Smart Footwear Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

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Industry: Consumer Goods & Services

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Smart Footwear Market to Likely to Get an Impetus with the Trending Smart Safety Concept Backed by Technological Integration

Conventional footwear delivering safety is used across different operational environments and various industries in a bid to ensure safety of workers. However, despite a promising market of safety footwear, the product endures certain challenges such as an under documented problem apropos to comfort, style and fit and lack of significant scientific and technical digitization or advancement since inception. However, recent technological advancements have made it possible to integrate technical upgrades and digitization on the back of the proliferating “Smart Safety” trend. The vision of smart footwear delivering safety not only supports operational functions but also potentially helps to mitigate risks and raise alarms. Moreover, with the advent of cloud technology, smart footwear can carry out feeding of operational and end user data through cloud repositories. This can support new iterations in design, both at industry specific and customized user levels. In this backdrop, perceived benefits such as enhanced aesthetic appeal and fit, improved user control and comfort coupled with enhanced user safety are expected to drive the demand for smart footwear, consequently bolstering growth of the smart footwear market globally.

IoT and Smart Footwear – A Breakthrough for Success in the Healthcare Domain

Advancements in technology focused towards new healthcare concepts have paved potential growth pathways for digital health, which according to FDA cover various categories such as mHealth (mobile health), wearable devices, and telehealth. That said, health IT and novel smart wearable technologies, backed by IoT (Internet of Things) can enable a comprehensive assessment on individual health. Considering this context, mobility plays a key role making it a vital surrogate marker for responsiveness to therapies, progress and disease severity that can improve therapeutic decisions. Since walking ability defines major aspects  of life quality, demand for smart footwear is likely to proliferate in the coming years, majorly influenced by Internet of Things. Possibility to support various therapeutic decisions, diagnostic work-up, and disease monitoring is now possible by carrying out continuous assessment of mobility with the help of smart footwear. In addition, by leveraging IoHT (Internet of Health Things), continuous monitoring on a real time basis can act as an attractive opportunity for smart footwear proliferation in the near future as they can facilitate gait monitoring and enable non-stigmatic and non-obstructive technology integration, consequently enhancing patient acceptance. Apart from the healthcare domain, use of smart footwear in sport applications is in the offing. Smart footwear, equipped with accelerometer, pressure sensors and gyroscope can analyze style of running, can measure balance, strain and impact levels that can be used to achieve training goals. 

This aspect is expected to drive growth of the smart footwear market in the years to follow.

Growing Innovations to Boost Smart Footwear Market Growth

With pervasive technological improvements, innovations are bound to occur and smart footwear is no exception. Manufacturers of smart footwear have been leveraging technological integration in their product in view to offer improved benefits to achieve user confidence. For instance, in 2021, SensFit Technologies, a Swinburne startup, designed smart footwear that has the ability to detect early symptoms and signs associated with various health conditions such as dementia, diabetes, ulcers and other physical issues for old people. Likewise, 3L Labs, a Seoul startup, developed smart footwear integrated with fitness tracking device, called FootLogger, which can diagnose diseases such as dementia and arthritis and improve performance. Similarly, Tec-Innovation has introduced InnoMake, a smart footwear that can detect obstacles. This is mainly to support visually impaired individuals. In Apple won a patent for its smart footwear accessories which can be used in VR gaming. The electromagnetic haptic in this technology provides various sensations to users’ feet, giving a real feel to their gaming. Such innovations are expected to boost demand of these novel products, in turn fuelling growth of the smart footwear market.

Smart Footwear Market in North America to Witness Potential Growth Opportunities

Demand for smart footwear is expected to witness a significant rise in developed economies in North America. This can be majorly attributed towards rising GDP per capita coupled with growing inclination of individuals towards using smart wearables that facilitate fitness. Moreover, growing running events and half marathons are expected to drive demand for smart footwear. In the United States, over 30,000 running events, half marathons and 10k races are organized each year. In 2017, over 60 million individuals in the US participated in various running events such as trail running and jogging, while over 100 million preferred walking to improve fitness. This is likely to present potential growth opportunities for manufacturers of smart footwear, making it a lucrative go-to-region.  

Smart Footwear Market Competitive Landscape

Few of the key players in the smart footwear market include Nike, Under Armour Inc., Xiaomi Corporation, Adidas, TRAQshoe and Puma.

Key Elements Included In The Study: Global Smart Footwear Market 

  • Smart Footwear Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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