The demand for smart home technologies is growing at a rapid pace globally, with the smart home market projected to hit $174 billion in 2025. By 2029, it’s expected to reach $250.6 billion at a 9.55% CAGR. Household penetration, on the other hand, is likely to jump from 77.6% in 2025 to 92.5% by 2029.
This is why devices like smart speakers, thermostats, and lighting systems have become common in households. However, control methods (mostly apps and voice commands) haven’t kept pace with this rising demand.
“Voice commands can often be really cumbersome.”
– Maruchi Kim, Co-lead author & a doctoral student at the University of Washington’s Paul G. Allen School of Computer Science & Engineering
But things might change soon, as recently introduced IRIS, a wireless smart ring, lets users point and click to control devices, offering a faster and more intuitive approach. Developed by the University of Washington researchers, IRIS makes this happen with its context-aware adaptability, enabled by its use of advanced scene semantics.
Now, the question is, why ring? Well, the team picked a ring form because it’s practical.
Think about it: people are more likely to wear a ring all day. But fitting a camera into a small, wireless device wasn’t easy. Size and power were key challenges. The system also needed to toggle devices in under a second. Any longer, and users might think it’s not working.
The ring’s tiny camera captures the device in view and sends the image to a paired smartphone for processing. It recognizes the device instantly, avoiding delays common with voice commands or app navigation. Better yet, IRIS adapts its gestures to match the device.
For example, a user can rotate their hand to adjust volume and lower blinds with a single click. The design is both compact and efficient. At 17.5 mm in diameter and 2.9 mm thick, IRIS integrates a camera, Bluetooth, and IMU into a sleek wearable.
The ring compresses images before transmission and activates only when clicked. After three seconds of inactivity, it powers down. These innovations give IRIS a battery life of 16–24 hours, perfect for all-day use.
Machine learning drives IRIS’s recognition capabilities. Systems like YOLO and DinoV2 ensure pinpoint accuracy, even in complex environments. A user study with 23 participants proved its edge. IRIS was faster and more reliable than voice commands. Users loved its simplicity and appreciated its discretion. According to Kim:
“In the future, integrating the IRIS camera system into a health-tracking smart ring would be a transformative step for smart rings. It’d let smart rings actually augment or improve human capability, rather than just telling you your step count or heart rate.”
The wearables space is really heating up with several innovative products. Let’s look at a few of them now.
Most Promising Smart Wearables
Smart Earrings
One interesting wearable worth discussing here is a smart earring, which can measure the temperature of earlobes. It takes readings from earlobes, which are closer to the head than wrists, which smartwatches rely on for readings. These smart earrings weigh just 335 mg, about the size of a paperclip.
Their dual sensors prevent ambient conditions from affecting the readings by separating body temperature from the surroundings. Compared to typical smartwatches, this smart earring is more precise in detecting stress, exercise, and ovulation. Tests showed temperature variations within ±0.32 °C—far better than a smartwatch’s 0.72 °C.
Moreover, these smart earrings can run for 28 days on a full charge, thanks to their ultra-low power consumption.
Wireless Ultrasound Patch for Muscle Monitoring
In another instance, researchers at the University of California San Diego came up with a new ultrasound patch that can help track precise muscle movement. It outdoes traditional EMG devices, as unlike them, this new patch can deliver clear, high-quality data without the bulk of large electrodes. This new ultrasound patch can help one dive deep into tissues, which isn’t possible with traditional EMG devices due to noisy signals and low resolution.
The patch is lightweight and versatile. It works on the diaphragm, limbs, or even the brain to monitor cerebral blood flow.
CUDIS Ring
The sleek, user privacy-oriented Solana-powered CUDIS Ring is another wearable worth discussing here.
Unlike the seveal ring-based wearables, it doesn’t charge for premium features. Instead, it rewards users for contributing anonymized health data. Paired with an AI coach, it offers real-time insights tailored to each user—all without extra fees.
CUDIS turns data into value. It encrypts wellness metrics and stores them securely on the blockchain. This fuels AI-driven insights while keeping your information private. Designed to integrate with tools like Nike’s Crypto Kicks and Solana Saga, it bridges the gap between style and functionality.
HyperRing
HyperRing is the first payment ring in the US with global coverage, certified by Visa and Mastercard. All users have to do to pay with the HyperRing is tap it. Payments only work within 3 cm of a terminal. In case one loses the ring, they can block transactions instantly in the HyperRing Pay app. It is waterproof, dustproof, and built to last.
As it is not powered by a battery, there is no issue of downtime. There are a variety of style options that users can choose from: 14k gold, sterling silver, titanium, or elegant ceramics like Aurora Lumina and Midnight Aurora. In the future, HyperRing even plans to introduce crypto payments.
