Samsung has been investing in the segment of wearables for quite some time. The company’s first step into this category happened way back in 2013 with the Samsung Galaxy Gear. Nearly a decade later, the company has just revealed its Samsung Galaxy Watch6 series with new features and improvements over the past generation. The company is expanding its presence in the wearables market with a new product – The Samsung Galaxy Ring. (Source).
Samsung Could Begin Galaxy Ring Production Next Month – But Its Release Is Far
Samsung has just finished the development process and will kickstart production next month for the Galaxy Ring. The Korean tech giant secured its sourcing of the needed hardware and it just needs to decide when to start mass production. The firm is close to making a decision about whether to mass-produce its smart ring after recently testing a prototype. The preliminary development review will be delivered to Samsung’s mobile chief TM Roh next month, and if signed off, product development can begin in August.
It is important to note that the company must undergo the standard regulatory process and will need to obtain various certifications to obtain a “medical device” status. These certifications can last for several months. As a result, there is still a long journey ahead for the Samsung Galaxy Ring. The Galaxy Ring will concentrate Samsung’s efforts on health and cashless payment in a smaller, compact, device. (Source).
Industry Expert’s Insights About the Smart Rings
According to Research and Insight Experts from Global Market Insights, the Smart Rings Market will accumulate substantial revenues by 2032. On account of the surging adoption of tablets, smartphones, and other smart appliances it will grow further. Credible sources state that with the strong adoption of smart devices, the demand for smart rings will likely go up in a notable manner. (Source).
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The Smart Rings Are Used for seamless Contactless transactions, recording daily health activities such as heart rate, sleep patterns, and others. The Surging demand for contactless payment solutions due to the pandemic’s effects is escalating industry growth. As per a 2020 survey, cash transactions made up only 19% of all transactions in the US. Several emerging economies such as India are focusing on the transition towards a cashless economy. It may present growth pathways to the industry.
As far as the Operating Systems are concerned, the smart rings market from the Android segment is poised to grow at a substantial CAGR from 2023 to 2032, fueled by the growing number of active Android users globally. On the basis of tech, the smart rings industry from the Bluetooth segment will register considerable revenue by 2032. Bluetooth-enabled smart rings have gained widespread traction given their ability to easily get integrated with smartphones. Unlike near-field communication tech, Bluetooth does not require Wi-Fi, which favors its usage. Additionally, it offers a high operating range and requires a manual setup for pairing devices.
Conclusion: My view about the Galaxy Ring
In the past three years, the inflation caused by the COVID-19 pandemic, the European energy crisis, and the Russia-Ukraine war had a negative impact on the smart rings market. It has drastically reduced the spending power of consumers. Many now are putting off spending on luxury items and novelty productions. The semiconductor shortage also added to the challenges by effectively inflating the price of these products. Now that the industry is slowly recovering, Samsung is ready to dive into this category with its Galaxy Ring. We are looking forward to the company’s entrance in the segment, and to seeing everything the Galaxy Ring will offer to heat up this particular, promising, segment. The Galaxy Ring will boost the Galaxy Ecosystem by offering seamless integration with other Samsung products. Also, it will strengthen the company’s portfolio of health and cashless payment solutions.
Just Imagine a small smart Ring that can do the same useful functions as your Galaxy Watch. With a compact device, you will be able to perform payments, monitor your blood pressure, and perform an ECG. It will be paired with your smartphone and you will have all the needed information in a seamless manner. Another benefit is that due to the lack of a screen, the battery will last days. Unlike smartwtches, you will be able to put the Galaxy Ring and forget it on your finger. It’s a very interesting device, and we are eagerly waiting for it.
