Report says Apple is working on developing a smart ring

A fresh rumor suggests that during the next Samsung Galaxy Unpacked event for its foldable phones, expected to be held this coming summer, the Galaxy Ring will be introduced. Earlier today, we told you that based on a tweet from leaker Revegnus, Sammy's Ring is in the prototype production stage and will go into full-scale production during the second quarter.

According to a report out of Korea from ET News, Apple is also planning on getting into the smart ring business. Apple has been awarded several patents related to a smart ring including one last November that would allow an "Apple Ring" wearer to use NFC to control a nearby smartphone or tablet. In 2019, Apple was awarded a patent for a smart ring with a touchscreen that uses gestures to control an iPhone or an iPad. And in 2015, Apple received a patent for a smart ring that included a camera.

Noting the number of patents that Apple has received for smart ring technology, one unnamed industry source said, "As Apple has been steadily releasing smart ring-related patents for years, it seems that pre-development for commercialization is imminent."

We've seen how Apple has been able to place health-related sensors in the Apple Watch and the device has saved many lives by warning users when their heart rate is too slow or too fast, or if they have an irregular heart rhythm. The watch can also summon help in the case of a fall or a car crash. It wouldn't be too much of a reach to expect an Apple smart ring to offer similar features. Some patents for an Apple smart ring included a touchscreen, but it is more likely that an iPhone display would be used in conjunction with an "Apple Ring."

A successful smart ring could add to Apple's Wearables, Home and Accessories business segment, which currently includes products like the Apple HomePod, AirPods, and the Apple Watch. The ET News report also cites estimates from global market research firm Business Research Insight which forecasts a hike in the global smart ring market from $20 million last year to $197.03 million in 2031. 

That forecast seems extremely low if both Samsung and Apple were to launch their own smart rings anytime soon. Samsung could release the Galaxy Ring as soon as this summer. As for Apple, a smart ring seems to be a product that it is interested in and Apple could surprise everyone by releasing such a wearable device sooner than expected.