It reminds me of the Microsoft dial thing, and I think Logitech attempted this as well, but if memory serves me right, both were rather expensive and had limited integration. They were obviously closed code, and only worked * well * in a few specific programs.
Therefore, I’m suggesting to make the whole thing as open source as possible, to ensure success. If people can do whatever they want to with it, there is a need for dials in peripherals. I can easily think of use in OS UI like switching workspaces/windows/tabs, in Blender, choosing things in pie menus or using it to control the turntable view. I can think of use in games, especially simulators (if somebody is not doing crazy setups).
I think there is a market for this, but it absolutely has to be as accessible and versatile as possible.
Ah, pardon, forgot to say, I’m an industrial designer, but not active in the field, I’m working as content designer in a game studio. Though I do some 3D modeling in blender for fun (and also I’d hate to forget those skills).