Oura CEO Tom Hale doesn't believe that Apple has plans to get into the smart ring market because an Apple-designed smart ring might undercut sales of the Apple Watch.
In an interview with CBNC, Hale said that Apple is likely "unconvinced about the value of having a ring and watch together," and he said that while the company is likely keeping a close eye on both Oura and Samsung, an Apple smart ring probably won't happen because "it's hard to do this product category right."
Oura recently came out with the Oura Ring 4, a product able to track movement, fitness, health, stress, and sleep. Oura is one of the most well-known companies in the smart ring space, and it first came out with a ring back in 2015.
Rumors suggest that Apple has explored the idea of a smart ring, but the company reportedly has no plans to launch one at this time. Back in October, Bloomberg's Mark Gurman said that no ring is in active development.
Apple is said to be worried about cannibalizing sales of the Apple Watch because a smart ring would have many of the same features as the watch. Apple's industrial team proposed a smart ring that would be a lower-cost alternative to an Apple Watch, but Apple executives weren't interested.
Should smart rings pick up in popularity, Apple could decide to design one after all. Back in July, Samsung launched the Galaxy Ring, a device that works with Galaxy devices and tracks movement, sleep, heart rate, and respiratory rate, providing users with a daily sleep score and an energy score.
Apple has patented ring-like devices, resulting in "iRing" rumors, but Apple often patents all manner of products that never make it to launch.
