New York, USA, Sept. 14, 2021 (GLOBE NEWSWIRE) -- The latest report by Research Dive states that the global market for virtual fitness solutions is anticipated to witness a tremendous rise in revenue from $6,060.0 million in 2019 to over $59,650.3 million by 2027, rising at a CAGR of 33.5% from 2020-2027.
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Market Analysis
Growth: A recent study by glofox.com stated that over 12% people joined gyms newly in the month of January out of which 80% of them quit within 5 months of joining. But, Daily Burn, Inc., a renowned fitness organization noticed that due to the pandemic there was drastic increase of memberships by over 268%. To add further, there has also been a rise in the number of kids being diagnosed with obesity or are subjected to being overweight. This portrayed how people tend to prefer virtual fitness solutions leading to the growth of the market in the forecast period.
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Restraints: Multiple developing economies are still unaware about the presence of virtual exercise sessions which is one of the primary causes hampering the growth of the market. Moreover, creating the content required for the apps requires a lot of monetary investment coupled with the lack of efficient networks in a lot of countries are the factors expectedto restrain the growth of the market by 2027.
Opportunity: The market has also been experiencing the implementation of advanced technology in the fitness sector in the form of exergaming. It is a relatively new concept combining two activities – gaming and exercise into one, to make it a fun task which serves both purposes. It also helps in building up strength within the person while also developing their self-confidence. Innovative ideas like there are predicted to provide an opportunity of growth for the market.
COVID-19 Impact on the Global Market for Virtual Fitness
The rapid increased in COVID-19 cases around the world led to guidelines being issues by healthcare organizations and governments, asking people to follow social distancing and remain at home during the lockdown. Several people who were into fitness and wellness switched to online portals to meet their daily requirement of workouts. Many renowned organizations such as HealthifyMe, Fittr and Fitternity experienced an increase in the number of customers to avail services that focused on mental health and corporate wellness initiatives. Due to this increase in demand due to its convenience and easy accessibility, the market experienced immense growth even in the middle of a pandemic.
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Segmental Analysis
The market is segregated into multiple segments based on streaming type, session type, device type, revenue model, and end user.
Live Sub-Segment Anticipated to Dominate the Market
By streaming type, the live sub-segment is predicted to dominate the market with an increase in revenue from $2,468.6 million in 2019 to over $25,725.7 million by 2027. This growth is due to the various features of the service that have added to the convenience of the consumers. Live workouts allow individuals to exercise at their own pace in a location of their choice. There are also a variety of workouts available that one can choose from such as pilates, barre, dance class, yoga, toning, and more. This has resulted in an increase in the demand for more live workouts hence leading to growth of the sub-segment in the forecast period.
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Group Sessions Sub-Segment is Set To Gain the Highest Market Share
By session type, the group sessions are expected to the highest market share with a revenue of $39,264.5 million by 2027 rising at a CAGR of 33.7%. These sessions give importance to several aspects of exercise which include ease of movement, functional fitness, enhancing the posture along with balance and strength. These factors have ensured the growth of the sub-segment in the analysis period.
Smartphone Sub-Segment Predicted to Gain Prominence in the Market
By device type, the smartphone sub-segment is expected to garner revenue of $18,996.9 million by 2027. This growth is primarily due to smartphones having multiple applications which focus on fitness. Some of the most popular ones are Samsung Health, LG Health, Google Fit, and Apple HealthKit. To add further, smartphones are dominating the market even in developing countries such as India. These factors are expected to boost the growth of the sub-segment in the forecast period.
Subscription Sub-Segment Expected to Dominate the Market
By revenue model, the subscription sub-segment is predicted to garner revenue of $28,555.6 million by 2027 and is set to rise further at a CAGR of 33.6%. Several fitness brands such as Daily Burn, Barre3, Apple Fitness Plus have been working on providing subscription to the consumers as per their requirements. These Innovative initiatives to reach out to the customers are expected to propel the growth of the sub-segment further.
Professional Gyms Sub-Segment Expected to Gain Highest Market Share
By end user, the professional gyms sub-segment is set to witness a rise in revenue from $1,377.9 million in 2019 to over $11,593.9 million by 2027. The world has been witnessing a significant rise in the obesity rates which has led to awareness about health and wellness among people. According to the Center for Disease Control and Prevention (CDC), the obesity rates between 1999-2000 and 2017-2018 increased from 30.5% to over 42.4%. This surge has led to the rapid growth of the sub-segment in the analysis period.
Regional Analysis
The region has been witnessing an increase in occurrences of chronic illnesses among people such as CVDs, obesity, and diabetes. According to the CDC, Type 2 diabetes is the dominant illness notices among people which occurs due to a sedentary lifestyle. These cases along with increasing awareness about the wide variety of fitness platforms and programs available for people are expected to boost the growth of the regional market in the analysis period.
Key Market Players
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
1. Fitbit, Inc
2. FitnessOnDemand
3. Wellbeats, Inc
4. REH-FIT
5. Sworkit
6. ClassPass, Inc
7. Peloton
8. ZWISFT, Inc
9. Les Mills International, Ltd
10. Navigate Wellbeing Solutions
The report provides an insight into the various initiatives by the industry experts such as mergers, partnerships & collaborations, and product launches.
For instance, in March 2020, Wellbeats, a renowned online fitness class provider, launched a series of 3 workout challenges that require no equipment. The pandemic led to the employees working from home which inspired the company to give them challenges which range between 2-8 weeks in order to keep them healthy. The challenges work via the app where the employees also receive regular notifications which push them to finish their workouts on a daily basis.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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