Smart Ring (Market and Stats): Millennials are Leading!

Smart Tech
Updated On - January 27, 2024

The smart ring market started with NFC technologies and is heading to fitness and wellness tracking. Gesture-based functions will likely be the next big improvement.

It is amazing to see the global growth of smart rings. In 2022, it was reported as USD 233.73 million. The market is projected to reach USD 1096.54 million by 2030. (source) As a result, this causes a compound growth rate (CAGR) of 30.4% — which is quite a rich value.

The two major market segments for smart rings are NFC and Bluetooth.

NFC (near-field communication) has many functionalities like:

- Contactless payment
- Unlock the door lock
- Starting the car
- And many more

The Bluetooth-based smart rings are mostly in the fitness, health and wellness category. Data is transmitted and synchronized from and to smartphones using Bluetooth.

Also they can perform both offline and online. That means these smart rings not only perform online tracking of the data, they also can operate offline and still track until the Bluetooth connection is back.

It’s really helpful to record real-time data about exercise, sleep, and heart rate every day. Using these data and patterns, algorithms can suggest and guide a healthy lifestyle.

Big players in the Smart Ring Market

Oura is a major player in the smart ring market. In 2021, they held 52.69% of the market share. (source)

Looking at the region, North America held the largest market share of 48.2% in 2021.

The table shows the biggest smart ring players: what they’re mostly focused on, when they started, and where they’re based.

Companies	Targeting	Founded Year	Based on
Oura	Wellness	2013	Finland
McLear	NFC	2010	UK
Kerv Wearables	NFC	2015	UK
Jakcom Technology	NFC	2014	China
SlEEPON	Sleep	2020	US
RingConn	Wellness	2021	US
Movano Health	Wellness	2018	US
Ultrahuman	Wellness	2019	India

The increase in adoption of smart rings today is due to a number of important factors:

- People are more and more are dependent on smartphones
- Technology is advancing at a very fast pace
- More people are tech-savvy than ever before

This leads to the target audience for smart rings. Most users are tech enthusiasts. Plus, people who track fitness and wellness information are highly interested in smart rings. (source)

In some cases, consumers buy smart rings as a fashion statement. But in general, people who are interested in wearable technologies are excited about smart rings.

There are some smart rings that serve as health monitoring devices, in some cases for medical conditions. People with health conditions are looking into these devices and benefiting from them.

Oura Ring (Major Player) Stats

Oura Ring ranks top 50 in nutrition diets and fitness in the US. (similarweb)

In the Google Play store and under the health and wellness category, Oura rings rank:

- 36 in the US
- 35 in Canada
- 58 in the UK
- 77 in Germany

The top 5 countries that are most likely to visit Oura Ring’s website are:

- United States (52.44%)
- United Kingdom (4.92%)
- Canada (4.28%)
- Germany (3.4%)
- Czech Republic (3.36%)

The age distribution of visitors to Oura ring website is 50.23% female and 49.77% male — pretty even. (similarweb)

There are just under 600K followers on the Oura Ring Instagram account.

Looking at the top categories of users interested in Oura ring, it was as follows:

- Fashion and apparel
- Computer electronics and tech
- News and media publishers
- Programmers and developers
- Banking

According to Oura ring data analysis and stats about people’s chronotypes, about 66.66% of North American Oura members are considered some type of Morning chronotype with small variation between US, Canada, and Mexico. (Oura)

About 11% of male Oura members have evening chronotypes, compared with 8% of female Oura members. It is suggested that more men are evening chronotypes than women. (Oura)

Other companies with similar products like the Oura ring which track sleep and fitness activities are:

- Apple Watch: An alternative smartwatch with many tracking features
- Fitbit: Another wearable option is Fitbit to track fitness and sleep information
- Whoop: A smart wearable band that tracks health and wellness data
- Garmin: Offers many wearables that can track all sorts of information

Ringconn (Competitor) Stats

Ringconn was launched on Indiegogo. In 2022 the company successfully fulfilled over 8,000 crowdfunding orders. During the crowdfunding period, they raised an impressive $1.2 million within 50 days, which is an impressive achievement. (source)

Rinconn website visitors are 48.61% female and 51.39% male, slightly higher male interest in Ringconn smart ring. (similarweb)

People are mostly between 25-34 years old which is 24.39% of visitors. Followed by people between 35-44 years with 21.66%. (simialrweb)

The top countries that visit Ringconn website are:

- United States (46.6%)
- Sweden (14.54%)
- Germany (5.39%)
- Hong Kong (4.25%)
- Australia (3.88%)

Movano Health (Evie Ring) Stats

Movano health’s Evie ring is a medical-grade smart ring. They’re the newest players in the smart ring market and they’ll start shipping their rings in 2024.

In the US, it ranks under 300 in the category of health, nutrition, diets, and fitness. (similarweb)

The Evie ring website visitors are mainly women as it’s targeting the female population with 71.94% female and 28.06% male. (similarweb)