Online Or Virtual Fitness Market Analysis: Key Growth Drivers, Major Trends, Top Players And Strategies - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 22, 2023 /PRNewswire/ -- As per The Business Research Company's Online Or Virtual Fitness Global Market Report 2023, the global online or virtual fitness market size will grow from $15.6 billion in 2022 to $21.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 39%. The online or virtual fitness market size is expected to grow to $76.5 billion in 2027 at a CAGR of more than 36%.
During the forecast period, the rising penetration of smart devices is expected to increase the growth of the online fitness industry. Smart gadgets keep track of a person's daily activities, by connecting to other devices or networks via various wireless protocols, including Bluetooth, Zigbee, NFC, Wi-Fi, LiFi and 5G. For example, in 2022, according to policy advice, 57% of US users of smart home devices report daily time savings, according to data from surveys and the linked home market size. They claim that these gadgets help them save an average of roughly 30 minutes each day. Therefore, the rising penetration of smart devices is expected to propel the growth of the online or virtual fitness market during the forecast period.
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Companies operating in online or virtual fitness market are focusing on innovative fitness apps to grow in the market. For instance, in 2020, Apple, a US-based company that 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 online or virtual fitness market throughout the coming years.
Furthermore, Apple also offers virtual studio-style workouts with trainers. The company recently partnered with Tivity Health, a US-based company that provides health improvement, fitness and social engagement solutions. Tivity provides wellness programs, including in-person and online classes to Medicare subscribers through collaborations with health insurance providers and gyms.
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The global online or virtual fitness market is segmented -
- By Device Type: Smart TV, Smartphones, Laptops, Desktops, and Tablets
- By End User: Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals
- By Revenue Model: Subscription, Advertisement, Hybrid
According to the online or virtual fitness market analysis, the top growth potential in the online or virtual fitness market segmented by device type will arise in the smartphones segment, by revenue model will arise in the subscription segment. The online or virtual fitness market size will gain the most in the USA at $17.8 billion.
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