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Press Release

Jan 15, 2020 04:00 UTC

Global Rings Market 2020-2024 | 7% CAGR Projection Over the Next Five Years | Technavio

LONDON--(Business Wire)--The rings market size is poised to grow by USD 45.26 million during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global rings market 2020-2024. (Graphic: Business Wire)

Technavio has announced its latest market research report titled global rings market 2020-2024. (Graphic: Business Wire)

The growing customer preference for customized and personalized jewelry pieces such as rings has encouraged market vendors to offer customization options. Rings can be customized based on gemstone type, material type, and the shape and design. For instance, Tiffany & Co offers customers with a separate option for customization by gemstone type and ring designs on their website. The company also provides guides on diamonds and metals to brief their customers on the clarity and carat of the gemstones, and the colors of the final products. Such options for customization is expected to attract more customers and contribute to the growth in the sale of rings during the forecast period.

To learn more about the global trends impacting the future of market research, download free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40696

As per Technavio, the emerging application of augmented reality in jewelry industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Rings Market : Emerging Application of Augmented Reality in Jewelry Industry

E-commerce players that sell rings across the world are focusing on integrating augmented reality (AR) in their platforms, as it enables customers to virtually try jewelry pieces online with the help of the camera on their device before physically purchasing the products. This feature enables users to make informed purchase decisions according to their requirements and preferences. Several mobile applications are available in the market, which support AR applications for selecting suitable rings. For instance, Say Yes! is an application available for iPhones, and it offers a varied range of wedding and engagement rings. This application uses hand recognition to scan fingers and puts a virtual ring on them using AR. Thus, the emerging application of augmented reality in the jewelry industry will drive the growth of the market.

“The increasing preference for ring designs inspired by different cultures, and rising focus of vendors on brand endorsement will have a positive impact on the growth of the rings market value during the forecast period,” says a senior analyst at Technavio.

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Rings Market : Segmentation Analysis

This market research report segments the rings market by distribution channel (online and offline) and geographic regions (North America, APAC, Europe, South America, and MEA).

The APAC region led the market in 2019, followed by North America, Europe, MEA, and South America respectively. The growth of the rings market share in APAC can be attributed to factors such as the growing demand for western designs, and the increasing adoption of gold as a prominent investment option among customers.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

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