Full interpretation of smart ring market trends in 2024
Article introduction
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In 2023, the global market size of smart rings will reach US$210 million, a year-on-year increase of 16.7%
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From 2024 to 2032, the global compound annual growth rate of the smart ring market will reach 24.1%, and is expected to reach approximately US$1 billion in 2032
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Increased attention to health in the consumer market, technological iteration and other factors have brought strong growth momentum
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Sports and health, appearance design, and diversified applications have become the development trends of the smart ring category
In the blink of an eye, 2023 has passed and we have entered a new year 2024.
Looking back on 2023, the smart wearable industry has experienced an extraordinary year. During this year, mainstream categories including watches, bracelets, etc. have achieved recovery and growth, and dazzling new products have doubled; while smart rings, which were still a niche category in the past, have experienced rapid development, with the emergence of many new and cutting-edge brands. As brands enter the game, "intelligence at your fingertips" has received unprecedented attention.
We are in a vibrant and innovative market. In the rapidly changing market environment, it is particularly important to make a retrospective summary of the past year and predict the future based on the summary.
In this article, I Love Audio Network will sort out the data of the smart ring market in 2023, make a retrospective summary of the technology trends throughout the year, and help manufacturers make a preliminary judgment on the market.
I Love Audio Network 2024 has a total of 10 market reports, covering four major areas: consumer audio, smart wearables, car audio, and hearing aids/assisted listening. It aims to share the latest information and development directions of the industry with everyone. Welcome to follow, collect, and share~
Smart rings are the future of wearable technology. It might not be as popular today as its peers like smartwatches, smart bands, and earbuds, the horizon looks promising for this finger-worn tech given its ingenious design. Driven by startups, the rise of the smart ring industry has been prolonged. In fact, smart rings have been around for a decade. But with the unveiling of Apple's smart ring patent and introduction of the Amazon Echo Loop, this will hopefully spur the industry's progress on to greater heights. What should you know about this next big thing in technology?
What is a Smart Ring?
A smart ring is a wearable electronics device loaded with mobile components like sensors and NFC chips that are used for a variety of applications, mostly tracking daily activities and as a peripheral tool to support mobile devices. This makes smart rings a nifty alternative to smartwatches and fitness bands. But smart ring applications go beyond monitoring steps or as an extension of your smartphones.
What Does a Smart Ring Do?
Smart ring devices can be used for a range of applications. The most common uses we’ve seen on the market nowadays are in the health and fitness category. As the smart ring market matures, more use cases will surely come to the fore. In this section, let’s go through some common practical uses of smart rings.
Sleep Monitoring
Sleep-tracking smart rings keep tabs on sleep patterns, including how much sleep you get, sleep disturbances, and how much time is spent in the different sleep cycles. This allows smart rings to come up with recommendations on how users can regulate their bodies based on their personal circadian rhythm, our natural 24-hour body clock. Smart rings are a popular choice for sleep monitoring mainly because they are less restrictive and cumbersome as compared to other wearables with sleep-tracking capabilities like a smartwatch or wrist-worn fitness bands. There are quite a few players in this smart ring category, including GO2SLEEP, Oura, Motiv, and THIM.
Fitness Tracking
Fitness tracking is a common functionality among smart ring devices. Fitness smart rings can monitor daily activities, including the number of steps taken, distance traveled while walking, and calories burned.
Take Time to Unwind
Utilize Heart Rate Variability (HRV) metrics to offer a continuous Stress Score. The detailed stress data aids in optimizing your day, promoting sensible relaxation, and understanding the connection between your physical and mental state.
Witness Every Effort: Insights from Long-Term Data
Wow ring tracks your progress every step of the way, monitoring over 40 health-related parameters to provide comprehensive trends spanning weeks, months, and years. Deepen your self-understanding through continuous, long-term data trends.
Personalize Your Smart Ring
Personalize your smart ring with custom sizing and color options. Additionally, the wow ring App also provides a user-friendly interface with a wealth of features, enabling you to explore the full range of details and functionalities available for your ring.
How Does a Smart Ring Work?
It’s fascinating to know how smart rings pack electronics inside such a minuscule form factor. Not surprisingly, the magic behind this tiny wearable is not just one but quite a few technologies, including an sensor, Bluetooth chip, battery, microcontroller, and light indicator.
Sensors
Sensors are responsible for tracking whatever parameters a smart ring has. Depending on what functionalities smart ring brands want to include in their devices, different sensors may be embedded into the ring.
The variety of sensors used in smart rings include a heart or pulse monitor (usually infrared or optical), 3-axis accelerometer (for tracking movements like walking, running, sleeping, etc.), gyroscope (for detecting both movement and balance), EDA sensor (for tracking emotions, feelings, and cognition, including stress levels), SpO2 sensor (for monitoring blood oxygen levels), glucose sensor, and NTC thermistor (for tracking body temperature).
Bluetooth
Bluetooth is necessary to sync up a smart ring’s data collected by the sensors to a smartphone app. This allows smart ring brands to deliver reports and recommendations in a more user-friendly format. Some smart rings will deliver raw data based on what the sensors have recorded; other more sophisticated smart rings analyze that data to give users personalized recommendations.
