Connect with us

Technology

Smart Shoes Market to Grow by USD 984.9 Million (2024-2028) as Product Innovation and Premiumization Drive Revenue, with AI Powering Market Transformation – Technavio

Published

on

NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global smart shoes market size is estimated to grow by USD 984.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 28.4% during the forecast period. Increasing product innovation leads to increasing premiumization is driving market growth, with a trend towards provision of personalized fitness coaching However, proliferation of wearable fitness devices poses a challenge – Key market players include Adidas AG, Alegria Shoes, ASICS Corp., Digitsole, Ducere Technologies Inc., ELTEN GmbH, FeetMe, Groupe Artemis, Li Ning Co. Ltd., Nike Inc., Powerlace Technology Inc., ReTiSense Inc., SALTED Co. Ltd., Sensoria Inc., Sole PowerTech, Under Armour Inc., UVEX WINTER HOLDING GmbH and Co. KG, Vivobarefoot Ltd., W. L. Gore and Associates Inc., and Xiaomi Communications Co. Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Distribution Channel (Offline and Online), End-user (Adults, Senior citizens, Users with disability, and Kids), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Adidas AG, Alegria Shoes, ASICS Corp., Digitsole, Ducere Technologies Inc., ELTEN GmbH, FeetMe, Groupe Artemis, Li Ning Co. Ltd., Nike Inc., Powerlace Technology Inc., ReTiSense Inc., SALTED Co. Ltd., Sensoria Inc., Sole PowerTech, Under Armour Inc., UVEX WINTER HOLDING GmbH and Co. KG, Vivobarefoot Ltd., W. L. Gore and Associates Inc., and Xiaomi Communications Co. Ltd.

Key Market Trends Fueling Growth

The global smart shoes market is experiencing significant growth and increased competition, leading vendors to invest in continuous innovation. New features, such as personalized coaching, have been introduced, enabling shoes to suggest diet intake, monitor physical activity goals, and offer improvement plans based on workout plans. These advanced smart shoes are designed to guide users in their physical activities, preventing mistakes, and promoting proper execution. The integration of personalized coaching in smart shoes is anticipated to fuel market expansion throughout the forecast period. 

The Athletic footwear industry is experiencing a significant shift with the rise of smart shoes. Academic institutions and athletes are adopting advanced technologies like Digitsole’s electrical systems for gait analysis and form improvement. Active lifestyles and awareness for fitness have fueled the demand for digitally connected shoes. AC championships and Grand Slam Tournaments are embracing this trend, with athletes seeking advanced features like calories burned tracking and flexible designs. The market is witnessing customised smart shoes for various core applications, including aerobics, climbing, and cycling. However, the high cost and limited awareness among the general public are challenges for business development. Cash flow analysis indicates a positive trend, with sales of designer smart shoes increasing. Comfort remains a priority, with some shoes featuring GORE-TEX laminates for heat and moisture management. The adoption of smart shoes is a testament to the changing lifestyles and the importance of staying active.

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

The global smart shoes market is experiencing significant growth due to the increasing demand for footwear with advanced features, particularly among athletes and fitness-conscious consumers. Smart shoes offer benefits such as tracking step counts, suggesting healthy diets based on physical activity, and more. However, the market faces competition from smart fitness wearables like the Apple Watch and Fitbit bands, which also provide fitness-related features. The market growth may be hindered by the increasing adoption of these wearables and their relatively lower price point compared to smart shoes. The global smart fitness wearable devices market is projected to expand at a CAGR of nearly 5% during the forecast period, potentially impacting the growth of the smart shoes market.The smart shoes market is experiencing a surge in growth due to rising disposable income and increasing investments. Consumers are looking for innovative solutions that enhance their physical activities, from running to swimming. Smart shoes, equipped with sensors and power-lacing systems, offer performance tracking and posture correction. Positioning these shoes as must-haves for sports professionals and sports stars is key. Online sales are driving the industry’s growth, with start-ups and established brands launching new products at a record pace. Smart shoes come in various sizes and designs, catering to diverse consumer needs. Sensors monitor steps, stride, and track cadence, providing valuable data for fitness enthusiasts. Protection, ventilation, and comfort are essential features. Surround technology and refrigerator technology offer additional benefits. Profit ratio analysis is crucial for companies to stay competitive. Product innovation, such as ShiftWear’s pressure sensors, sets new standards. The potential for smart shoes in yoga and trekking is immense. Smart devices integration and TV advertising strategies further boost sales.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview

