Artificial Intelligence-based Shoe Global Market Report 2024

The artificial intelligence-based shoes market size has grown exponentially in recent years. It will grow from $229.27 billion in 2023 to $277.26 billion in 2024 at a compound annual growth rate (CAGR) of 20.9%. The growth observed during the historical period can be attributed to factors such as the rising demand for cloud integration, the increasing complexity of IT environments, the pursuit of cost efficiency and operational optimization, business process automation, and the globalization of businesses.

The artificial intelligence-based shoes market size is expected to see rapid growth in the next few years. It will grow to $551.86 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The anticipated growth in the forecast period can be attributed to factors such as the integration of AI and machine learning, concerns related to security and compliance, integration of IoT, real-time data integration, and hybrid and multi-cloud integration. Major trends expected in the forecast period include the integration of cybersecurity measures, a focus on user experience, technological advancements, the adoption of event-driven architecture, and the utilization of low-code/no-code integration solutions.

The anticipated growth in the artificial intelligence-based shoes market is driven by the increasing popularity of sports activities. Sports activities encompass a broad spectrum of physical pursuits, including organized games, exercises, and competitions that involve physical exertion and skill. Artificial intelligence-based shoes play a significant role in enhancing athlete performance through real-time data analysis and personalized adjustments during sports activities. A notable example is the surge in outdoor football participation reported by Football Australia in January 2022, with a nationwide increase from 1,181,931 to 1,421,804 participants in 2021, marking a 20% year-on-year growth. The growing prevalence of sports activities is thus contributing to the expansion of the artificial intelligence-based shoes market.

The growth of the artificial intelligence-based shoes market is further fueled by the increasing demand for smart wearables. Smart wearables are electronic devices worn on the body, equipped with sensors, connectivity, and computing capabilities. AI-based shoes within the realm of smart wearables utilize sensors and machine learning algorithms to analyze gait, provide real-time feedback, and optimize performance. This results in an enhanced user experience by improving comfort, safety, and overall wearability. According to the National Heart, Lung, and Blood Institute (NHLBI), nearly one in three Americans is expected to use wearable devices for health and fitness tracking, with over 80% sharing information with their doctors. The rising demand for smart wearables is thus contributing to the growth of the artificial intelligence-based shoes market.

The growth of the artificial intelligence-based shoes market faces a constraint in the form of higher production costs compared to traditional shoes. The incorporation of AI technology and sensors into shoes, enabling features such as gait analysis and posture correction, contributes to increased production costs. Innovative functionalities, including voice assistants, adaptive lacing systems, and automatic temperature management, require advanced technology and data processing capabilities, leading to higher retail prices. For example, Nike Inc. reported a substantial price increase for shoes with an adaptive reactive lacing system, originally priced at $720, which can now cost over $1,000. The higher production costs pose a challenge to the widespread adoption of artificial intelligence-based shoes.

To gain a competitive advantage in the artificial intelligence-based shoe market, major companies are directing their efforts toward developing adaptive artificial intelligence. This technology enhances comfort and support by making real-time adjustments based on the wearer's movements and preferences. In a notable example from October 2022, Shift Robotics, a US-based manufacturer specializing in robotic shoes, introduced Moonwalkers. These innovative wearable mobility devices enable users to walk at the speed of a run. Featuring an adaptive AI drivetrain, the Moonwalkers can increase walking speed by up to 250%. With hands-free operation and foot-activated gestures, users can seamlessly toggle between shift and lock modes to move or stand still. The inclusion of an anti-lock internal brake further enhances safety and control during use, showcasing the integration of adaptive AI for an advanced walking experience.

In April 2022, Adidas AG, a prominent Germany-based shoe manufacturer, entered a partnership with Ready Player Me to unveil an AI-generated avatar creation platform. This collaboration aims to establish the world's first personality-based AI-generated avatar creation platform. Ready Player Me, headquartered in Estonia, operates as an avatar creation platform specifically tailored for artificial intelligence-based shoes. The initiative reflects the companies' commitment to innovation, combining AI technology with avatar creation to offer a unique and personalized experience for users. This forward-looking approach demonstrates the industry's dedication to advancing technology and enhancing user engagement in the artificial intelligence-based shoe market.

Major companies operating in the artificial intelligence-based shoe market report are Nike Inc., Adidas AG, Puma SE, Under Armour Inc., Asics Corp., Deckers Outdoor Corporation, Wolverine World Wide Inc., Reebok International Ltd., Mizuno Corporation, Brooks Sports Inc., Salomon SAS, Patagonia Inc., Vivobarefoot Limited, Ajanta Shoe Private Limited, Orpyx Medical Technologies Inc., Scott Sports SA, La Sportiva NA Inc., Shift Robotics, Digitsole, Sensoria Health Inc., ShiftWear, Wiivv Wearables Inc., Altra Torin IQ, Salted Venture, Lumo.

North America was the largest region in the artificial intelligence-based shoes market in 2023. The regions covered in the artificial intelligence-based shoe market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence-based shoes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial intelligence-based shoes refer to footwear equipped with AI technology designed to offer personalized comfort and performance-enhancing features, including automatic adjustments for fit and gait analysis. These shoes may incorporate sensors and data-processing capabilities to monitor and analyze various aspects of physical activity.

The primary technologies involved in artificial intelligence-based shoes include sensor technology, machine learning, artificial intelligence, algorithms, and connectivity. Sensor technology involves the application of devices that detect and measure physical properties or environmental conditions. These shoes are distributed through various channels, including online retail, brick-and-mortar retail, and direct-to-consumer (DTC), catering to applications such as running and athletic shoes, smart casual and sneakers, and medical and therapeutic shoes. End-users include athletes and sports enthusiasts, fitness and health consumers, as well as casual and fashion users.

The artificial intelligence-based shoe market research report is one of a series of new reports that provides artificial intelligence-based shoe market statistics, including artificial intelligence-based shoe industry global market size, regional shares, competitors with artificial intelligence-based shoe market share, detailed artificial intelligence-based shoe market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence-based shoe industry. This artificial intelligence-based shoe market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The artificial intelligence-based shoes market consists of revenues earned by entities by providing services such as predictive maintenance, cleaning, immersive virtual try-on and fit analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence-based shoes market also includes sales of health-monitoring shoes, virtual try-on shoes, and smart insoles. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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