Samsung has been investing in galaxy ring and wearables for some time.

Back in 2013, Samsung launched the Galaxy Gear, the first step into this field. Nearly a decade later, the company has just released the Galaxy Watch 6 series, which packs new features and improvements over the previous generation.

Samsung is working hard to expand its presence in the wearable device market with the launch of a new product, the “Samsung Galaxy Ring.” Samsung’s smart ring, the Galaxy Ring, will focus Samsung’s efforts on health and cashless payments in a smaller, more compact device.

Samsung has just completed the development process and will start producing the Galaxy Ring next month. Samsung has already secured the sourcing of the required hardware, and after final testing, Samsung is about to decide whether to mass-produce its smart ring. Samsung will submit a development evaluation report to TM Roh, head of the mobile business unit, next month. If approved, it will begin product preparation and production in August.

Samsung’s Galaxy Ring, though, has to go through a standard regulatory process and needs various certifications to be labeled and sold as a “medical device.” These certifications can take several months. From this point of view, the Samsung Galaxy Ring still has a long way to go.

The smart ring Galaxy Ring is used for seamless contactless transactions, recording daily health activities such as heart rate, sleep patterns and more. Affected by the pandemic, the industry growth has been driven by a surge in demand for contactless payment solutions.

According to a 2020 survey, cash transactions accounted for only 19% of all transactions in the US. Several emerging economies, such as India, are focusing on transitioning to a cashless economy. It may offer growth avenues for the industry.

In terms of operating system, the Android smart ring market will grow at a substantial CAGR during 2023-2032, driven by the growing number of active Android users globally.

On the basis of the technology, the smart ring industry in the Bluetooth segment will gain considerable revenue by 2032. Bluetooth-enabled smart rings are gaining traction due to their ability to easily integrate with smartphones. Unlike Near Field Communication (NFC), Bluetooth does not require Wi-Fi, which facilitates its use.

Write at the end about Galaxy Ring:

In the past three years, factors such as inflation caused by the new crown pneumonia epidemic, the European energy crisis, and the war between Russia and Ukraine have had a negative impact on the smart ring market. This greatly reduces the spending power of consumers. Many people are now postponing spending on luxury goods and novelties. Semiconductor shortages have also added to the challenge, effectively raising the price of these products.

Now that the mobile phone industry is slowly recovering, Samsung is preparing to enter the field with the Galaxy Ring. We’re looking forward to the company’s entry into this segment and seeing the new kind of delivery and interaction that the Galaxy Ring will enable for this particular, promising segment. Galaxy Ring will strengthen the Samsung Electronics Galaxy ecosystem through seamless integration with other Samsung Electronics products. At the same time, it will strengthen the company’s portfolio of wellness and cashless payment solutions.

Imagine a small smart ring that could do as useful a function as your Galaxy Watch. With this tiny device, you can make payments, monitor blood pressure and EKG. It will pair with your smartphone and you will have all the information you need in a seamless manner. Another bonus is that since there’s no need for a screen, the battery can last for days. Unlike smartwatches, users can wear the Galaxy Ring on their fingers for greater portability.

Read: Samsung Galaxy S24+ Qualcomm Snapdragon 8Gen3’s Geekbench Score Exposed