This smart shoes market report extensively covers market segmentation by

Distribution Channel1.1 Offline1.2 OnlineEnd-user2.1 Adults2.2 Senior citizens2.3 Users with disability2.4 KidsGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Offline- The offline distribution channel, consisting of brick-and-mortar stores, dominated the smart shoes market in 2023. This segment’s dominance can be attributed to several factors. Firstly, the convenience of directly contacting vendors and receiving product demonstrations. Secondly, the large stock keeping units (SKUs) enable a wide product variety. Thirdly, the availability of various brands at multi-store retail units and dealers. Specialty stores, including STADIUM GOODS, and brand stores, such as Nike, are significant revenue sources. Customers prefer specialty stores due to their extensive product offerings and sales force’s technical expertise, providing personal assistance on smart technology and features. The offline segment’s growth is expected to continue driving the global smart shoes market expansion during the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Smart Shoes Market is witnessing significant growth due to the increasing integration of technology into everyday footwear. The market is driven by various factors, including the rising disposable income, the popularity of smart devices, and the increasing trend of incorporating sensors and electrical systems into footwear. Fitness peripherals, such as smart running shoes, are gaining popularity among consumers for their comfort, protection, and advanced features like pressure sensors, microchips, and batteries. Market basket analysis and profit ratio analysis are essential tools used to understand consumer behavior and market attractiveness. Smart shoes are not limited to sports professionals and athletes but are becoming a must-have for individuals engaging in physical activities. The market for smart technology shoes is expected to grow further as electrical systems and sensors become more affordable and accessible.

Market Research Overview

The Smart Shoes Market is witnessing significant growth due to the increasing adoption of advanced technologies and changing lifestyles. With the athleisure trend gaining popularity, people are opting for digitally connected footwear that offers advanced features such as gait analysis, calories burned, and performance tracking. Academic institutions and athletic footwear industry are investing heavily in research solutions to develop customised smart shoes with electrical systems, microchips, and pressure sensors. Active lifestyles, including jogging, cycling, hiking, and aerobics, are driving the demand for these shoes. The market is not limited to athletes but also caters to the general public seeking comfort and fitness benefits. Flexible smart shoes with lace-less features and power-lacing systems are gaining traction. The high cost of these shoes remains a challenge, but the potential for profit ratio analysis and business development is immense. Brands are exploring designer smart shoes, inertial-magnetic measurement units, and positioning systems to offer unique features and enhance user experience. The market is expected to grow further with the increasing awareness of health and fitness, especially among females, and the Fit India Movement. Smart shoes are not just footwear; they are a statement of style and a tool for monitoring navigation, posture, and form improvement. With advancements in battery technology, moisture management, and heat regulation, these shoes are becoming essential for those leading active lifestyles. The market is also witnessing the integration of mobile phones and fitness peripherals, making these shoes an integral part of our daily lives. The market is expected to grow further with the rising disposable income, investments in technology, and the increasing participation of females in sports and fitness activities. Grand Slam Tournaments, Olympic Games, and International Women’s Cricket are some of the key events driving the market’s growth. The market is poised for significant growth in the coming years, with potential applications in various core markets, including hiking, climbing, and running. GORE-TEX laminates, Refrigerator, and Hues are some of the emerging trends in the market, offering protection and style to users. The market is also witnessing the integration of advanced technologies such as firmware and heat sensors to offer customised solutions to users. The market’s future looks bright, with the potential for significant growth in various applications, including fitness activities, sports, and everyday wear. In conclusion, the Smart Shoes Market is a growing industry that offers advanced features, comfort, and style to users seeking to lead active and healthy lifestyles. With the increasing awareness of health and fitness, the market is expected to grow further, driven by technological advancements, changing lifestyles, and rising disposable income. The market offers significant potential for businesses and investors seeking to capitalize on the growing demand for digitally connected footwear.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineEnd-userAdultsSenior CitizensUsers With DisabilityKidsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/smart-shoes-market-to-grow-by-usd-984-9-million-2024-2028-as-product-innovation-and-premiumization-drive-revenue-with-ai-powering-market-transformation—technavio-302254539.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

Published

on

By

UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/marquis-whos-who-honors-rupin-chothani-for-engineering-leadership-302833756.html

Continue Reading

Technology

COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

Published

on

By

Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

Continue Reading

Technology

Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

Published

on

By

Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

View original content to download multimedia:https://www.prnewswire.com/news-releases/monk-launches-voice-collections-bringing-ai-phone-calls-and-callbacks-to-accounts-receivable-302833768.html

SOURCE Monk

Continue Reading

Trending