Samsung recently teased something really cool called the Galaxy Ring, generating excitement within the tech community. Samsung’s Global Head of B2B Wearable/ IoT/ Accessory, Daniel Seung Lee, revealed on LinkedIn that the new health and wellness wearable product is set to launch in the second half of the year. Now, there are rumblings that Apple is gearing up to enter the smart ring arena as well.
Apple's Foray into Smart Rings
Apple has been making moves in the wearable tech space, having previously filed patents for a ring-like wearable device. According to a report from ETNews, Apple is reportedly on the verge of unveiling its own smart ring. Following Samsung's announcement, it appears that Apple is poised to join the competition. The tech giant has been exploring this concept for some time, evident from the numerous patents they have filed to emphasize their commitment to this new venture.
Growth Potential of Smart Rings
The market for smart rings may not be extensive currently, but projections indicate a significant uptick in the near future. Experts forecast that the market value could surge from $20 million in 2023 to a substantial $200 million by 2031. This anticipated growth is substantial. Smart rings offer unique advantages over smartwatches, mainly due to their compact and unobtrusive design. Their lightweight nature and discreet appearance make them comfortable for all-day and night wear, ensuring seamless health monitoring and sleep tracking without the bulkiness associated with traditional watches. Moreover, smart rings can house specialized sensors close to the skin for precise data collection, focusing on specific functionalities such as fitness tracking, notifications, and contactless payments.
The Future of Wearable Tech
While the exact release date of Apple's smart ring remains uncertain, it is evident that the company has been contemplating this venture for quite some time. With the smart ring market poised for substantial growth, consumers can look forward to innovative offerings from Apple as they enter this evolving space.
