While we're expecting a Samsung Galaxy Ring in 2024, Apple is reportedly working on the launch timing of its smart ring. This would be another new device released on the heels of theApple Vision Pro , the first new device category launched by the company in nearly a decade. 

New reports say the advanced development and commercialization of a purported Apple Ring as "imminent." The rumors come from ET News, a South Korean news outlet known for getting scoops on Samsung news.

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This isn't the first time we've heard about an Apple Ring. Apple has been filing patents for smart rings for years, dating back to at least 2015. It would make sense to learn that such a device could be nearing commercialization, especially after Samsung announced its own.

At least a decade of work on a wearable product for a large technology company like Apple sounds like it would be enough time for the device to be ready for the market, especially with as much experience on wearables as theApple Watch has surely afforded it, so why hasn't Apple launched it yet? The reasons could vary significantly.

It could be that Apple didn't see smart rings as an appealing product for its target audience. A smart ring seems like a seamless addition to Apple's product line, but the Apple Watch already does a lot of what a smart ring can do, and launching a new product that could fail is always daunting. 

Also: The best smart rings

More than likely, Apple didn't see enough market value in a smart ring until recently. Though the smart ring isn't a new wearable device, its popularity is only beginning. The global smart ring market is projected to grow by over 29% by 2028, from$234 million in 2022 to$1.1 billion in 2028.

Oura leads the smart ring market with a 53% share, but this number will likely take a hit once Samsung officially launches its Galaxy Ring this year. This could be the opportunity Apple has been waiting for to perfect its smart ring technology and launch the device. 

Whether Apple announces a new smart ring during WWDC 2024 event or not, I don't think we'll go two more years without an Apple Ring, especially if the Samsung Galaxy Ring does well with users.

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