The Convergence of Fitness and Technology: Online Fitness Market Set to Reach $76.57 Billion by 2027
DUBLIN, Sept. 29, 2023 /PRNewswire/ -- The "Online/Virtual Fitness Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
In the ever-evolving landscape of technology and wellness, the global online/virtual fitness market continues to show strong growth potential. This industry encompasses the generation of revenues by businesses providing online fitness services geared towards health-conscious consumers. This convenience-based service is redefining fitness by offering a multitude of applications, from sleep monitoring to running rhythm tracking, all aimed to improve the user's lifestyle and health.
Understanding the trends and emerging opportunities in this flourishing market can position businesses for sustained success and growth. This comprehensive market research report provides an in-depth analysis that will offer invaluable insight, highlighting the key market players, regional impact, competitor's market share as well as vivid segmentation details.
In 2023, the market was valued at $21.82 billion, showing a Compound Annual Growth Rate (CAGR) of 39.4% from the previous year. It is projected to reach $76.57 billion by 2027 with a CAGR of 36.9%.
Highlights:
Market Definition: Online/virtual fitness provides health and wellness services through the internet, with training videos on web dashboards or apps. These services are especially favored by those who may not be able or willing to attend physical gyms. They also incorporate smart device features like sleep monitoring and rhythm tracking.
Growth Drivers: The Russia-Ukraine war has disrupted global economic recovery and affected various markets. However, the rising penetration of smart devices and the on-demand service model are key drivers for this market's growth. Approximately 61% of surveyed people from various countries own a smart device.
Regional Analysis: North America dominated the online/virtual fitness market in 2022, while Asia-Pacific is expected to witness the most rapid growth.
Devices & Users: The main devices used for these services include smart TVs, smartphones, laptops, desktops, and tablets. The primary end-users are professional gyms, sports institutions, defense institutes, educational and corporate institutions, and individuals.
Key Trends: On-demand fitness services that allow users to choose workout programs, difficulty levels, and trainers are gaining popularity. In May 2022, Johnson Health Technology Company launched Matrix Connected solutions to provide digital experiences for gym members.
Significant Acquisitions: In October 2021, LifeSpeak Inc. acquired LIFT Digital Inc., aiming to leverage LIFT's client base and accelerate its growth through acquisitions.
Major Players: Some of the leading players in this market are ClassPass Inc., FITBIT, INC., Fitness On Demand, Les Mills International Ltd., Navigate Wellbeing Solutions, Sworkit Company, Viva Leisure, Wellbeats Inc., Zwift, Peloton Interactive, Inc., among others.
Market Segmentation:
By Device Type: Smart TV, Smartphones, Laptops, Desktops, Tablets
By End User: Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals
By Revenue Model: Subscription, Advertisement, Hybrid
For more information about this report visit https://www.researchandmarkets.com/r/tc40xc
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