Your next technology-charged accessory: A smart ring?

Driven mainly by startups, smart rings have been developing their industry for over a decade. But big players such as Samsung and Apple could really speed up mass adoption.

While it’s still too early to tell if the smart ring will go the way of other hotly anticipated but ultimately not mass-adopted gadgets, such as Google Glass, it’s still important for consumers to understand the benefits and capabilities of such technology. (Unsplash)

Everyone's heard of smartwatches, wrist-worn devices that can do everything from tell you the time, monitor your heart rate and make phone calls.

Now there's another wearable accessory for your hand making a buzz around the internet: smart rings.

Often mistaken for traditional jewelry, smart rings -- technology-packed devices that fit around your finger -- have actually been around for over a decade, mostly manufactured by smaller startup companies.

However, it wasn't until recently when big players like Samsung and Apple were rumored to be working on the technology that interest started to grow, and the possibility of mass production became more conceivable.

According to ResearchAndMarkets.com, last year the global smart rings market was valued at USD $5 million, and is projected to reach US$23 million by 2030.

While it's still too early to tell if the smart ring will go the way of other hotly anticipated but ultimately not mass-adopted gadgets, such as Google Glass, it's still important for consumers to understand the benefits and capabilities of such technology.

What's a smart ring?

Aesthetically, smart rings appear very similar to traditional jewelry worn on our fingers, but have added technological functions. Rings in the marketplace currently can respond to specific gestures, send notifications to the wearer through vibration, and conduct functions by being prompted with commands.

Much like the smart watch, smart rings are not seen as a replacement for smartphones, but rather complementary to them.

The most common uses for smart rings include monitoring health and fitness data created by the wearer, but they can also be used for digital payments, online security, and access control to spaces such as homes or offices. They even allow for the user to prompt the ring to conduct certain actions such as open and close applications through movements and gestures.

One example is the “Wave for Work,” created by startup Genki Instruments, which allows users to control applications such as Skype, Zoom, PowerPoint, Microsoft Teams and Keynote with their fingers.

Incorporating chips and sensors into a device smaller than the circumference of a nickel isn't easy, however, and this is where many brands face the biggest challenge.

Some of the pioneers of the technology include smaller firms like GO2SLEEP, Oura, Motiv and THIM, all of which have produced rings with certain functionalities, but nevertheless have shown promise for the future of the industry.

Big brands are making inroads

Perhaps the most advanced competitor thus far in the space is Oura, which manufactures a series of slick-looking smart rings that help monitor sleep and exercise, among other things.

But possibly creeping up on Oura is a formidable competitor in Samsung, the Korean technology behemoth, that recently hinted at its intentions to launch a smart ring.

Already in possession of a deep catalog of wearable devices such as smartwatches and bracelets, reports online have been circulating about the tech giant's possible smart ring launch.

According to news site Android Authority, Samsung registered a patent for the device in 2022, and a trademark for the “Galaxy Ring” was granted by the Korean Intellectual Property Right Information Service (KIPRIS). Korean electronics industry news publication The Elec reported that the company was in advanced stages of development of the product, but Android Authority suggests that the Galaxy Ring won't launch until at least 2024.

In the patent documents, the company reportedly said the device is capable of tracking, detecting, recognizing, monitoring and collecting biometric and physiological data, in addition to managing the information collected. Samsung will most likely pair the device with a cell phone application, similar to what it currently does with Galaxy Watch bands.

No pricing information has been divulged, but Samsung's competitors in the space such as Oura start their ring selection at around USD $300.

Samsung's biggest competitor on the world stage, Apple, was rumored to have been working on its own smart ring back in 2021. However, an Apple ring has yet to materialize.

According to a patent filed by the company and published by Patently Apple last year, Apple's smart ring could be part of a system providing added functionality to other devices such as the Apple Pencil, as well as the company's newly announced AR/VR headset, Vision Pro.

With such an application, Apple could be sowing the seeds for the smart ring to jump into the productivity space, helping knowledge workers conduct tasks using Vision Pro by hand gestures.

By Stiven Cartagena, Editor at GeekTime