Smart Rings Market size is expected to accumulate substantial revenues by 2032, on account of surging adoption of tablets, smartphones, and other smart appliances. As per credible sources, smartphone shipments witnessed an increase of over 110% in India during April-November 2022 as compared to the same period in 2021. With smartphones becoming a necessity in recent years, the demand for smart devices such as smart rings is also likely to go up in a notable manner.
Smart rings are used for seamless contactless transactions, recording daily health activities such as heart rate, sleep patterns, and others. Surging demand for contactless payment solutions due to the pandemic’s effects is escalating industry growth. As per a 2020 survey, cash transactions made up only 19% of all transactions in the US. Several emerging economies such as India are focusing on the transition towards a cashless economy, which may present growth pathways to industry.
With respect to operating system, smart rings market from the Android segment is poised to grow at a substantial CAGR from 2023 to 2032, fueled by the growing number of active Android users globally. The better compatibility of Android devices with wearable and peripheral devices coupled with their varied prices has bolstered their adoption amongst low and middle-income consumer groups. In fact, high availability of customization options with third-party applications has also proliferated the demand for such devices.
On the basis of technology, smart rings industry from the bluetooth segment is predicted to register considerable revenue by 2032. Bluetooth-enabled smart rings have gained widespread traction given their ability to easily get integrated with smartphones. Unlike near-field communication technology, Bluetooth does not require Wi-Fi, which favors its usage. Additionally, it offers a high operating range and requires a manual setup for pairing the devices.
Asia Pacific smart rings market is anticipated to observe notable revenue gains through 2032, owing to growing government initiatives from regional economies such as China and India towards the promotion of digitalization. In fact, the Government of India recently unveiled its flagship Digital India Programme to transform the nation into a digitally empowered society.
Regional expansion can also be attributed to surging use of consumer electronics such as tablets, laptops, smartphones, wearable devices, and others. As per credible sources, India’s smartphone exports surpassed USD 10 billion in FY 2023.
Major players in the smart rings market are McLEAR, Log bar, Moodmetric, Oura, MOTA Group, Kerv Wearables, Fujitsu and Vinaya. These firms are prioritizing long-standing partnerships to capture high market share while creating brand value. Citing an instance, in May 2022, Oura, a Finnish health technology company inked a deal with Gucci, an Italian luxury fashion brand to elevate its versatile yet sleek smart rings with a luxury fashion twist.
Moreover, the special edition of Gucci x Oura Ring and the accompanying app utilizes Oura’s research-grade technology to offer personalized health guidance to users.
The inflation caused by COVID-19 pandemic, European energy crisis, and Russia-Ukraine war had a negative impact on smart rings market. It has drastically reduced the spending power of consumers with many now putting off spends on luxury items and novelty products. Additionally, the ongoing semiconductor shortage is further adding to the challenge by effectively inflating the price of the final product.
However, rising efforts by governments across the world towards mitigating the effects of inflation are likely to bring some recovery to the industry.