High Penetration of IoT Nurtures Growth of Global Smart Rings Market

The global smart rings market has been flourishing due to major advancements in technologies such as Internet of Things (IoT) and its acceptance. The new-age smartphones that come with smart watches and rings for receiving emails, messages, phone calls, and notification about posts on social networking sites have augmented the growth of the global market.

The incredible support offered by IoT to these functionalities has been a great boon to the global market. In the coming years, the ability of smart rings to store incredible amount of data such as text messages, emails, phone calls, authentication and access control details, and payment details is anticipated to favor market growth in the near future.

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The growing disposable income of the younger population and the increasing awareness about better technologies have been instrumental in shaping the future of the global smart rings market.

Analysts anticipate that demand for smart rings will remain persistent in the healthcare sector. Both patients and physicians are expected to show a significant demand for smart rings are these held in monitoring heart beats, pulse rates, and blood pressure levels, which could be signs and symptoms of a larger ailment. The increasing health risks due to poor lifestyles have augmented the demand for smart rings to ensure prevention instead of cure.

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Lack of Interest from Big Players becomes Challenge for the Global Market

The high dependency on battery has been identified as a key challenge for the global smart rings market. The inconvenience of charging smart rings with dongles or cables has made the experience of using them unenjoyable. Furthermore, the market still continues to be in its nascent stage and is long way to go before it evolves thoroughly. Owing to these reasons, several big players are refraining from making heavy investments in this market, which has also been assessed as a limiting factor.

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This review is based on Transparency Market Research’s report, titled “Smart Rings Market (Operating System - Android, IoS, and Microsoft Windows; Technology -Bluetooth-enabled and NFC-enabled Smart Rings; Applications - Mobile/Contactless Payments, User Authentication and Access Control, Information Sharing, and Monitoring Healthcare System) - Global Industry Analysis, Trend, Size, Share and Forecast 2017 - 2025.”

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