Global Virtual Fitness App Market To Reach USD 3.43 Mn in 2020
Published | January 2021
A study recently
conducted by the strategic consulting
and market research firm, BlueWeave Consulting, revealed that the global virtual fitness app market worth USD 3.43 million in 2020, and is further projected to reach
USD 18.91 million by 2027, at a CAGR of 21.10% during the forecast period
2021-2027. The market is primarily supported by factors such as robust internet
connectivity across developing and developed economies, which has facilitated fast
video streaming. These factors are positively impacting the online fitness
market revenue. In 2020, India had nearly 700 million internet users across the
country. This figure was projected to grow to over 974 million users by 2025
further propelling the market growth.
Rise in
Digitalization Driving the Market Growth
The rise in digitalization, combined with
the rising trend of using connected fitness equipment has been enabling users
to monitor health parameters, such as pulse rate and calories. These factors
are playing a vital role in positively affecting market growth.
Many fitness companies are coming up with
virtual classes to enable users to participate in fitness programs via their
smart devices. For instance, in September 2020, Apple, Inc. launched Fitness
Plus, a subscription service for virtual fitness classes that integrates with
iPads, iPhones, Apple TV, and Apple Watch. It enables users to monitor a wide array of metrics
regarding fitness activities such as jogging, cycling, waking, running, rowing,
or swimming on their Apple devices. The introduction of live and on-demand workout
classes using a broad range of connected equipment allow users to undertake fitness
classes on via their smart devices. equipment. The availability of such
innovative solutions will go a long way in driving market growth.
Live
Session Training for Consumers Creates Market Opportunities in Upcoming Years
In case of a live fitness session, the physical
trainers provide explicit instructions to the exercisers while also recommending
corrective measures based on the individual health requirements of the
exercisers.
Many well-known gym chains, as well as
fitness equipment market players, are making inroads into the live virtual
fitness app segment to provide fitness enthusiasts with world-class personal training
routines.
A large number of fitness freaks are
currently opting for on-demand streaming workouts in lieu of live gyms as the
former enables them to pick a workout style that goes well with their specific
workout needs, irrespective of their class schedules.
The rising popularity of virtual fitness
apps among routine-oriented exercisers who are committed to their fitness programming
schedule, is further fueling the market growth.
The
Growing Popularity of Virtual Fitness Programs Among the Young Age Group
Driving Market Growth
Virtual fitness app encourages people of all age groups to exercise
regularly to stay fit and prevent various health problems. Nowadays, elderly
individuals are increasingly focused on leading a healthier lifestyle. They
religiously follow the advice of qualified fitness specialists to attain
wellness through training and dietary references.
Additionally, the adoption of virtual fitness app is gaining momentum
among elderly individuals due to time, place & trainer-selection
flexibility. What’s more, virtual fitness apps also facilitate the correct
implementation of fitness training procedures. Health and fitness apps were
downloaded 593 million times during the first quarter of 2020. Virtual fitness
app downloads grew by 46% worldwide, and therefore, one of the main driving
forces of growth.
Global
Virtual Fitness App Market: Regional insights
The
global Virtual Fitness App
market
is segmented into five regions— North America, Europe, Asia-Pacific, Latin
America, and Middle East & Africa. As per the analysis, the North American
region dominates the global virtual fitness app market owing to an increased
awareness related to fitness, healthy eating habits, weight loss; all these
factors are promoting the global virtual fitness app market by increasing the
demand for related products.
The Leading Players in the Market- Dom
and TomTom, Grandapps, MyFitnessPal Inc., WillowTree, Inc., Appster, Under
Armour, Fitbit, Azumio, ASICS, Motorola Mobility LLC, Runtastic Results, Kayla
Itsines Fitness, Calorie Counter & Diet Tracker, are some of the prominent
players. The market players compete with each other based on the
quality of products and innovative and cost-effective manufacturing process, which generates impressive
revenue besides optimizing the process for better production.
This detailed analysis of the market’s growth potential,
upcoming trends, and statistics of the global virtual fitness app, along with
its market size & forecast. The report promises to provide recent
technology trends of the Virtual Fitness Appmarket and industry insights to help
decision-makers make sound strategic decisions. Furthermore, the report also
analyzes the growth drivers, challenges, and competitive dynamics of the
market.
About Us
BlueWeave Consulting provides comprehensive
Market Intelligence (MI) Solutions to businesses regarding various products and
services online & offline. We offer all-inclusive market research reports
by analyzing both qualitative and quantitative data to boost up the performance
of your business solution. BWC has built its reputation from the scratches by
delivering quality inputs and nourishing long-lasting relationships with its
clients. We are one of the promising digital MI solutions companies providing
agile assistance to make your business endeavors successful.