Apple CEO Tim Cook gestures during the annual developer conference on June 10, 2024 at the company's headquarters in Cupertino, California, USA.
Carlos Barria | Reuters
Apple could launch a connected ring to compete with Samsung by 2026, according to CCS Insight, reinforcing the US tech giant's focus on health.
The call is part of CCS Insight's annual forecast report and if it comes true, it would be the Cupertino giant's first new product since the launch of the Apple Vision Pro headset this year.
“Healthcare has become a mainstay for Apple. In fact, I would even say that the point at which Tim Cook decides to relinquish control and retire… I would like to consider that as one of his greatest legacies. “Apple would be about personal health,” said Ben Wood, principal analyst at CCS Insight, told CNBC's “Beyond the Valley” podcast, released Tuesday.
“Considering Tim Cook's deep and personal commitment to health, I think a ring is a very complementary extension for Apple,” he said, referring to Apple CEO Cook.
Wood highlighted Apple's focus on health, from products like the Apple Watch with all its sensors to the latest AirPods Pro 2 headphones that convert into hearing aids.
Similar to smartwatches, a smart ring has various sensors integrated to track health data such as heart rate.
Oura was one of the pioneers in the field, but Samsung launched the Galaxy Ring this year, bringing this style of product to a larger audience as it looks to make a bigger push into the healthcare space.
Priced at $399, the Samsung Galaxy Ring expands the South Korean tech giant's product portfolio from smartphones to smartwatches as it aims to lock users into the device world.
Apple is pursuing a similar strategy with its product lineup, trying to keep its already loyal customers in the hardware ecosystem. A ring would add another product to that portfolio, Wood said.
Unlike other consumer electronics items, rings are complicated from a retail perspective because people have different sized fingers. Samsung offers rings in different sizes and colors, and users receive a set of sample sizes before purchasing a ring.
Wood said Apple differs from Samsung in that it has a large and elegant physical retail space, which would help any attempt to sell a Ring product to customers.
“I also think their retail presence is ideal for this because rings are complex products that need to be brought to market,” Wood told CNBC.
Rings are also fashion items. Wood said Apple's products still have market appeal.
“Apple is a brand that enjoys a certain amount of praise for being a product that people are proud of. And I think a beautifully designed ring from Apple could be one of those things that's almost kind of a status symbol,” Wood said.
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