Mobile/contactless payments, User authentication and access control, Information sharing, Monitoring healthcare system, Others|
|By Companies||Circular SAS, Contecto, E SENSES, Fujitsu Ltd., Haltian Oy, Jakcom Technology Co. Ltd., K Wearables Ltd., Logbar Inc., McLear Ltd., Origami Group Ltd., Oura Health Ltd., Proxy, Ringly Inc., SLEEPON, Tokenize Inc, and Others|
|Historical Year||2017 to 2021|
|Forecast Year||2023 to 2030|
The fact that smart rings can be utilized in a variety of ways contributes to the market’s expansion. Smart rings can be used to unlock doors, monitor sleep patterns, and make purchases. During the forecast period, vendors are projected to transform smart rings into helpful tools with additional functions, driving the market. Aina by LazyCo is an example of an AI-powered smart ring that links to the user’s phone through Bluetooth and functions as a personalized remote for managing smart home gadgets, booking cabs, and unlocking devices.
One of the primary factors fueling the growth of the smart ring market is the prevalence of wearable payment devices. As contactless payment methods increase in popularity, industry actors are forming more partnerships to facilitate the usage of wearable devices for payment. Retailers and apparel manufacturers, among others, are collaborating with payment service providers to accept contactless payments via wearable devices.
One of the primary obstacles to the growth of the smart ring market is the existence of alternative products. A smartwatch is a multifunctional digital device that can make calls, send messages, and monitor your health by recording your steps, calories burnt, heart rate, and sleep patterns. It facilitates clients’ access to a variety of smartphone applications. A significant portion of the market for wearable technology is the market for smartwatches.
Smart Rings Market Key Segments Covered:
Top Market Players:
Circular SAS, Contecto, E SENSES, Fujitsu Ltd., Haltian Oy, Jakcom Technology Co. Ltd., K Wearables Ltd., Logbar Inc., McLear Ltd., Origami Group Ltd., Oura Health Ltd., Proxy, Ringly Inc., SLEEPON, Tokenize Inc, and Others.
- Microsoft Windows
- Bluetooth-enabled smart rings
- NFC-enabled smart rings
- Mobile/contactless payments
- User authentication and access control
- Information sharing
- Monitoring healthcare system
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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