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I AgreeAnalysis of Fitness Applications market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The recently released Fitness Applications Market analysis report by Fact.MR shows that the global fitness app market was held at US$ 1.1 Bn in 2021. The global market is expected to offer an absolute dollar opportunity of US$ 6.8 Bn, with a CAGR of 19.7% between 2022 and 2032.
Attributes |
Details |
---|---|
Fitness Applications Market CAGR (2022-2032) |
19.7% |
Fitness Applications Market Size (2022) |
US$ 1.3 Bn |
Fitness Applications Market Size (2032) |
US$ 8.1 Bn |
Key Companies Profiled |
|
As per the Fitness Apps Market research by Fact.MR - market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Fitness Applications Market has increased at a CAGR of around 14.6%, with the prospects of growing at a CAGR of 19.7% during 2022 – 2032. North America accounts for over 40% of the global market.
Fitness Applications market is projected to be boosted by fierce competition between brick-and-mortar gyms and fitness applications. With the advancements in information technology, the modus operandi of fitness sector is on the verge of transformation. As a result, the fitness app market is expected to increase at a CAGR of 19.7% from 2022 to 2032. In 2020, World Economic Forum released a study that states global downloads of fitness and health applications surged 46% owing to the higher adoption of online fitness training.
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The increased competition between brick and mortar gyms and Fitness Applications has compelled app-based platforms to adopt AI, machine learning, and other advanced technologies to build a compelling platform for their users. These platforms provide them with tailored diet plans, step tracking, diet monitoring, health expert advice, etc.
The industry is also being driven by growing awareness for physical and mental well-being. Consumers have begun to track their health conditions and based on that information, have started making lifestyle changes. Furthermore, the growing online network of fitness studios and gyms has been assisting in increasing the adoption rate of mental fitness apps.
The advent of COVID-19 aided people in switching from the traditional studios and gyms to virtual training platforms resulting in rapid increase in the number of fitness app downloads and subscriptions. This has aided the demand for sports fitness trackers and sports fitness apps worldwide, such as yoga apps.
The market is triggered to rapidly grow at a CAGR of 19.7% compared to the historical growth of 14.6%. Exercise & weight loss category is expected to remain the highest revenue-generating segment, growing at a CAGR of 19.4% during the forecast period (2022-2032).
The COVID-19 outbreak prompted a shift in consumer behaviour, with more number of people switching to virtual fitness over traditional clubs. It has also raised public awareness about health and hygiene. Due to lockdown constraint and social distancing norms, COVID-19 has creating expansion prospects for workout applications, resulting in widespread adoption.
The global functional fitness applications market is also being driven by the increasing penetration of smartphones and wearable technologies in developing countries. The health and fitness segment shows the best retention among the consumers. Furthermore, the introduction of IoT gadgets at an affordable price and subscription models has increased its demand.
One of the biggest challenges for companies in the fitness app market is protecting user's privacy and personal information. There is a data-related risk associated with the Fitness Applications as their interface is data-driven. The information collected through wearable devices is saved on cloud-based servers, which are on the verge of being hacked. As a result, the sensitive information of users can be used by a hacker to conduct social engineering attacks or phishing attacks through a third party.
The fitness app development companies usually rush the development process resulting in the launch of half-baked apps in the highly competitive market with pending updates. As a result, the app remains incompetent in the highly dynamic market and does not fulfil the purpose for which it was introduced.
Another problem for developers in the fitness app market is developing a personalised fitness app that can be integrated with numerous wearable devices and hardware. To match the user's expectations, the app must be compatible with various devices without compromising on the accuracy of results.
Fitness applications provide a plethora of opportunities in ever-changing requirements, rising expectations, and increasing competition. To remain competent, fitness app developers have been examining a variety of factors and improvements which are compelling market players to improve their programs. Whether fixing bugs, providing updates or responding to customer feedback, developers have to deal on a priority basis to keep clients engaged on their platform.
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The development process of Fitness Applications is fraught with obstacles that should be dealt without compromising the app's features and functioning. By abiding to the user's data and privacy norms, the developers become trustworthy. End-to-end data encryption can be used to ensure that no unauthorized individuals have access to the user's data.
Furthermore, the decryption key, as well as the app's password, can be attached. Software firms have been using a specific set of Application Program Interfaces or Software developments kits to make their app compatible with different wearable devices.
North America accounts for the largest revenue share and the regional CAGR is expected to grow at around 19% during the forecast period. It is anticipated to be driven by the high penetration of smartphones, better network coverage, changing lifestyles, and increasing geriatric population. Furthermore, the simplicity of use and remote access of information has led to substantial growth towards its adoption.
