Smart rings are cyclic-shaped wearable devices which help consumers communicate with other people, devices, keep track of activities, and use smartphones with convenience. The advancements in smart rings market have enabled wearers to send and receive pictures, messages, contact information without the need to reach for their smartphones. The growing innovation in smartphone operation systems like in Android continues to drive the smart rings market to new peaks of success. The market is predicted to reach US$11.44 mn by 2025 end. Although the market is in its nascent stages of development, it offers bright prospects for potential investors with a predicted CAGR of 24.0% during 2017 – 2025.
Android Systems Continue to Dominate the Smart Rings Market
Android operating systems in smartphones and PCs dominated the global smart rings market in recent times. Its market share is expected to go up even more during the forecast period and reach nearly 57%. There are other important operating systems in the market too, including IoS by Apple and Microsoft Windows. However, the Android operating systems are expected to lead the market growth both in terms of revenue and volume during 2017 and 2025. Widespread penetration of android devices, and low costs and open source platforms are expected to drive the growth of the android operating systems further.
NFC-enabled smart rings and Asia Pacific region Drive Market Growth
NFC- enabled devices can require as little as 1/10th of a second to get started and do not rely on batteries to support various functions. Hence, NFC-enabled smart rings are becoming popular among consumers and manufacturers as well. Additionally, growing government initiatives in Asia Pacific region like smart cities offering Wi-Fi connectivity and rising demand for personal devices are expected to drive the smart rings market in the near future.