Smart Rings Market to Benefit from Increased Demand for Health-monitoring Smart Wearable Devices

While smart devices in the form of bands and watches have already created immense buzz in the wearable devices sector, smart jewelry is also steadily gaining increased attention from worldwide consumers who prefer more subtle and fashionable options in wearable devices. Smart rings are one of the smart jewelry options that are garnering a lot of attention from consumers and a number of companies have already ventured in the area, trying to exploit the rising set of opportunities.

However, the small size of the product presents several challenges in terms of the technologies that can be integrated into them. Nevertheless, the positive pace of technological advancements in the field of wearable devices, massive strides achieved by the technology world in terms of miniaturized electronics, and some companies that relentlessly investing in the area could bring steady development in the smartrings market. In a recent report, Transparency Market Research predicts that the global smart rings market will register an impressive 24.0% CAGR from 2017 to 2025. If the prediction holds true, the market could rise to a revenue opportunity of US$11.44 mn by the end of 2025, rising from an opportunity of US$1.67 mn in 2016.

In this write-up, we bring to you answers to some of the key trends witnessed in the global smart rings market in the recent times, courtesy TMR analysts:

What are the most influential factors that could define the future growth trajectory of the market?

The rising trend of digitization and the increased preference to contactless payment across a number of industries is predicted to be the key factors making consumers more open to a variety of smart wearable devices. Smart rings are the apt choice for consumers who wish to exploit the benefits of wearable electronics but need something low-key looking, small, and fashionable at the same time.

Paving way for increased popularity of the market is also the fact that the market is witnessing the rise of a wide set of products with a vast range of features and in a variety of designs suitable for varying consumer choices. An instance is the Oura Ring, a smart ring that works as a notifier and fitness tracker. The product has witnessed a sleek update recently, in terms of both design and functionality. The new edited collection of Ouras feature a band that is around half the width of the original product and looks like a classic wedding band. The new Ouras have sensors that help track aspects such as body temperature, heart rate, sleep stages, and resting heart rate. The companion app of this range of smart rings, which crunches and analyzes all the data, effectively works with both iOS and Android devices.

Which applications of smart rings are presently the most lucrative?

In terms of the key applications for which smart rings are used, the segment of healthcare monitoring is presently one of the most sought-after. A vast rise in the global geriatric population is boosting the need for health monitoring systems, thereby creating a vast rise in demand for wearable devices catering to these needs. In addition, the thriving global healthcare sector and rising sense of health consciousness among people around the world are working in favor of this application of the smart rings market. The trend is expected to remain strong in the next few years as well.

Geographically, North America and Asia Pacific are expected to account for a significant cumulative share in the revenue pie of the global market in the near future. The growing demand for consumer electronics and medical products, particularly wearable and portable ones, and rising disposable income of the population in emerging economies across Asia Pacific will contribute to growth opportunities. The market in North America will be driven by the presence of advanced medical equipment manufacturing facilities in countries such as the U.S. and Canada.  


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