Mindfulness Meditation Application Market Continues on an Uphill Ride, as ‘Self-Care’ Trend Pushes its Way into Consumer Priorities, Finds Fact.MR
Published : 09 Jul 2019 Industry: Technology
According to a new research study by Fact.MR, the mindfulness meditation application market was valued at ~US$ 134 Mn in 2018, and is estimated to grow by ~7% Y-O-Y in 2019. Influenced by a multitude of factors, spanning from ubiquity of ‘self-care’ trend to growing practice of mental health exercises, the market for mindfulness meditation application is likely to see strong growth over the years to come. Growing preference for meditation as a viable method to unwind is serving as a major sales propellant of mindfulness meditation application market.
Heavy reliance on mobile applications for seamless management of daily routines is complementing growth strides of mindfulness meditation application market. Mindfulness is mainstreaming as a key element in reducing stress and nourishing tranquility, which is further creating revenue-making opportunities for brands. “Convergence of educational curriculums with mindfulness meditation sessions is one of the prominent trends making its mark, uplifting the revenues of companies offering mindfulness meditation or similar applications”, suggests the Fact.MR report.
According to the report, enrollment in yoga sessions was prominent until meditations apps entered the fray, marking a new dawn for the mindfulness meditation application market. As an increasing number of people are perceiving self-care apps as a highly convenient and pragmatic approach, when compared to attending yoga classes, the application stores are witnessing a robust influx of meditation apps.
Corporate Spheres Turning to Meditation Apps – A Key Opportunity to Tap
High-performing workplaces, with a greater realization of importance of employee well-being, have also started incorporating meditation sessions and are highly relying on mindfulness meditation applications to achieve the same. Headspace, Calm, and other prominent players in market are eyeing profitable opportunities across corporate ecosystems. For instance, Headspace currently serves a clientele of nearly 250 corporates and the number is expected to grow exponentially in the near future. This trend has been prevalent for quite some time and is likely to intensify in the foreseeable years, as corporate offices have started overseeing employee well-being.
According to the study, download of mindfulness meditation application on android devices will continue to be way higher than that on IOS devices, with revenues estimated to value ~US$ 74 Mn. Android continues to rule as one of the widely-used operating systems offering innumerable options for versatility and customization, unlike IOS and other OS variants having several usage-centric restrictions. Consumers will continue showing marked inclination toward free services over paid ones, given that consumers are always on the lookout for free services with peak functionality.
‘Headspace’ and ‘Calm’ Enhancing the First-Mover Advantage
The mindfulness meditation market remains a ‘highly consolidated’ space, wherein prominent brands ‘Headspace’ and ‘Calm’ claim nearly 70% of the overall market share. The influence of these brands in the global market space remains unshakable, given that they not only have the ‘first-mover’ advantage but also have extensive reach. While Headspace raised its game by building multiple high-profile partnerships with prominent brands like Casper and American Airlines, Calm made some major headlines by winning the ‘2017 iPhone App of the Year’ award from the Apple’s App Store.
The leading brands are also collaborating with smartphone companies, with an aim of getting the mindfulness meditation applications installed in phones scheduled for launch. The report states that a strategy of this kind not only helps in building a broader customer base for the key market players, but also helps in leveling up the brand awareness. For instance, in 2019, Calm ventured into a strategic partnership with Samsung, upon which the features of the Calm app will be available in the Samsung’s health app. Emerging players and new entrants in the mindfulness meditation application market space are offering premium services on a trial basis to reinforce their market standing.
This study published by Fact.MR tracks the growth of global mindfulness medication application market for a decade-old period of assessment, 2019-2029. The report has envisaged 8% CAGR for the market between 2019 and 2029.