Growing digitization of the global economy drives the smart rings market

The potential growth difference for the smart rings market between 2022 and 2027 is USD 34,402.61 thousand. The growing digitization of the global economy drives the smart rings market. Along with developed countries, greater digitization is also observed in developing countries in the APAC and MEA regions.

Increasing Internet penetration, a growing number of mobile users, and a growing number of IoT devices are the factors for this. Technological advancements like contactless payment and AI are also being integrated into wearable electronic devices, which likely have a positive impact on the growth of the global smart rings market.

A smartwatch is a digital device that offers numerous functionalities, such as making calls, messaging, and health monitoring, by tracking the steps taken, calories burned, heart rate, and sleep patterns. It provides customers with quick access to several apps on their smartphones. The smartwatch market accounts for a major share of wearable technology. Vendors such as Apple Inc. (Apple), Samsung Electronics Co. Ltd. (Samsung), Garmin Ltd. (Garmin), and Fitbit (owned by Alphabet Inc.) are dominant players in the market.

The smart rings market is segmented by Technology (Bluetooth-enabled smart rings and NFC-enabled smart rings), Application (Notifications, Security, Payment, Health and wellness, and Data transfer), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

The Bluetooth-enabled smart rings segment will be significant during the forecast period. Bluetooth-enabled smart rings cannot be a standalone product and require the integration of a smartphone for complete functionality. Furthermore, various market vendors exist such as Oura Health which offers the Oura ring that can monitor circadian rhythm and sleep cycle. Hence, such factors drive the Bluetooth-enabled smart rings segment of the smart rings market during the forecast period.

North America will contribute 34% to the growth of the global market during the forecast period. View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.