South Korean tech company Samsung have just launched their first “smart ring”, looking to stand out in an area some experts have called “niche”.
The Samsung Galaxy Rings are geared towards the increasingly popular area of health tracking, and users can track health stats like heart rate, sleep and menstrual cycle.
Launched on Wednesday
The Ring was announced on Wednesday at Samsung’s Galaxy Unpacked press event.
The Galaxy Unpacked event showcases new features coming to Samsung’s product range, and this edition is being held in Paris, France.
Rings and Watches
The rings were unveiled alongside two new editions of Samsung smartwatches.
The Galaxy Watch 7 and the Galaxy Watch Ultra were revealed during the same event. The “Ultra” model is intended for serious athletes such as hikers.
Expectation for Rising Interest in Rings
It is expected that around 4 million Smart Rings will be sold through 2025.
This is in comparison to the 250 million smartphones that are expected to be sold in the same timeframe.
Samsung Attempt to Expand Consumer Base
The ring is not expected to sell huge unit volumes, but is instead aimed at expanded the Samsung consumer base by locking consumers into the Samsung ecosystem.
Ben Wood, CCS Insight’s Research Chief, tells CNBC the rings are in a “niche segment” and make for an “interesting bet” by Samsung.
Competition in Ring Market
The present market leaders in smart rings are Oura, sellers of health tracking smart rings including the Oura Horizon and Oura Heritage.
The company has sold 2.5 million smart rings over the past 9 years.
Samsung the “Market Maker”
Samsung, more than just looking to enter the smart ring market, are looking to develop it substantially.
Wood says that “its global reach and significant marketing budget … will raise awareness of a new product category that most consumers will not have even heard of.”
Hope to Compete with Apple
Although rings are still relatively niche, the area of health tracking has been steadily growing in consumer interest.
Samsung will be hoping they can begin to compete more significantly with Apple, who already employ a number of health-tracking services across their devices.
Comprehensive Health Picture
The Smart Rings are expected to become part of a suite of features that build up to provide a more comprehensive picture of a consumer’s health through the various metrics.
Samsung will be hoping that people buy the rings alongside their existing range of Smartwatches and Smartphones, which can work in tandem to provide more accurate measurements.
24/7
The ring is lightweight, coming in at 3 grams or less, and comes in a range of different colors. It can measure exercise, sleep, menstrual cycle and heart rate.
However, it will set consumers back $400 on its July 24 release, and the battery will need to be charged after 7 days of use.
