1.
fast walking; brisk walk
Walking at a speed faster than normal pace, often as a form of exercise.
2.
trot (of a horse)
A gait of a horse between a walk and a canter, in which diagonal pairs of legs move together.
A compound of 速 (fast, speed) and 歩 (walk, step). Has two main domains of use: exercise/fitness and equestrian.
In the fitness context, 速歩 refers to power walking or brisk walking, which has become popular as a moderate-intensity exercise. "Interval 速歩" is a well-known Japanese exercise method developed at Shinshu University.
In equestrian terminology, 速歩 is the standard Japanese term for the trot, one of the basic horse gaits.