Global Smart Rings Market: Snapshot
Smart rings are technologically advanced wearable electronic devices that are being used for information storage and sharing. The rings are used for receiving pictures, videos, calls, storing contact information, and any other digital information that can be transferred securely from smart phones. The report states that the global smart rings market was valued at US$1.67 mn in 2016 and is expected to reach US$11.44 mn by the end of 2025, as the market is slated to register a CAGR of 24.0% between 2017 and 2025.
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Internet of Things (IoT) and related services are an important driver for the development and diffusion of smart rings. Growth of cloud computing is also a significant indicator for the growth of smart rings. Cloud services allow more usage capacity on these small miniaturized devices with limited processing capabilities. Therefore, the data collected by the smart rings can be directly stored to personal data repository, thereby facilitating users to control their data management under high data privacy standards. Hence, IoT and cloud computing services are crucial for the smart rings to perform and broadening its scope and availability is expected to broaden the global smart rings market.
Android Systems to Hold a Dominant Share in the Smart Rings Market
The smart rings market is segmented on the basis of type of operating system into Android, IoS and Microsoft Windows. The android operating system segment is is anticipated to acquire the largest market share both in terms of revenue and volume. Analysts anticipate that this segment will account for a share of 57% in the global market by the end of 2025. The growing popularity of android smartphones, their convenience, and affordability is likely to be the key growth driver for this segment. On the other hand, the IoS operating system is likely to the fastest growing segment throughout the forecast period.
Technologically, the global market is segmented into Bluetooth-enabled smart rings and NFC-enabled smart rings. Bluetooth enabled smart rings acquire the dominant market share since they can be easily integrated with smart phones. However, NFC enabled smart rings segment are expected to grow with the highest CAGR as these smart rings are capable of performing without batteries or electricity.
On the basis of applications, the market has been further segmented into mobile/contactless payments, user authentication and access control, information sharing, monitoring healthcare system and others. The NFC-enabled smart rings are able to perform contactless payment functions while information sharing includes receiving call, text email and other notification alerts. Further, monitoring healthcare has been emerging as the most important application sector given its ability to track various fitness issues such as monitoring blood pressure levels, heart beat and pulse rate among others. The others application segment includes functions such as controlling audio and brightness of smart phones and taking pictures among others.
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Asia Pacific Emerges as the Key Region in Global Smart Rings Market
Geographically, the global smart rings market is divided into Asia Pacific, North America Europe, the Middle East and Africa, and Latin America. Of these, Asia Pacific is presently holding the largest market share both in terms of value and volume and is expected to maintain its dominance over the forecast period. This region is anticipated to progress at a CAGR of 23.2% between 2017 and 2025. An exponential rise in the usage of consumer electronics such as wearable devices, tablets, and smart phones has propelled this regional market in the past few years. Furthermore, the efforts to digitize emerging economies is also expected to favor market growth in the near future.
Some of the leading market players in the smart rings market are McLear Ltd., Log bar Inc., Moodmetric, Shanxi Jakcom Technology Co., Ltd., and Ringly Inc. among others.
