According to the Electronic Times, Apple has been keeping a close eye on the market to see if smart rings could become a popular, less conspicuous alternative that can be worn longer and fall asleep more easily.
Apple is said to be seriously considering this idea as an extension of its line of viable wearables, and is increasingly filing patents related to NFC finger-worn devices while coordinating the release time.
Apple has been considering a wearable device to wear on the finger for years, and this can be seen in several of Apple's patents.
But as Samsung prepares to launch its own product, now may be the time for Apple to follow suit and launch a product that embodies CEO Tim · Cook's mantra of "do the best, not the first."
Image courtesy of PC-Tablet
"Commercialization seems to be on the horizon," the report said. The report cites an insider who understands the supply chain. Unfortunately, the report doesn't make it clear when we can expect the "Apple Ring" to hit the market, but given the current state of the market, it shouldn't be too long.
Teaser image of the Samsung Galaxy Ring at the Galaxy Unpacked event in January
The rumors came from Korea news outlet ET News, which is known for getting exclusive coverage on Samsung News.
This isn't the first time we've heard of Apple rings. Apple has been patenting smart rings for years, at least as far back as 2015. It's reasonable to hear that such a device could be close to commercialization, especially after Samsung announced the launch of its own smart ring.
Image Credit: Apple
Recently, Patently Apple revealed another smart ring patent filed in the United States that offers NFC functionality and can technically also be used as a controller for the Vision Pro mixed reality headset.
It's worth noting that Apple hasn't launched a physical controller for this headset yet, so it makes sense to launch a ring as a companion device. Based on Apple's patent history, we've seen some ideas about what an Apple ring might look like, and it looks very impressive.
According to Apple's history, it is generally not the first company to enter the new product category. It likes to wait for the category to mature and evolve its technology before entering the market.
The Apple Watch is a great example of this strategy, and it seems that Apple wants to replicate it in the smartwatch space.
Chances are, until recently, Apple didn't see enough value for smart rings on the market. Although smart rings are not a new wearable device, their popularity is just beginning. The global smart ring market is expected to grow by more than 29% by 2028, from $234 million in 2022 to $1.1 billion by 2028.
Samsung is gearing up to launch a Galaxy Ring phone at its second Galaxy Unpacked event in 2024, which is likely to take place in the second half of July.
The Korea company hinted at the product's presence at the end of its first Unpacked event in January and expects mass production to begin in the second half of the year.
In addition to the rumored ability to measure blood flow, the Galaxy Ring is also expected to have ECG monitoring, sleep tracking, and the ability to control other devices and remote wireless payments. It is expected that the device will be available in a variety of sizes.
The emerging smart ring category is currently led by the Oura ring, first released in 2015 by Finland health tech company Oura. The device collects activity, heart rate, respiration rate, and sleep data and transmits it to the Oura app via Bluetooth. Now in its third generation, the device can also measure body temperature and menstrual cycles, and the battery is said to last up to a week on a single charge.
In March 2022, Oura announced that it had sold more than a million rings, but the company's latest release has been criticized for introducing a $5.99 monthly subscription fee that makes some user data unavailable for free.
Oura in the smart ring market
It has a 53% share, but that number could take a hit once Samsung officially launches the Galaxy Ring this year.
This could be the opportunity that Apple has been waiting for to perfect its smart ring technology and launch the device.
Jiuzhi Technology, a start-up company from Shenzhen, is also aiming at this track. Launched through crowdfunding at the end of 2022 and launched globally in June 2023, the first stop of this smart ring product RingConn is to go overseas, and has sold more than 20,000 smart rings and obtained tens of millions of yuan in revenue.
Even overseas, smart rings are still an emerging category, with few mature players and high requirements for technology research and development. We expect that in 2024, the smart ring track will start to compete fiercely.
Resources
https://www.zdnet.com/article/sorry-oura-and-samsung-apple-ring-reportedly-imminent/
https://www.digitaltrends.com/mobile/apple-smart-ring-coming-soon-report-news/
https://www.macrumors.com/2024/02/20/apple-ring-allegedly-in-development/
https://mp.weixin.qq.com/s/dYPzQERL5vZOPe2dyAq4ig
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