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.
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.
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.
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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.
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. 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.
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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.
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