The wearable tech craze is sweeping the world and a highly advanced ring by Motiv Inc. is the latest apparatus that will change the way people measure their activity and sleep.

The newly released ring can monitor heart rate with an optical heart rate sensor as well as track activity type, sleep duration, resting heart rate, calories burned and steps taken. The new smart ring is a tiny version of Fitbit.

Wearable tech has made a big name in the fitness industry with emerging models trying to meet fitness goers' style and comfort needs.

Introducing a futuristic appearance on many products, wearable tech has slowly created an individual market with smart watches from Apple, Sony and Tag Heuer and many sporting brands like Fitbit, Nike and Polar have joined with their fitness-oriented wearables, moving the sector forward.

"Despite how fast the wearable market is growing, over half of those who buy a fitness tracker lose interest and discontinue use because current solutions are uncomfortable, unattractive and don't provide truly meaningful insights," said Mike Strasser, co-founder and CEO of the San Francisco based Motiv Inc. in a press statement.

"From a hardware perspective, we knew we had to build a device that could be with you all the time. To do that it had to be small, durable, waterproof, allow you to effortlessly measure activity and sleep, and not interfere with daily life," Strasser said.

Made of a titanium shell, the Motiv smart ring has all the features a smart bracelet should have and is available for pre-sale in two colors for $199.