The smart ring market is gaining significant attention from major tech companies and telecom providers. Experts predict that the market will surpass $1 billion by 2032.
Oura Ring leads the smart ring market
While Samsung has recently made headlines, Oura Ring is currently leading the smart ring market, according to Forbes. Oura Ring started as a successful Kickstarter project in 2015 and has since launched three generations of smart rings, selling over 2.5 million units—more than any other competitor in the market. According to TomsGuide, the Oura Ring 4 may be released by the end of 2024, and experts anticipate it will continue to be one of the best-selling products in the market. A survey on the site revealed that smart rings are currently the most anticipated wearable devices among users.
Growing interest in other smart ring brands
Oura is not the only brand attracting attention. Forbes editor Tim Bajarin has been using the Ultrahuman Ring AIR since February and is impressed by its health-tracking features, especially its sleep-monitoring capabilities. Despite its small size, the Ultrahuman Ring AIR is equipped with a PPG sensor that monitors vital signs like heart rate, blood oxygen levels, sleep, and movement. The ring also features a 6-axis sensor for accurate motion tracking and is made from “fighter jet-grade” titanium, reinforced with tungsten to prevent breakage. Bajarin believes that, in some cases, it could replace the Apple Watch for health monitoring.
U.S. telecom providers are also entering the smart ring distribution race. Verizon officially began selling the Ultrahuman Ring AIR alongside the Apple Watch in its wearable device lineup, joining AT&T and T-Mobile. In July, AT&T secured exclusive rights to sell Samsung’s Galaxy Ring. Many experts believe that the eagerness of telecom providers indicates that smart rings will soon be widely accepted by the market.
Market projections and challenges
According to Global Market Insight, smart rings generated $210 million in revenue in 2023. The market is expected to grow by 24.1% this year and reach $1 billion by 2032. Apple currently dominates the health-tracking wearable market with the Apple Watch, followed by Fitbit. Reports suggest that Apple, Fitbit, and Google are all exploring the smart ring market to avoid being left behind as promising startups emerge. While Samsung’s Galaxy Ring is the most notable recent entrant, it is not yet widely available.
However, there are concerns about the diversity and growth potential of smart rings. Most current models struggle to double as jewelry, unlike smartwatches. Although some come in various colors, their designs are nearly identical, making it challenging for brands to differentiate themselves.
“Forbes describes this as an intriguing category of wearable devices that has garnered serious user attention,” but notes that future growth will heavily depend on breakthroughs in smart ring technology.
