Still a niche area, smart rings are projected to grow at an annual rate of more than 4% over the next four years. According to Technavio, the market which is valued at around $8.6bn in 2016, will increase to $12.4bn by the end of 2021.
As technology shrinks in size and increases in power, making smart wearable accessories that are worn on your fingers is becoming less of a challenge. The Technavio report says manufacturers are increasingly introducing miniaturized modules and chipsets, along with smaller versions of the Bluetooth 4.0 technology. The continuation of this trend along with increased customer demand should continue to drive growth prospects in the coming years.
“Advances in the field of microelectronics can help make smart rings with higher utility and features, resulting in product differentiation.” says Chetan Mohan, a lead analyst at Technavio for human machine interface research.
“This can attract new consumers who are unfamiliar with the wearable technology, thus, resulting in higher market penetration.”
We have already seen a number of early entrants to this market. This includes Jakcom, Kerv Wearables, Logbar, Mota, NFC Ring, Ringly, Vinaya Nimb, Oura, and TheTouch X.
Essential reading: Smart rings – jewelry that keeps you connected
Some of these devices allow you to tend to notifications with your cellular device safely tucked away in your pocket or bag. Because your fingers have easy-to-sense arteries, a number of these gadgets are able to gather precise data of your body’s vital signals. Then there are others that can be used to unlock your doors or smartphones or even send SOS messages. Although these applications are yet to find broad acceptance among consumers, the potential applications are immense.
Bluetooth-enabled smart rings form the largest segment of the current crop of devices, mainly due to their ability to be easily integrated with smartphones. In 2016, 52% of smart rings by application were used for notification purposes, and this feature should continue to dominate the market over the next four years. In terms of geography, the US generated the bulk of sales in 2016 and the region is expected to continue to drive sales during the forecasted period.
Indistinguishable from regular jewelry in looks, smart rings are gradually edging their way into the mainstream.
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