The global fitness ring market size is expected to reach $651.6 million by 2028, rising at a CAGR of 7.3% during the forecast period.
Fitness rings are wearable devices designed to monitor and track fitness and health data. Most often these items are in the form of rings and are worn on the fingers.
NEW YORK, April 20, 2023 (GLOBE NEWSWIRE) — Reportlinker.com presents the report, Global Fitness Ring Market Size, Share & Industry Trends Analysis Report, Outlook and Forecast by Distribution Channel, Gender, Region, 2022 ” was released. 2028″ – https://www.reportlinker.com/p06449922/?utm_source=GNW
Equipped with various sensors and technologies, it can control and monitor various factors of health and fitness. The fitness ring market is made up of many manufacturers and brands, some of which are well-established and some of which are newcomers to the tech world.
Exercise and fitness rings have become incredibly popular in the fitness arena in recent years. Such wearables monitor various health and fitness metrics, such as steps taken, calories burned, heart rate, and quality sleep obtained. As health and well-being awareness grows, more and more people are using fitness rings to manage their fitness goals and achievements.
These gadgets provide consumers with a hassle-free and comfortable way to monitor various health and fitness metrics, empowering them to make informed choices about how they live their lives. Additionally, the speed at which technology advances has led to the development of increasingly complex fitness rings. As a result, these devices have recently received an update that includes more features and functionality, such as blood oxygen monitoring, advanced sleep tracking and GPS tracking, making the ring more convenient and attractive to customers. .
There are many fitness rings on the market today that come with companion applications that allow users to sync their data with smartphones and other devices. This integration allows users to easily access and assess their fitness data, as well as track their progress over time and set new goals.
COVID-19 impact analysis
COVID-19 has impacted some businesses, and with continued uncertainty about customer demand and the economy, manufacturers have created new services and products to help their customers during the pandemic. Fitbit, for example, has invested in research and development, working with healthcare giants like Apple, Stanford Medical and Scripps Research Institute to see how data from wearables can help diagnose and track infections like COVID-19. I checked if it is possible. Most people invested in health trackers as many studies during this period pointed to factors such as obesity that could increase the severity of COVID-19 infection. The pandemic has therefore had a positive impact on the fitness ring market.
Market growth factors
Fitness Ring Technological Advancement Growth
Connecting the fitness ring with other gadgets makes fitness tracking more practical. Tracking and analyzing your fitness data is easier with sensors in your fitness ring and algorithms that sync with those in your phone and other devices. This increased accuracy makes fitness tracking more effective, further increasing the demand for fitness rings. Some fitness rings can be used to measure a user’s stress level using electrodermal activity (EDA). This is the same concept used by the lie detector test to measure emotional and mental states through the skin. Some manufacturers have incorporated payment functionality into their fitness rings.
The Rising Trend of Data-Driven Fitness Monitoring
The demand for fitness rings has increased significantly with the move towards data-driven fitness. As technology advances, people are increasingly focusing on using data to monitor their fitness development and determine what physical activity they engage in. Fitness Ring provides a simple and practical way to collect and analyze your fitness stats. A preferred alternative for people looking to maximize their routine. Data-driven fitness trends enable consumers to track their progress, set goals, and modify their exercise routine for best results. Therefore, as the demand for data-driven fitness grows, the expansion of the fitness ring market will accelerate.
Market restraining factors
Growing concerns about safety and privacy
Much of the information collected by fitness tracking devices is personal information about you, such as weight, date of birth, photo, GPS coordinates, social media data, steps taken, heart rate, and background information required by the device. Most of this data is provided to the fitness ring companion app itself. The main concern is data theft, not highly personal data. Connectivity features that improve the user experience can also lead to data leaks. As a result of this, individuals are vulnerable to potentially harmful breaches of privacy. Market expansion is expected to be hampered during the forecast period.
Based on compatibility, the fitness ring market is segmented into iOS, Android, Windows, and others. The Android segment has gained considerable growth in the fitness ring market in 2021. This is due to the growing popularity of the platform, especially in emerging countries. Android-based fitness rings are growing in popularity because they are not manufacturer-specific operating software. Android is used by most mobile phone brands in developed countries. In addition, rising disposable income is driving smartphone usage, which is expected to follow suit.
Prospects for distribution channels
Based on distribution channel, the fitness ring market is divided into online and offline. The offline segment will capture the largest revenue share in the fitness ring market in 2021. The fact that a significant percentage of consumers want to try products and get advice before buying is a key driver of the offline segment. Despite the existence of alternative distribution channels, many of the largest fitness tracker ring companies sell their products through offline channels, gaining traction among potential customers.
By region, the fitness ring market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America segment has witnessed the largest revenue share in the fitness ring market in 2021. The United States is a major innovation center for the fitness tracker business and has important players. Wearable technology is the hottest fitness trend, according to a study by the American College of Sports Medicine. Due to the success of fitness rings and Apple operating system-based smartphones in the region, well-known companies are developing fitness rings.
The market research report covers an analysis of key stakeholders in the market. Leading companies profiled in the report include Ultrahuman Healthcare Private Limited, Sky Labs, Oura Health Oy, ArcX Technology Ltd, SLEEPON, Circular and Ringly Inc.
Scope of investigation
Market segments covered in the report:
By distribution channel
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
United Arab Emirates
o Saudi Arabia
o Rest of LAMEA
• Ultra Human Healthcare Private Limited
• Sky Lab
• Oura Health Oy
• ArcX Technology Ltd.
• sleep in
• Ringly Inc.
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