Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Smart Shoe Market Research Report
Smart shoes are a resultant product of leading-edge technology and preference for wearables that can monitor biological functions to help in leading a healthy life. The global smart shoe market is expecting 32% CAGR during the forecast period (2017-2023) reveals Market Research Future (MRFR) in an all-inclusive study where the highlighting points are chief drivers and segments. Among the drivers, growing health concern and evolving technologies can be considered with utmost priority. A sedentary lifestyle has impacted lives adversely, to counter which people are now putting their trust in devices that would monitor biological movement and suggest necessary measures accordingly. Different brands entering the field to explore possibilities with a huge investment in research and development can be considered as a market trigger. Furthermore, the products are trendy and gaining popularity which can be a decisive factor in the market.
However, high cost and continuous innovation can prove to be detrimental to the market growth. Constant evolution and new product launch are hampering the expected market growth as consumers are getting confused.
Under Armor has recently displayed a new smart shoe that can track every bodily function and keep on updating via smartphones. The shoe is great in design, comfort and smart technology, all-in-one, which can help the buyer in going for a smart shoe without compromising on the look.
Zhor Tech, on the other hand, has developed a shoe for workers that would analyze a worker's daily activity by following certain parameter and posture. By doing that, the shoe can decipher specific patterns and help in optimizing the movement of workers. The target is to maintain the well-being of the workers.
The global smart shoe market can be segmented by product type and distribution channel.
Based on product type, the smart shoe market can be segmented as step counting shoes, positioning shoes, and navigation shoe.
Based on distribution channel, the smart shoe market includes online channel, retail stores, and departmental stores.
Geographically, the smart shoe market can be segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is leading the global market with substantial revenue. The region has invested heavily in the sector and is continually developing technology to support researches regarding smart shoes further. The region has world-class infrastructure, and the people residing here has this tendency to adopt the latest technology which can give the market further boost. Europe, with similar traits, is also witnessing considerable growth in the sector. Furthermore, a lot of companies are based out of this region such as Puma, and Adidas which is giving the regional market much traction.
The APAC market is expected to grow with the highest CAGR. Many new entrants such as Li Ning (Xiaomi) are operating from this region which gives the market a much-needed booster. Furthermore, rising disposable income is also helping buyers to opt for smart shoes which are boosting the market considerably.
Constant innovation is one method to take the market forward. Companies take several strategical routes that include merger, acquisition, collaboration, and other ways. For instance, Nike has recently acquired Invertex, a leading software company based out of Tel Aviv to boost their smart shoe mechanism.
Key players in the global smart shoe market include Li Ning (Xiaomi), Nike, Salted Venture, Stridalyzer, Under Armour, Digitsole, Boltt, Adidas, Solepower, Orphe and 361 sport among others.