Smart Ring Market To Reach USD 1,405.1 Million By 2032 Report By DataHorizzon Research
Augmentation in wearable technology devices is accelerating the smart ring market
Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Smart Ring Market size was valued at USD 147.1 Million in 2022 and is expected to have a market size of USD 1,405.1 Million by 2032 with a CAGR of 25.4%.
The use of smart rings is increasing as more people opt for fitness accessories in their daily routines. These devices help track physical and mental well-being and provide a trendy style for self-grooming. Advancements in AI and IoT are expected to drive this trend even further.
Smart rings use cutting-edge technology like the Internet of Things to unlock digital locks, connect with devices, and process payments. They also provide real-time health data, making them ideal for remote patient monitoring during the pandemic.
Smart rings are being developed to offer improved control over smart devices. This is especially beneficial for homeowners with multiple smart appliances. However, smartwatches are much more expensive than fitness trackers, making them inaccessible to many. Additionally, smart rings can be challenging to read notifications from, unlike other wearable devices, due to their small size.
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Segmentation Overview:
The global smart ring market has been segmented into application, technology, and region. The smart ring is a popular fitness tracking device that accurately monitors daily physical activities such as steps taken, distance covered, and burned calories. It also functions as a wireless smartphone controller, enabling music control, setting alarms, and receiving calls from a distance. Smart rings are equipped with NFC technology for contactless payments, transit tickets, and smart home control.
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Smart Ring Market Report Highlights:
The global smart ring market growth is anticipated at a CAGR of 25.4% by 2032.
The smart ring market is expanding thanks to the growing popularity of wearables, increasing demand for health and fitness tracking, and rising interest in connected devices and IoT.
The North American market dominates due to its technological advancements, quick adoption of new tech, and increased spending on smart home and contactless payment solutions.
Some prominent players in the smart ring market report include Bellabeat, Sky Labs, Oura, McLear Ltd., Circular Ring, Sleepon, Boat, Noise, Token Ring, Ultrahuman, and others.
Industry Trends and Insights:
In collaboration with Il Jin Electronics, Noise, a wearable devices and smartphone accessories brand, has formed a joint venture to enhance its offerings.
boAt, India's leading earwear brand, has partnered with Warner Bros Consumer Products and DC to create superhero-themed audio wear designed for DC fans under the brand boAt | DC.
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Smart Ring Market Segmentation:
By Application: Health And Wellness Management, Fitness Tracking, Sleep Monitoring, Contactless Payment, And Others
By Technology: NFC Technology And Bluetooth Technology
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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