Rising Smart Devices Penetration Fuels Online Fitness Industry Boom
Online or virtual fitness is the fusion of fitness with technology – it is happening when a coach or personal trainer provides people with fitness coaching through the Internet. Online or virtual fitness is provided through training videos offered through an app or online dashboard run by the coach. According to The Business Research Company’s Online Or Virtual Fitness Global Market Report 2023, the global online or virtual fitness market size is predicted to reach $76.5 billion by 2027, exhibiting a compound annual growth rate (CAGR) of more than 36% from 2023 to 2027. online workout
The report also reveals that the global online or virtual fitness market size is expected to increase from $15.6 billion in 2022 to $21.8 billion in 2023, showing a CAGR of more than 39%.
Smart Devices Penetration and Innovative Fitness Apps Expected to Drive Market Growth
During the forecast period, the increasing penetration of smart devices is predicted to fuel the growth of the online fitness industry. Smart gadgets help users track their daily activities by connecting to other devices or networks via various wireless protocols such as Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G. For example, according to policy advice, 57% of US users of smart home devices report daily time savings, with an average of roughly 30 minutes saved each day. Thus, the rising adoption of smart devices is expected to propel the growth of the online or virtual fitness market during the forecast period.
Companies in the online or virtual fitness market are focusing on innovative fitness apps to gain a competitive edge in the market. For example, Apple recently launched Fitness+, a virtual fitness platform that offers tailored training experiences and integrates with smart devices such as Apple TV, iPad, and iPhone. Additionally, Apple has partnered with Tivity Health, which provides wellness programs to Medicare subscribers through collaborations with health insurance providers and gyms.
The increasing awareness of health and fitness among people, especially millennials and Gen Z, is another factor driving the growth of the online fitness industry. These demographic groups are more inclined to use technology and digital platforms for fitness and wellness purposes.
Segmentation Analysis: Smartphones Segment and Subscription Revenue Model to Exhibit High Growth Potential online workout
The global online or virtual fitness market is segmented by device type, end user, and revenue model. According to the report, the highest growth potential in the online or virtual fitness market segmented by device type is expected to arise in the smartphone segment. The subscription revenue model is predicted to exhibit the highest growth potential among revenue models.
Top Market Growth in the USA online workout
The online or virtual fitness market size is predicted to gain the most in the USA, reaching $17.8 billion.
In conclusion, the rising penetration of smart devices and technological advancements, along with innovative fitness apps, is expected to drive the growth of the online or virtual fitness market during the forecast period. The market is set to witness significant growth, particularly in the smartphone segment and the subscription revenue model. The report also highlights the top growth potential in the USA.
Major players in the online/virtual fitness market are ClassPass Inc., FITBIT, Inc., Fitness On Demand, Les Mills International Ltd., Navigate Wellbeing Solutions, Reh-Fit Centre, Sworkit Company, Viva Leisure, Wellbeats Inc., Zwift, Peloton Interactive, Inc., Health Clubs & Gyms, Fast Lean Fitness centre and Gym, Charter Fitness Inc., and MoveGB.
