Over the past five years, the Smart Ring market has grown steadily– primarily driven by tech startups. Haltian, the global product development and IoT firm, and developer of several signature Smart Ring products predicts that Amazon’s Echo Loop Smart Ring product launch recently marks the beginning of a new era for Smart Rings. Smart Rings have entered the mainstream, and market growth will accelerate accordingly. Haltian has published a whitepaper to analyze the market and help companies define their go-to-market strategy!
Oulu, Finland, 1st Oct 2019: The global product design, development and IoT company, Haltian Oy, who is the development and design service provider behind the Wave by Genki Instruments Smart Ring product has just released a Smart Ring whitepaper to help brands, manufacturers and service providers understand this emerging wearable market, and the technology, and gives guidance to create a successful Smart Ring strategy.
The whitepaper provides a concise view of the Smart Ring space and is divided into the following themes:
- It lists and describes the eleven top Smart Ring product segments on the market today. This product list includes the health and fitness items, and contactless payments among the other segments.
- The Haltian whitepaper provides a Smart Ring market outlook and explains the growth drivers – these include the advantages compared to other segments of wearables, and global megatrends.
- The paper describes the Smart Ring technology evolution and details how the hardware, materials, sensors, and manufacturing processes are evolving in the future.
There are three primary areas needed for a successful Smart Ring go-to-market strategy. These are described in detail and include:
1. The Product/Market Strategy – The Smart Ring form-factor is a flexible product innovation platform. It can be designed, developed, and applied for a multitude of use-cases and markets. Every company must define its own strategy. The whitepaper outlines four alternative strategic directions.
2. The Value Model – As with any other consumer electronics market, the Smart Ring is highly price-sensitive. How can companies maximize the economic benefits in the Smart Ring market? This will depend on the chosen product and pricing strategy. Three alternative value model examples are presented in the whitepaper.
3. The Product Development Strategy – The Smart Ring is a demanding form-factor and is packed with high-end hardware and electronics. The whitepaper describes the three primary Smart Ring product development strategies, and their pros and cons.
The Smart Ring is more than just a product, according to Ville Ylläsjärvi, Product Innovator and Co-founder of Haltian. “We see the Smart Ring as an innovation platform that can help brands, service providers and manufacturers in many sectors to create new, unforeseen user-experiences, or, to re-define existing products in a new way.”
“However”, Ylläsjärvi explains, “The Smart Ring is an ultimate product development challenge, which requires experience and know-how. We are confident that this whitepaper will give the public a concise picture of the Smart Ring space, and encourage companies to take the bull by the horns, and develop epic Smart Ring products!”, he concludes.
The Smart Ring whitepaper can be downloaded on Haltian’s website.
Haltian has been providing device manufacturers with world-class product design and engineering services since 2012. Thingsee, the proven IoT technology platform developed by Haltian, enables faster IoT launches for mass-scale deployments. In 2018, Haltian was heralded by research leader Gartner to be a Cool Vendor for its IoT services and in 2019, Haltian became an AWS Advanced Technology Partner. Haltian is behind many of the global signature products, such as the Oura health ring. Its design for the Specim IQ hyperspectral imaging device won the coveted Red Dot Design Award in 2018. For more information, visit: https://www.haltian.com and https://www.thingsee.com