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.
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.