According to a new market research report published by Credence Research “Smart Rings Market (By Technology: Bluetooth and NFC) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, smart rings market was valued at US$ 1.67 Mn in 2016 and is expected to grow at a CAGR of 18.9% during the forecast period from 2017 to 2025
The complete report is available at http://www.credenceresearch.com/report/smart-rings-market
Modern day electronics have changed the definition of connectivity. Gadgets such as smartphones and wearable devices have opened new avenues in real-time connectivity. In present times, a variety smart wearable are available for multiple applications such as health and fitness tracking, online payments, user identification, access control and information sharing, among others. The smart ring is one such wearable device which has gained popularity in recent times. The demand for smart rings is consistently growing and is expected to grow even further during the forecast period from 2017 to 2025.
Smart rings are swiftly advancing in terms of technology, functionality, and aesthetics. The use of smart rings is on the rise for personal as well as professional utilities. Consequently, the market for the smart rings is expected to demonstrate significant growth in the following years. Manufacturers are coming with the innovative and improved design of smart rings. Integration of advanced electronics and rise of Internet of things (IoT) have aided in the up gradation of existing hardware. In addition, design and development of enhanced smart rings for all current platform including IOS, Android, Blackberry OS, and Windows are one of the key strategies adopted by the smart ring manufacturing companies. Consequently, the range of applications for the rings is expanding even further with continued product enhancement.
The smart rings basically use two technologies to connect with other smart devices. The first smart rings were enabled with Bluetooth connectivity to connect with smartphones. As of 2016, Bluetooth enabled smart rings dominated the overall smart rings market. NFC smart rings offer better connectivity and secure information and data transfer when compared to Bluetooth smart rings. Consequently, the demand for NFC smart rings is expected to grow at a brisk rate in the following years.
Smart rings market is still in its nascent stages and is characterized by a limited number of smart ring manufacturers. Technology up gradation and improving the aesthetic value of the product is one of the prime focus of smart ring manufacturers across the world. Some of the major players in the market include Ringly, Inc., Kerv Wearables Ltd., Shanxi Jakcom Technology Ltd., McLear Ltd., Logbar, Inc., Mota Group, Inc., Fujitsu Ltd., Nimb, Inc., Oura and Moodmetric.
– Rising trend of wearable devices among consumers
– Growing importance of connectivity and development of innovative devices to connect with smart devices
– Development of alternative methods for online payments, personal identification and access control