Smart rings works primarily on software that intelligently combines data from several sensors in order to improve application and system performance. Smart ring is a very powerful analytical tools used to operate different types of smart devices and application of smart phones and tablets among others. Moreover, the smart rings operates on an advanced and efficient algorithm that is capable of solving reconfiguration problems for the most modern smart operating devices. The Smart Ring Market is anticipated to witness a stable growth during the forecast period from 2017 to 2025.Increasing demand of smart rings from various application segments such as mobile payments, information sharing and healthcare monitoring system among others is the primary factor expected to steer the demand of smart rings in the coming years.
The Smart Rings market has been segmented on the basis of end use application, operating system, technology and geography. On the basis of application, the Smart Rings Market has been fragmented into mobile/contactless payments, user authentication & access control, Information sharing and monitoring healthcare system among others. Based on operating system, the market can be classified into android and iOS. Moreover, on the basis of technology used for efficient performance of a smart ring, the global Smart Rings market is segmented into Bluetooth technology and near field communication technology. In addition, information relating to current market trend and future anticipated market growth of all the above mentioned segment across different regions including North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and Latin America is also highlighted in this report.
Increasing demand for contactless payment arising owing to the rising trend of digitalization is the key factor anticipated to boost the demand of smart rings at an exponential rate during the forecast period from 2017 to 2025. Moreover, growing demand for health monitoring especially for the aged people is also anticipated to accelerate the demand for smart rings in the coming years. Various institutes have been developed across various parts of the world in order to provide health assistance to aged people by providing reminder for taking medicine at right time through smart ring technology. In addition, increasing demand for smart ring in order to track heart beat rate or calories burned during exercise from the health conscious consumers is also predicted to create better opportunities for different smart rings manufacturers in coming years. In addition, smart rings is not able to operate multiple devices at a same time and low value addition of smart rings is expected to restrain the growth of Smart Rings market in coming years.
Growing market interest in portable healthcare electronics devices has been increasing the demand for Smart Rings market in North America, Europe and Asia-Pacific. Increasing demand for medical devices support to address development challenges are the primary driving factors in Asia-Pacific region. In 2016, Asia Pacific market held the largest market share in Smart Rings market, followed by North America. The Smart Rings market in North America is primarily driven by various manufacturing facilities in medical equipment conducted in countries such as U.S, Canada and Mexico among others. Smart rings market of Asia Pacific region is mainly driven by China and India owing to rising demand of various consumer electronic devices arising from large number of consumer base in line up with increasing disposable income. Moreover, increasing aging population due to large population in Asia Pacific is leading to increase demand for healthcare facilities in this region. Furthermore, demand of portable and wearable medical equipment needed for aging populations is enhancing the demand for medical electronics market. Across the globe, different types of application in smart rings technology are being more than just a notifications device and this technology operates in low power consumption which serves as opportunity for the growth of various smart rings manufacturers across the globe.
Major players operating in global Smart Rings market includes McLear Ltd (U.K), Nod Ring (U.S), Jakcom Technology (China), Moodmetric (Finland), Vinaya Technologies Ltd.(U.K) and Ring Theory (U.K) among others.
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