Smart Rings Market Size By Operating System (Android, iOS), By Technology (Bluetooth, NFC), By Consumer Group (Men, Women, Unisex), By Price Range (Low, Medium, High), By Distribution Channel (Online Channels, Offline Channels), Forecast 2024 – 2032

Smart Rings Market Size

Smart Rings Market size was valued at USD 210 million in 2023 and is anticipated to register a CAGR of over 24.1% between 2024 and 2032. The Smart Rings are designed to offer a range of functionalities, combining fashion with cutting-edge technology. Smart rings typically incorporate sensors and connectivity features, enabling users to track various health metrics, receive notifications, and even perform contactless payments.
 

The smart rings market is anticipated to experience substantial revenue growth by 2032, driven by the rising adoption of tablets, smartphones, and various other smart appliances. According to reliable sources, smartphone shipments in India surged by over 110% from April to November 2022 compared to the corresponding period in 2021. With smartphones becoming an indispensable part of daily life, there is a notable increase in the demand for smart accessories like smart rings.  
 

Smart rings serve as efficient tools for contactless transactions and the monitoring of daily health metrics, encompassing parameters like heart rate and sleep patterns. The heightened demand for contactless payment solutions, accelerated by the effects of the pandemic, is driving substantial growth in the industry. A survey conducted in 2020 revealed that cash transactions accounted for merely 19% of all transactions in the United States. This trend reflects a broader shift towards digital and contactless payment methods. Notably, emerging economies such as India are actively embracing this transition toward a cashless economy, offering promising avenues for the continued expansion of the smart rings industry.
 

The technology integrated into these compact devices often contributes to a higher price point, limiting affordability for a broader consumer base. Additionally, the availability of other smart wearables, such as smartwatches and fitness trackers, presents alternatives that offer similar functionalities. Consumers may opt for these alternative devices, which are often more established in the market and come at varying price points.
 

Smart Rings Market Trends

Fitness and activity tracking is a major trend in this market with features like heart rate monitoring, sleep tracking, and calorie counting becoming standard. For instance, in January 2024, Amazfit Helio Smart Ring was announced at CES 2024 in Las Vegas. The Helio Smart Ring is focused on improving athletic performance by analyzing physical and mental data. The ring can be worn as a standalone wearable or in tandem with an Amazfit smartwatch for additional data points.
 

Smart Rings Market Analysis

With respect to operating system, the market from the android segment is poised to grow at a substantial CAGR of 23% from 2024 to 2032, fueled by the growing number of active Android users globally. The better compatibility of Android devices with wearable and peripheral devices coupled with their varied prices has bolstered their adoption amongst low and middle-income consumer groups. In fact, high availability of customization options with third-party applications has also proliferated the demand for such devices.
 

Based on technology, smart rings industry from the Bluetooth segment is predicted to register considerable revenue by 2032 of over USD 900 million. Bluetooth-enabled smart rings have gained widespread traction given their ability to easily get integrated with smartphones. Unlike near-field communication technology, Bluetooth does not require Wi-Fi, which favors its usage. Additionally, it offers a high operating range and requires a manual setup for pairing the devices.
 

Based on consumer group the smart rings market is segmented into men, women, and unisex audiences. In 2023, the market experienced a notable dominance by the men's segment, generating a revenue of over USD 74 million. This surge in the men's segment can be attributed to several factors, including the increasing adoption of smart rings among tech-savvy male consumers, a rise in health-conscious individuals seeking fitness tracking features, and the incorporation of sleek and masculine designs, enhancing the overall appeal of these wearable devices.
 

Based on the distribution channel the smart rings market is categorized into online channels and offline channels. In 2023, the offline segment emerged as the dominant force, commanding a market share exceeding 60%. This notable prevalence of offline channels can be attributed to several factors. Firstly, the offline retail space provides consumers with the opportunity for hands-on experiences, allowing them to try and feel the product before making a purchase decision. Additionally, the presence of well-established brick-and-mortar stores and specialty retailers contributes to the strong performance of the offline segment.
 

Asia Pacific smart rings market is anticipated to observe the highest CAGR during the forecast period of over 25%, owing to the growing government initiatives from regional economies such as China and India towards the promotion of digitalization. In fact, the Government of India recently unveiled its flagship Digital India Program to transform the nation into a digitally empowered society.
 

Smart Rings Market Share

In 2023, dominant market players, including McLEAR, Log bar, Moodmetric, Oura, Kerv Wearables, Fujitsu and Vinaya collectively holds more than around 30% market share. The market is a moderately fragmented market established companies like NCR, Diebold Nixdorf, and GLORY holding significant shares and many smaller players contributing substantially.
 

These prominent players are proactively involved in strategic endeavors like mergers & acquisitions, facility expansions, and collaborations to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position. These enterprises consistently allocate resources to research and development, aiming to enhance their designs and integrate cutting-edge technologies, ensuring they maintain a competitive edge.
 

Smart Rings Market Companies

Major players operating in the smart rings industry include:

• Bellabeat
• Boat
• Circular Ring
• Fujitsu
• Kerv Wearables
• Log bar
• McLear Ltd.
• Moodmetric
• Moen Smart Ring
• Noise
• Oura
• Sky Labs
• Sleepon Ring
• Ultrahuman
   

Smart Rings Industry News

• In February 2024, Samsung announced that they will launch the Galaxy Ring in the second half of 2024. Samsung Health users will likely be able to connect the Galaxy Watch with the Galaxy Ring for more accurate fitness tracking.
   
• In August 2023, Noise launched Luna Ring, a premium smart ring with a titanium body. The ring is capable of tracking over 70 health metrics, include heart rate, temperature and SpO2 levels. The Luna Ring is compatible with both, Android and iOS devices and comes with a 7-day battery life.
   
• In May 2023, Bonatra, a healthtech startup, acquired women’s health and wellness company MyAva. Bonatra uses personalised treatment, which is arrived at after analysing multiple data points and health parameters using various easy-to-use IoMT devices like smart rings. Through this acquisition, Bonatra aims to expand its holistic healthcare programs and become a one-stop platform for the management of chronic health conditions.
   

The smart rings market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Thousand Units) from 2018 to 2032, for the following segments:

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Market, by Operating System

• Android
• iOS

Market, by Technology

• Bluetooth
• NFC

Market, by Consumer Group

• Men
• Women
• Unisex

Market, by Price Range

• Low (<$50)
• Medium ($50 - $200)
• High (>$200)

Market, by Distribution Channel

• Online Channels
• Offline Channels

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Indonesia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA