Samsung wants to bring smart rings to the masses: revolution or fashion?

If 2023 were the year of smart glasses, 2024 could be the start of smart ring success. While this product category has remained under the radar until now, the release of Samsung Galaxy Ring on January 17 has brought these devices back to the surface and everyone is talking about them.

But, Do they really have a future or is it just a passing fad? According to Custom Market Insights, The growth rate for this type of wearable device will be 21% from 2023 to 2032.which will provide the industry with approximately 22.49 million dollars (about 20.50 million euros).

This will be due to the inclusion of large brands in this product category, since until now the most famous technology manufacturers have not chosen them and they have been a niche product.

However, a couple of years ago they began to appear in the public sphere, worn by figures such as King Emeritus Juan Carlos, Jack Dorsey (former CEO of Twitter), Cristiano Ronaldo, Miranda Kerr or Steve Chen (founder of Twitter). YouTube) and others.

What are smart rings for and what are their limitations: in search of their potential

Smart rings have very similar functions to smart bracelets.although with a certain restrictions “Without a screen or small size, they are not able to provide all the benefits that these devices offer.

Among its main functions (depending on the model) are sleep monitoring, payment contactless and heart rate measurement. The most notable of these is Oura Gen3, known for extensive reports on the physical activity of those who wear it, a week’s autonomy and an inflated price (part of 329 euros).

“He Size is a double-edged sword for smart rings: On the one hand, they provide health monitoring through a finger, which is difficult to track on the wrist through a smart bracelet, and also provide convenience in a small and practical device; On the other hand, these sizes also mean that it is difficult to fit more power into the processor level or batteries that are required for the devices we use 24/7. Besides, The lack of a screen, coupled with current high prices, will make it very difficult to convince users to switch from a smart band to these devices (or add an additional device to their life).“, comments Runar Björhovde, analyst at Canalys.

Carlos García Calatrava, a professor at Carlemany University and a researcher at the National Supercomputing Center, believes that smart rings could be an improvement over smart bracelets, especially if they use communication with other devices that serve gesture control

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Maria Albala, director of the ICEMD Innovation Center (ESIC Innovation Institute), shares the same position as García Calatrava: “A The big advantage of this type of device is that it captures finger movements.so these rings can be used to control other electronic devices.”

In addition, he points out that compared to smartwatches, they are much smaller and therefore “less intrusive.”

What smart rings need to succeed in Europe

Yeah Samsung is investing in smart rings – be careful, it’s just a prototype at the moment – is that he sees that this product category has sufficient potential gaining popularity among the masses and paving the way for others to follow suit.

In accordance with Business Insider, In markets like India, they note that the sector could see a big boom in the coming months, but Is the same announcement expected in Europe and more specifically in Spain?

“There have been several attempts to introduce smart rings to the general public, but without much success. Equipment makers specializing in smart rings are hoping Samsung’s entry will spark a wave of enthusiasm for the technology. and provide special attention that will benefit everyone involved. This may be to increase competition and bring prices down to a level that consumers are willing to pay for,” explains Björhovde.

The expert also believes that in the short to medium term, there is “no doubt” that it will continue to be a niche market, but warns that we should not underestimate the fact that significant growth could occur if large manufacturers start betting on this technology. “Until that happens, I think any adaptation to the mass market in Spain or the rest of Europe will still be a long way off.”

For his part, García Calatrava believes that they can have some success in Spain or Europe, but he also warns that other markets have more variety in terms of brands and prices, which provides flexibility for the consumer.

Therefore, until this happens, nothing will work out in our country.

“I think that A short-term solution to getting some smart ring support may lie in some unique use cases.in which, for example, they specialize only in solutions for sleep tracking or NFC payments,” the Canalys analyst suggests.