The global smart shoes market is estimated to rise from an estimated $150.25 milllion in 2021 to $250.34 million by 2026, growing at a compound annual growth rate of 10.75 percent, according to a report released by ResearchAndMarkets.com titled ”Global Smart Shoes Market (2021-2026) by Product Type, End-User, Distribution Channel, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis”.
Smart shoes have insoles that are digitally connected. Growth is driven from demand for tracking and evaluating health metrics and a rise in demand from the healthcare industry. Meanwhile, the market is restrained by the high marginal price of the product and low product penetration.
“Adoption of technology integrated fitness products, rise in adoption of smart shoes for the elderly population, and rise of social media marketing are some of the opportunities for the market growth though lack of awareness among consumers and lower life-expectancy of products are the challenges for the market,” the market research company said in a statement.
