Samsung's Galaxy Ring is not the only smart ring looking to compete with the Oura Ring; Honor is planning its own device, which will replace the Oura Ring in more devices.

Honor's interest in developing a smart ring comes directly from the device maker's CEO, George Zhao. Zhao acknowledged Honor's smart ring plans in an interview with CNBC at MWC 2024. He said, "We have this kind of solution internally and we are working on that part right now.

Zhao did not provide many details about what Honor's ring would offer, but noted that it is part of the company's broader focus on health; Zhao also said he believes AI will be key to providing users with more health insights.

"This hardware feature works with AI-enabled apps, [and] because we studied your habits and health data to make professional suggestions, we can create professional training courses tailored to you," he said.

Honor unveiled its new Honor Magic6 Pro smartphone at the Mobile Trade Show in Barcelona. Along with battery and photo improvements, the device will get AI-powered eye-tracking technology.

Still, it is the upcoming Honor smart ring that may get the most attention, as Zhao made the announcement while showing off the Galaxy Ring in public after Samsung teased its release just a month ago. AmazFit has already announced its own smart ring this year, and there is talk that Apple is developing its own ring.

The smart ring will appeal to health and fitness-conscious users who don't necessarily care about wearing a smartwatch to log exercises or monitor vital statistics. For cell phone manufacturers like Samsung and Honor, it is also a way to release devices that work with cell phones while leveraging health monitoring features developed for cell phones and other mobile devices.

It is unclear when Honor's ring will be ready to debut and even the markets in which the product will be available. For example, Honor's phones are not sold in the U.S., so it seems unlikely that the company's smart ring will ship to the U.S.