The global smart rings market was valued at USD 12 billion in 2016 and is anticipated to surpass USD 15 billion by 2021, says Technavio.
Technavio has published its current market research report on the global smart rings market, under its human machine interface portfolio. This market analysis deliberates the primary drivers and key evolving trends and offers an analysis of key vendors like Jakcom, Kerv Wearables, Logbar, Mota, NFC Ring, Ringly, and Vinaya.
According to Chetan Mohan, a lead analyst for human-machine interface research at Technavio, “The miniaturization of electronics and advancement in technology is driving the growth of the smart ring market. The increasing focus on the development of microelectronic components will revolutionize the wearable devices market. The vendors in the market are launching NFC-enabled smart rings to boost the sale of these devices.”
NFC-enabled smart rings are compact and less bulky compared to Bluetooth-enabled smart rings. The increasing investment by manufacturers towards the research and development of miniature modules and chipsets will increase the market size during the forecast period. These efforts towards the advancement of technologies will help vendors produce smart rings with higher utility and features, resulting in product differentiation.
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Increasing demand for wearables
The rising demand for smart wearable devices such as smartwatches and smart bands is driving the growth in the smart ring’s market. The key vendors in the global smartwatch market are increasing their R&D spending to incorporate more features in their smartwatches. These developments will allow the manufacturers to integrate their smartphones with new technology that will allow users to access more functions and applications. This advancement of technology will fuel the growth of the market during the forecast period.
Increasing number of patents filed by emerging vendors
In 2015, leading vendors like Apple, Samsung, and Microsoft filed for their respective smart ring patents and started investing in the development of this technology. The leading vendors are trying to launch smart rings with a small display screen, built-in motion sensors, and haptic feedback, which will enable the user to set vibrations in response to certain tasks. Some of the rings that are being developed will detect the gestures of the fingers, and the end-user can control apps and command functions to other smart devices such as smart wearables and smartphones.
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- market research study includes an exhaustive analysis and market shares and sizes of the sub-sections and geography. A breakdown of the top companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a thorough analysis of primary drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart Rings Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Wearable Entertainment Devices and Services Market 2016-2020
- Global Smart Wearable Fitness and Sports Devices and Services Market 2016-2020
- Global Accessories and Peripherals Market for Smartphones and Tablets 2016-2020
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