Canalys: Manufacturers need to pay attention to three major risks when entering the smart ring industry: the market size is small

With Galaxy Ring, Samsung has become the first major ecosystem manufacturer to enter the smart ring market. Canalys recently issued an article stating that the addition of Samsung will increase the popularity of smart rings and intensify market competition. According to CNMO, Canalys also elaborated on the 6 major reasons why manufacturers enter the smart ring battlefield and the 3 major risks that need to be paid attention to.

Samsung Galaxy Ring

Reason for entry:

1. Attract non-watch users and expand the user base
2. For health-conscious consumers
3. Provide more accurate tracking to support the ecosystem experience
4. Redefined User experience
5. Enhance brand positioning and innovation leadership
6. Enrich product portfolio and find new revenue opportunities

   

   Smart rings

Canalys believes that smart rings provide development opportunities for manufacturers, but they are still in the early stages of development. . Manufacturers need to pay attention to the following risks:

1. Low priority: Due to the small size and small market size of smart rings, it is difficult to get priority in the manufacturer's product line, which may slow down the speed of innovation and affect market expansion capabilities.
2. Cloud Artificial Intelligence: Cloud Artificial Intelligence’s innovation in data analysis and insights is crucial to optimizing product performance, in addition to integrating interaction methods such as voice commands and gesture control.
3. Price Sensitive: Pre-orders for the device are currently poor, indicating that current price levels are unattractive to most consumers. Continued innovation and price adjustments can improve this situation.
4. Homogenization: Smart ring products have limited innovation space and are prone to homogenization, resulting in market share being concentrated in a few leading brands and squeezing the market space of small and medium-sized manufacturers.

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