Ed. 01 | Smart Rings Are Booming
IOTE-China International IoT Expo
🌐 Ecological Intelligence, Global IoT Connectivity. 📅 13-15 MAY Barcelona | 18-20 JUN Shanghai | 27-29 AUG Shenzhen
Recently, Samsung has been actively laying out the wearable device ecosystem and submitted a new trademark called "Samsung Curio" to the UK Intellectual Property Office. Among them, the trademark classified as "Class 9" may be used for the smart ring that will be mass-produced. It is reported that the smart ring Galaxy Ring (tentative name) that Samsung plans to launch will apply to scenarios such as health monitoring, contactless transactions, XR headset interaction, and smart home control. In the field of health monitoring, the Galaxy Ring can provide more accurate physical health data than the Galaxy Watch.
Apple has also announced patents related to smart rings before, but it is still unknown whether they will be mass-produced and listed.
While the completion of the Galaxy Ring is highly anticipated, the potential of the smart ring market and how many people can pay for it are also hotly debated. After all, the field of smart wear, which has fallen into weak consumption, does need an injection of fresh blood to bring about a new round of stimulating growth. Next, the author will analyze the development status of the smart ring market.
Smart rings: a small market to be verified
Smart rings are not a new thing in the technology circle, but given that the current players in the field of smart rings are mainly emerging startups, Samsung is the first leading company to follow up on such projects.
The author sorted out the information of the main brands of the current smart ring project as follows:
According to Berges Research, the global smart ring market will reach 137 million yuan in 2022. It is predicted that by 2028, the global smart ring market will reach 947 million yuan. From 2022 to 2028, the compound annual growth rate of the global smart ring market The estimate is 37.69%. At present, North America is the world's largest smart ring market, accounting for more than 40% of the market share, followed by the European and Chinese markets, which together account for more than 45% of the market.
Take Ōura Ring, a leading player in this field, as an example. The brand's smart rings focus on health monitoring as their core selling point, and their sales data have shown rapid growth in the past few years due to the pandemic. In 2019, the sales volume of Ōura was only 150,000 units. On May 21, the total sales volume of OuraRing reached 500,000 units, and in March 2022, it exceeded 1 million units. At the same time, after Ōura launched its first-generation product in 2018, it began its road to intensive financing, and its valuation reached US$2.55 billion after the latest round of financing on April 22.
In addition to health monitoring functions, companies such as Motiv, Circular, and Movano are also seeking new entry angles on the smart ring track. For example: Motiv was acquired by Proxy, a digital identity authentication company, in 2020. Motiv's functions include NFC payment, mobile phone anti-lost (location tracking), and other functions.
In addition to these independent startups, large companies are also testing the possibility of smart rings as a vehicle. Google-acquired wearable device maker Fitbit is also developing its smart ring, according to TechCrunch.
No matter how loud the trend of smart rings is, many people are not optimistic about the prospects of this small-scale market.
First of all, judging from the current market structure, bracelets and watches occupy the core position of smart wearable products, and the current scale of smart rings is not large. Under the previous wave of health sports, the use of smart bracelets and watches was deeply rooted in the hearts of the people. It will take time to develop the habits of users of smart rings. Therefore, in the next few years, smart rings are destined to be unable to compete with bracelets and watches in terms of market size.
Secondly, in terms of cost performance, smart rings do not have advantages.
The smart rings that have been launched on the market focus on health monitoring as the core selling point, and some products integrate payment functions, while smart bracelets and watch products have included these two types of functions, and are highly replaceable for smart rings.
Recommended by LinkedIn
It is undeniable that smart rings will attract people's attention to the field of smart wearable devices again, but before more original functions are provided, it is difficult for smart rings with a minimum price of 500 yuan and thousands of yuan to be compared with the current price, which is generally below 500 yuan. smart bracelet competition. The price of the first smart ring that Samsung will launch is about 299 US dollars, and how many consumers will pay for the 2,000 yuan smart ring still needs to be verified by the market.
Two advantages of smart rings are health and creativity
In the current smart wearable device market, where homogeneity is relatively serious and consumption is sluggish, product changes in appearance and configuration make it difficult to bring about further expansion of the consumer group. However, under the big health trend, the health detection function is the core It is a feasible way to promote smart wearable devices.
In this regard, the sense of smell in big factories is particularly sensitive. In addition to supporting basic health monitoring functions, Huawei smart watches also introduce health detection functions such as ECG analysis, arteriosclerosis risk screening, and medical-grade blood pressure measurement to help users achieve active health in the cardiovascular, respiratory, and endocrine systems. health management.
Previously, Huawei's new smartwatch WATCH4, which sold more than 400,000 in 618, was based on its first hyperglycemia risk assessment and one-key micro-physical examination function, which aroused rigid demand from consumers and also confirmed that precise health monitoring is indeed a smart wearable device. core innovation direction. Not only Huawei, but Apple is also innovating in non-invasive blood sugar monitoring projects. Its "non-invasive" blood sugar monitoring system mainly relies on silicon photonic chips and sensors designed by Apple, which use the reflection of light to detect blood sugar levels and plans to add this system to the Apple Watch Superior.
Under the general trend of wearable devices moving towards accurate health monitoring, the ring may find its value.
It is understood that any part of the body that has blood flow can detect PPG signals. The top three parts with the best signal quality are the earlobe, fingertips, and finger pulp. It can be said that the shape of the ring is more in line with accuracy than the watch bracelet. In terms of the reflected light detection method usually used in the detection of blood oxygen, blood pressure, blood sugar, and other indicators, the shape of the ring fits the skin better than the traditional wrist device, will not cause interference with the results due to a poor fit, and can be more accurate. Good acquisition of raw data such as blood volume wave (PPG), which detects blood flow through tissue, Moreover, its small size and portability make it easier to wear and monitor continuously daily.
Secondly, the smart ring track has the functional positioning of both practical monitoring equipment and accessories. It is more inclusive and has a broad space for innovation. If the positioning and functional attributes match, consumers are also willing to accept a certain premium.
The HB Ring smart wedding ring developed by the Czech company The Touch has exploded overseas. With the concept of "love veins" connecting the couple's heartbeats, the smart ring has a wider value endowment, with a maximum price of 10,000 yuan. It is also not worth mentioning in front of romantic concept symbols.
In addition, the broader creative space of smart rings can also be released through cross-border cooperation. For example, the 22-year-old luxury fashion brand Gucci and the Finnish health electronics manufacturer Ōura have jointly launched a smart ring. The price of the original ring has soared to $950 from $399, and it is still hard to find. It can be said that the stronger decorative attributes of the smart ring make it more creative than other categories.
IOTE 2023 The 20th International Internet of Things Exhibition Shenzhen Station will be held in the Shenzhen World Exhibition and Convention Center on September 20-22, 2023. Exhibitors can use the Internet of Things applications to display innovative products and solutions in smart homes, smart cities, industrial automation, smart medical care, etc., and show the audience the future development direction of intelligence, digitalization, and smart services. This will bring more in-depth understanding and experience to exhibitors, visitors, and professionals while promoting innovation and cooperation in the IoT industry, injecting new vitality into the construction of a smart society and the development of the digital economy. Now click the link below to sign up for the exhibition!