Smart Rings Market - Asia Pacific Emerges as the Key Region in 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.

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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On the basis of applications, the market has been further segmented into mobile/contactless payments, user authentication and access control, information sharing, monitoring healthcare system and others. The NFC-enabled smart rings are able to perform contactless payment functions while information sharing includes receiving call, text email and other notification alerts. Further, monitoring healthcare has been emerging as the most important application sector given its ability to track various fitness issues such as monitoring blood pressure levels, heart beat and pulse rate among others. The others application segment includes functions such as controlling audio and brightness of smart phones and taking pictures among others.

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 release was published on openPR.