In the fast-paced world of technology where innovation knows no bounds, the smart ring is a new form factor that is turning heads. These smart rings are petite powerhouses that have debuted in the tech industry with a promise to redefine the way consumers interact with the digital ecosystem. The latest research from Counterpoint’s Consumer IoT Research Practice estimates that India’s smart ring market revenue will touch $25 million in 2024. The shipment volume is also expected to double in 2024 from 2023. The new wearable segment has seen a flurry of launches in recent months and some of the leading homegrown players such as boAt and Noise and new startups such as Avantari Ultrahuman and Bonatra are looking to target health-conscious customers with this innovative compact form factor to track their vitals more efficiently.
“The market for smart rings in India is in the early stages of development, but it is growing rapidly. It is expected to grow at a CAGR of 37.2% from 2023 to 2028,” said Sameer Mehta, co-founder and CEO of boAt. Globally, the smart ring market led by western geographies is worth over $250 million with a CAGR of over 30%.
Key growth drivers
According to Mehta, there are a number of factors driving the smart ring market in India. First, there is a growing awareness of the benefits of smart wearable devices. Consumers are increasingly looking for devices that can help them to stay connected, track their health and fitness, and manage their daily lives more effectively. Second, the cost of smart rings. As the technology matures and more players enter the market, prices are coming down, making smart rings more affordable. Prices currently start at Rs 5000 and can go up to Rs 15,000. Third, there is a growing demand for stylish and fashionable wearable devices. Smart rings are seen as a more fashionable and discreet alternative to smartwatches.
“Smart rings truly shine in their ability to transform data into practical insights for users, potentially reshaping the landscape of well-being monitoring, covering everything from heart rate to stress levels,” Mehta said, adding, “Our Smart Ring boasts features like sleep monitoring, stress and activity tracking, smart touch control, and 5ATM certification, among other capabilities.”
5ATM certification means the device is water resistant to up to 50 metres in depth for 10 minutes.
Is it an urban-centric phenomenon?
Noise’s first smart ring, Luna, has received a good market response. While metro cities such as Bengaluru, Delhi, and Mumbai have been leading in terms of orders, it has also witnessed interest from Tier 1 cities, such as Hyderabad, Pune, and Ahmedabad. Young customers lead the demand, with their increased focus on health and lifestyle choices.
According to Amit Khatri, co-founder, Noise, its popularity despite a price tag of Rs 14,999 is due to its sleek and stylish looks while offering a remarkable array of unobtrusive functionalities. “We believe that the use of smart rings and other new form factors of wearable technology has picked up across cities owing to their intuitive use cases,” he said, adding, “As consumers increasingly seek more convenient ways to stay connected, smart rings are carving out a niche for themselves. The Indian market has exhibited an overwhelmingly positive response and presents an exciting opportunity for growth for Indian players.”
The value proposition
Bhairav Shankar, CEO and founder of Avantari, says smart rings represent a natural evolution in the realm of smart wearable technology. In comparison to smartwatches, they may initially seem less advanced, primarily due to their lack of a display. However, smart rings might offer a more practical solution compared to smartwatches, as they prioritise data accuracy over visual features.
Avantari has launched a smart ring called Dhyana. “The focus for our product is to allow users to gain the best from both mental and physical wellness. Thereby our product tracks all the existing wellness features found in other wearable devices, such as calories, steps, blood oxygen etc. and along with this also tracks your mindfulness and stress,” said Shankar. “Unlike many, we don’t see the Indian market as a price sensitive one, rather as a value sensitive one. To break into the Indian market, a clear value proposition needs to be offered, and this value needs to beat their current alternatives,” he added.
