Press release
Asia Pacific Emerges as the Key Region in Global Smart Rings Market
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Internet of Things (IoT) and related services are an important driver for the development and diffusion of smart rings. Growth of cloud computing is also a significant indicator for the growth of smart rings. Cloud services allow more usage capacity on these small miniaturized devices with limited processing capabilities. Therefore, the data collected by the smart rings can be directly stored to personal data repository, thereby facilitating users to control their data management under high data privacy standards. Hence, IoT and cloud computing services are crucial for the smart rings to perform and broadening its scope and availability is expected to broaden the global smart rings market.
The smart rings market is segmented on the basis of type of operating system into Android, IoS and Microsoft Windows. The android operating system segment is is anticipated to acquire the largest market share both in terms of revenue and volume. Analysts anticipate that this segment will account for a share of 57% in the global market by the end of 2025. The growing popularity of android smartphones, their convenience, and affordability is likely to be the key growth driver for this segment. On the other hand, the IoS operating system is likely to the fastest growing segment throughout the forecast period.
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Technologically, the global market is segmented into Bluetooth-enabled smart rings and NFC-enabled smart rings. Bluetooth enabled smart rings acquire the dominant market share since they can be easily integrated with smart phones. However, NFC enabled smart rings segment are expected to grow with the highest CAGR as these smart rings are capable of performing without batteries or electricity.
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