Rumor has it that Samsung will be introducing the Galaxy Ring at its next Galaxy Unpacked event for foldable phones this summer. According to a tweet from leaker Revegnus, the Galaxy Ring is currently in prototype production and expected to go into full-scale production in the second quarter.

Not to be outdone, Apple is also rumored to be entering the smart ring business. The company has been awarded several patents related to a smart ring, including one that would allow wearers to use NFC to control a nearby smartphone or tablet. With so many patents related to smart ring technology, it seems Apple may soon be ready for commercialization.

With Apple’s success in integrating health-related sensors into the Apple Watch, it’s not a stretch to expect similar features in an Apple smart ring. The potential addition of a smart ring could significantly boost Apple’s Wearables, Home and Accessories business segment, which already includes products like the Apple HomePod, AirPods, and the Apple Watch.

The global market research firm Business Research Insight forecasts a significant increase in the global smart ring market from $20 million last year to $197.03 million in 2031. However, this estimate may be low if both Samsung and Apple enter the market with their own smart rings soon.

Samsung could potentially release the Galaxy Ring as early as this summer, while Apple might surprise everyone by launching its own smart ring sooner than expected. The race is on for these tech giants to expand their wearable device offerings with innovative new products like smart rings.