Apple is allegedly speeding up development of a smart ring to rival Samsung’s already-announced Galaxy Ring, claims a new report coming out of Korea (via Electronic Times). Pundits predict the battle between the two could see the smart ring market expand by 10 times.
It’s a fairly open secret that Apple has been looking into the potential of smart rings for a while now, with several patent applications for features having made their way on line. Recently, Apple has been accelerating the development of the ‘Apple Ring’ (exact name yet to be announced) by registering several smart ring-related patents in quick succession.
In November of last year, the company patented the technology for linking a smart ring with other devices via short-range wireless communication circuit, which is expected to be used like a remote control for other Apple devices, such as iPhones and iPads.
Now, according to an industry insider speaking to Electronic Times, “Apple has consistently released smart ring-related patents for several years, so advanced development for commercialization appears to be imminent.”
This year certainly seems a good time to launch: according to Business Research Insight, a global market research firm, the global smart ring market size is expected to grow from $20 million last year to $197.03 million in 2031.That’s an average expansion of 28.9% per year. Now is also the right time to get into biosensor manufacturing, as all the rings will need them.
The device is certain to come with many health and fitness tracking capabilities. Both Samsung and Apple are growing the digital healthcare market, and are see smart rings as devices that can improve health and wellness through precise tracking, but which are less intrusive than a watch, can be worn for longer and are easier wear while you’re wearing.
Will Apple try to beat the Samsung Galaxy to the market, which is expected to launch in the second half of this year after an unveiling at its second Galaxy Unpacked 2024 event, probably in July. Probably not. After all, the company mantra is “Be best, not first.” But it is looking more and more likely that we’ll be seeing official teases sometime soon.
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