EBCare Smart Mask
Next is the EBCare Smart Mask from Caltech, which tracks breathing and analyzes the chemicals in it. By detecting markers like nitrite levels, it helps manage conditions like asthma, COPD, and post-COVID symptoms.
The mask cools exhaled air using hydrogel and radiative cooling. This turns your breath into liquid, which flows through capillaries to sensors. Inspired by how plants transport water, the system analyzes your breath and sends results straight to your phone or computer. Now, let’s look at major companies creating waves in the wearables market.
1. Garmin (GRMN +0.22%)
Garmin has been in the market since 1989. A major player in wearable tech and GPS navigation, Garmin is operating in over 34 countries with nearly 20,000 employees. The company spans several industries, from fitness to aviation to marine tech.
Known worldwide for its functional wearables, Garmin offers fitness trackers, hybrid smartwatches, sports watches, and more. Its forerunner series, in particular, has got worldwide appreciation among runners. Fenix, on the other hand, has become a go-to for adventurers. These devices pack accurate GPS, tough designs, and tools for serious performance tracking.
Moreover, there are no subscription fees, which is undoubtedly a big deal for users. And unlike several of its competitors, Garmin doesn’t charge extra for fitness metrics or health insights. Moreover, a Garmin wearable comes with long battery life, advanced tools, and reliability.
Garmin also knows how to serve niche markets. Take Pilots, for instance, which is targeted at those working in the aviation sector. Then, there is Sailors, which has in-built marine navigation. So, Garmin products are built for real-world use.
Basically, Garmin sticks to what works, and that’s why it’s a leader in wearable tech and why users around the globe keep coming back.
On financial front, Garmin had an amazing Q3 2024, having hit $1.59 billion in revenue, 25% higher than revenue during the same period last year. And although Garmin faced growing competition and rising costs, it didn’t impact its operating margins. In fact, it improved to 27.6%.
Garmin Ltd. (GRMN +0.22%)
Fitness and Auto OEM really pulled their weight this quarter. Fitness revenue shot up 31% to $463.9 million, fueled by strong demand for wearables. Auto OEM wasn’t far behind, with revenue climbing 53% thanks to higher sales of domain controllers. Outdoor also had a good quarter, growing 21%—helped by the launches of the fēnix 8 and Enduro 3 watches. Meanwhile, the Marine segment saw a 22% boost, largely because of Garmin’s acquisition of JL Audio.
2. Fitbit (Alphabet Inc.) (GOOGL +1.6%)
Fitbit, founded in 2007, is a company known for its fitness trackers and smartwatches, which track heart rate, sleep, and activity.
In 2021, Google acquired Fitbit to combine its fitness expertise with Google’s AI and software capabilities. While Fitbit operates under its own name, its technology now powers Google’s Pixel Watch.
However, with Apple and Samsung entering the fitness tech scene, the competition has been heating up, affecting Fitbit. As a result, Fitbit’s revenue dropped to around $1 billion in 2023, and in 2024, Google shifted focus to the Pixel Watch.
Despite challenges, Fitbit remains relevant with advanced features like EKGs and blood oxygen tracking. By 2025, Fitbit users will need Google accounts, further integrating the two brands.
Alphabet continues to post impressive gains, having posted $88.3 billion in revenue for Q3 2024. This was 15% higher than what it made last year. A significant chunk of it, at $76.5 billion, came from Google Services, which also includes Search and YouTube. However, what really stood out among its various segments was Google Cloud, as it brought in $11.4 billion, thanks to the growing usage of AI and cloud tools globally.
Alphabet Inc. (GOOGL +1.6%)
The search giant’s operating income hit $28.5 billion, with improved margins (rising to 32% from 28% last year). Net income also climbed to $26.3 billion. Regionally, the US saw the biggest growth, with revenues up 19% to $43.1 billion, whereas EMEA and APAC both grew 13% in constant currency.
Conclusion
The current wearable market has grown beyond fitness, as evidenced by various new innovations like IRIS with its gesture controls and blockchain-enabled health tracker CUDIS. What they show is that wearables are now a part of everyday lives and hence, they have to be quicker, easier to use, and prioritize user privacy.
A big part of the future lies in combining smarter AI with smaller, more efficient hardware. Products like the EBCare Smart Mask, which tracks your health through your breath, or HyperRing, which lets you make payments with a tap, are great examples of what’s possible.
The bottom line is that wearables are becoming tools we actually depend on, not just gadgets. The companies that can make them simpler, longer-lasting, and better at handling sensitive data are the ones that will stay ahead.
Click here for a list of top wearable health tracking companies to invest in.
