PUBLISHER: The Business Research Company | PRODUCT CODE: 1470336
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470336
Online or virtual fitness refers to the fusion of fitness and technology. Virtual fitness involves performing exercise with the use of technology to combine workouts and virtual reality.
The online or virtual fitness market consists of sales, by entities (organizations, sole traders and partnerships), of online or virtual fitness services that are used by individuals to indulge in regular fitness routine and explore different workouts, without joining a gym or making it to a group exercise class at a certain time.
The global online or virtual fitness market was valued at $4,361.17 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 36.0%.
Increased Adoption Of Online Fitness Apps
During the historic period, the online or virtual fitness market was driven by growth in the adoption of online fitness apps. A fitness app is a mobile application that can be downloaded and used anywhere by consumers to access online fitness sessions. Fitness applications are made to assist consumers with physical activity, various kinds of physical training, nutrition and food and other ways to maintain health. For example, in 2020, according to Pew Research Center, a US-based provides information on social issues and public opinion, in Germany, health and fitness app installs increased at the end of May by 86% over the national average. Between January and April, the number of sessions increased, reaching 38% more than the yearly average by May. The number of sessions climbed by 67% between January and July, despite a modest dip in May. Therefore, the growth in online fitness apps adoption supported the growth of the market.
Focus On Innovative Fitness Apps To Revolutionize Personalized Health And Wellness
Companies operating in online or virtual fitness are focusing on innovative fitness apps to grow in the market. Fitness applications can use data to provide individualized exercise and diet routines catered to a user's particular needs. Users remain engaged as a result and they achieve their fitness objectives more quickly. For instance, in July 2022, Makemefitclub, a UK-based wellbeing app, has launched a new health and wellbeing app with the support of BCU's HLSM programme. The app aims to provide a comprehensive health service, offering features such as sessions and classes delivered by experts, 1:1 session with health professionals and offers from wellbeing companies. It also includes built-in features for profile management, payment handling, video conferencing and certification and insurance monitoring to maintain quality. Further, in 2020, Apple, a US-based technology company that also offers virtual studio-style workouts with trainers, introduced Fitness+, a brand-new, cutting-edge virtual fitness platform. The app offers a first-of-its-kind virtual tailored training experience, which automatically integrates with smart devices, including Apple TV, iPad and iPhone. In addition, it is anticipated that these technological advancements will dominate the worldwide virtual fitness market throughout the coming years.
The global online or virtual fitness market is fairly fragmented, with a few large players operating in the market. The top ten competitors in the market made up to 17.84% of the total market in 2022.
Online Or Virtual Fitness Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global online or virtual fitness market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for online or virtual fitness ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The online or virtual fitness market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider online or virtual fitness market; and compares it with other markets.