Smart Rings: The Fierce Race Among Tech Giants

The smart ring market has garnered significant interest from major tech companies and carriers, and it is projected to surpass one billion USD by 2032.

While recent media attention has focused on Samsung, Forbes reports that the company currently leading the smart ring industry is Oura Ring. Starting from a successful Kickstarter project in 2015, Oura Ring has released three generations of smart rings, selling over 2.5 million units to date, the highest in the market.

According to TomsGuide, the Oura Ring 4 may be released by the end of 2024 and is expected by many experts to continue being one of the best-selling products in the market. A survey on the site shows that smart rings are currently the most anticipated wearable devices among users.

It's not just Oura that's attracting attention; several other brands are also gaining interest. Forbes editor Tim Bajarin has been using the Ultrahuman Ring AIR since February and is impressed with its health-tracking features, particularly its sleep tracking. Despite its small size, the ring includes a PPG sensor to monitor key metrics like heart rate, blood oxygen levels, sleep, and movement.

The Ultrahuman Ring AIR is equipped with a 6-axis sensor for precise motion tracking. It is also made from "fighter jet-grade" titanium, reinforced with tungsten to prevent breaking under pressure. Tim Bajarin believes it’s good enough to replace the Apple Watch for health tracking in certain cases.

U.S. carriers are also joining the race to distribute smart rings. Last week, Verizon officially began selling the Ultrahuman Ring AIR alongside the Apple Watch in its wearable device lineup, alongside two other carriers, AT&T and T-Mobile. Earlier in July, AT&T signed an exclusive deal to sell Samsung’s Galaxy Ring. Many experts believe that the enthusiasm from carriers suggests that smart rings will soon gain widespread acceptance in the market.

According to Global Market Insight, smart rings generated 210 million USD in revenue in 2023. The market is also projected to grow at a rate of 24.1% this year and is expected to reach one billion USD by 2032.

Apple is currently considered the "king" of health-tracking wearables with the Apple Watch, while Fitbit ranks second. Some sources suggest that both companies, along with Google, are exploring entry into the smart ring market to avoid being left behind by promising startups. Samsung is the latest big name to enter the arena with its Galaxy Ring, although it has yet to be widely released.

However, there are also doubts about the diversity and growth potential of smart rings. Most current models struggle to serve as jewelry in the way smartwatches do. Some come in various colors, but the designs are nearly identical, making it difficult for brands to differentiate themselves.

"This is an interesting category of wearables that’s receiving serious attention from users," Forbes noted, but added that growth will largely depend on the breakthrough technologies implemented in smart rings in the near future.