The US market for Fitness Applications is the largest globally, which accounts for nearly 37% share in the global market. The U.S. market is anticipated to grow at a CAGR of around 18%. The market share of the US is expected to decline in the coming years owing to the better growth in the APAC region; however in absolute terms, it is anticipated to offer the largest absolute dollar opportunity of US$ 2.1 Bn during the forecast period. According to a survey, over 70% of the Americans were using Fitness Applications during the COVID-19 outbreak. This surge in usage was attributed to the sudden closure of gyms and switching to digital platforms.
The UK market is anticipated to grow fastest at a CAGR of 26% followed by Japan at 24.4%, South Korea at 22.1% and China at 21.6%. These markets can grow faster than developed countries like U.S. owing to the rise in the adoption rate of Fitness Applications induced by the COVID-19 outbreak. Increasing affordability, better network connectivity, rising smartphone penetration are the other factors inducing the growth in these markets.
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During the forecast period, the exercise and weight loss segment is expected to contribute a significant share in the fitness app market owing to rising cases of obesity in the population. During the forecast period, the segment is anticipated to grow at a CAGR of over 19%.
With clinicians stressing upon the adoption of fitness mobile apps, many individuals have already made it a part of their lifestyle into their attempts to manage weight. In addition, user-friendly platforms have led to higher adoption of Fitness Applications with ease.
Alongside, Exercise and Weight Loss apps also termed as fitness and exercise apps, it is anticipated that the activity tracking segment will emerge from a mere US$ 45 Mn market to grow and cross US$ 270 Mn valuation by 2032. This can be linked to the growing demand for smart wearable devices.
In 2021, the iOS platform held the highest revenue share for Fitness Tracker Apps. During 2022 and 2032, the market through this platform is expected to grow at a CAGR of nearly 21%. Over the last few years, the segment's growth has been fueled by the high adoption of iOS devices.
The number of active Apple device users climbed from 1.4 Bn to 1.5 Bn from 2019 to 2020. Furthermore, fitness coaching, activity monitoring, self-health management, and workout motivational videos developed for iOS devices are driving significant demand. Additionally, with the increase in adoption of wearable devices, the requirement for Fitness Applications to track their details increases.
The fitness app market size surged during the pandemic and is expected to grow at a CAGR of 20.1% during the post-pandemic era compared to the historical 14.6% CAGR. During the pandemic induced lockdown, the nations were forced to abide by severe laws and suffer significant losses across industries in the virtual fitness market.
Covid-19 also prompted a shift in consumer behaviour, with more people choosing virtual fitness over traditional clubs because of social distancing measures. The digital market players took advantage of the situation and tapped the market by providing free premium access.
The pandemic induced demand and growing adoption of fitness and workout apps has fostered a competitive atmosphere among industry participants. In addition, the key companies’ core tactics of mergers, collaborations, and acquisitions are predicted to boost market expansion. To maintain their dominant position in the industry, the key players are focusing on producing technologically advanced products and innovative offerings at affordable prices. For better customer experience, the market players are also upgrading their portfolio with advanced features.
Market players are involved in various strategies to capture the market share. They are as follows:
Similarly, recent developments related to companies offering Fitness Applications have been tracked by the team at Fact.MR, which are available in the full report.
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In 2021, the Global Fitness Applications market is valued at a US$ 1.1 Bn and is estimated to reach a valuation of US$ 1.3 Bn by the end of 2022.
The global Fitness Applications market is anticipated to grow at a CAGR of 20.8% during the forecast period. The market is expected to provide an absolute dollar opportunity of US$ 6.8 Bn in the next 10 years.
During the period of 2017-2021, the Fitness Applications market grows at a CAGR of 14.6%.
The factors driving the growth of the fitness app market include Transformation in Information technology, growing awareness regarding physical & mental well-being, expanding network of fitness studios, covid-19 pandemic led transition, social distancing
Some of the key players from Fitness Applications market are Aaptiv, Adidas, Appinventiv, Applico, Appster, Azumio, Inc., Fitbit Inc., FitnessKeeper, MyFitnessPal Inc., Nike, Noom, Under Armour, Inc., etc.
In 2021, the Exercise and weight loss segment had the highest revenue share in the global market with the revenues anticipated to grow at a CAGR of 19.4% during the forecasted period.
The US accounts for the majority stake of over 36% in the global market which is expected to grow at a CAGR of 18.1% during the forecasted period. Hence, providing the absolute dollar opportunity of US$ 2.1 Bn in the next 10 years.