New York, USA, Dec. 07, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global virtual fitness market is expected to generate a revenue of $59,650.3 million by 2027, growing at a CAGR of 33.5% during the forecast period from 2020-2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Download FREE Sample Report of the Global Virtual Fitness: https://www.researchdive.com/download-sample/8338
Dynamics of the Virtual Fitness Market
Drivers: Growing cases of obesity among school students across the globe is expected to drive the growth of the market. In addition, rapid inclination towards indoor fitness activities and virtual fitness solutions is further expected to bolster the growth of the virtual fitness market during the forecast period.
Restraints: Lack of knowledge about online fitness programs among people is expected to hinder the growth of the market during the forecast period.
COVID-19 Impact on the Virtual Fitness Market
The outbreak of coronavirus has had a positive impact on the growth of the global virtual fitness market, owing to the prevalence of lockdowns in numerous countries across the globe. People increasingly became more engaged in fitness activities during the pandemic so as to maintain their physical fitness and enhance their immunity. Thus, the health-conscious people and fitness freaks inclined towards innovative video exercise platforms.
Check out How COVID-19 impacts the Global Virtual Fitness Market: https://www.researchdive.com/connect-to-analyst/8338
Segments of the Virtual Fitness Market
The report has divided the virtual fitness market into various segments based on streaming type, session type, device type, revenue model, end-user and region.
Streaming Type: Live-Sub-segment to Have the Fastest Growth Rate
The live sub-segment is expected to generate a revenue of $25,725.7 million during the forecast period, exponentially growing from $2,468.6 million back in 2019. The live sub-segment of global virtual fitness market is significantly driven by its prime features including extensive variety of workouts, enhanced convenience, and a great deal of comfort. Live streaming is capable of providing virtual classes on a wide variety of productive workouts including yoga, Pilates, dance classes, and others, which are already on high demand. It not only helps the people performing workouts in virtual classes but also appreciably expands the customer reach for the companies carrying these out. These factors are expected to drive the growth of the virtual fitness market sub-segment during the forecast period.
Check out all Information and communication technology & media Industry Reports: https://www.researchdive.com/information-and-communication-technology-and-media
Session Type: Group Session Sub-segment to Be Most Profitable
The group session sub-segment is expected to generate a revenue of $39,264.5 million during the forecast period. Increasing prevalence of group session workouts is mainly driven by the effective, illuminating instructions given in group sessions on postural alignment, balance of movements, importance of functional fitness, and many more. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Device Type: Smartphone Sub-segment to Have the Most Promising Growth rate
The smartphone sub-segment is expected to generate a revenue of $18,996.9 million during the forecast period. Increasing availability of innovative fitness apps on smartphones across the globe is expected to accelerate the growth of the virtual fitness market during the forecast period.
Revenue Model: Hybrid Sub-segment to Have the Highest Growth Rate
The hybrid sub-segment is expected to generate a revenue of $10,007.9 million by 2027, rapidly growing at a CAGR of 33.8% during the forecast period. The hybrid revenue model is expected to experience a notable growth during the analysis period, owing to its ability to reach a tremendous number of clients, including people who wish to access the virtual fitness programs that are free of cost along with the ones who want an enhanced experience on fitness routines that would be available in the subscription plan. Thus, numerous players of the market strategically collaborated with other companies to offer creative hybrid models for customer in order to maximize their customer reach. These factors are expected to accelerate the growth of the global virtual fitness market sub-segment during the forecast period.
End-User: Individual End-user Sub-segment to be Most Lucrative
The individual end-user sub-segment is expected to generate a revenue of $15,290.7 million during the forecast period. Increasing health concerns among individuals across the globe is expected to drive the growth of the sub-segment during the forecast period.
Region: North America Region Expected to Dominate the Market
The North America region is expected to generate a revenue of $20,173.7 million during the forecast period. Rising cases of chronic diseases such as diabetes, asthma, obesity, arthritis, and others are expected to stimulate the growth of the market in this region. In addition, increasing prevalence of creative fitness platforms coupled with health awareness programs in this region is further expected to accelerate the growth of the virtual fitness market during the forecast period.
Key Players of the Virtual Fitness Market
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.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in October 2021, Mindbody, a platform for booking and managing fitness classes and other wellness services, acquired ClassPass Inc., an innovative online fitness membership company, in an all-stock deal in order to expand Mindbody’s presence in the global virtual fitness market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS
Network Slicing Market: https://www.researchdive.com/5670/network-slicing-market
Signal Intelligence (SIGINT) Market: https://www.researchdive.com/5478/signals-intelligence-sigint-market
Application Security Market: https://www.researchdive.com/5735/application-security-market
