Changing Dynamics of the Fitness App Market: Predicted to Reach $120.37 Billion by 2030
WILMINGTON, DE, UNITED STATES, May 30, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global fitness app market accounted for $13.78 billion in 2020, and is anticipated to reach $120.37 billion by 2030, growing at a noteworthy CAGR of 24.3% from 2021 to 2030. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Key Takeaways:
The increase in the use of smartphones, tablets, and wearable devices among individuals is expected to boost the growth of the industry.
The incorporation of gaming in fitness apps is expected to create wide growth opportunities for the landscape in the coming years.
The rise of VR workouts is predicted to open new possibilities in the industry.
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Factors Impacting the Growth of the Market:
Growing emphasis on maintaining a healthy lifestyle: Post the COVID-19 pandemic, consumers have started tracking their health conditions and using that data to make decisions and using their medical records to change their lifestyle. This is expected to increase the demand for smart fitness apps among individuals to get information on costs and healthcare issues.
Increase in the use of smartphones and wearable devices: Most fitness apps are widely accessed through electronic gadgets such as smartphones as they are a cheap alternative to expensive gyms and fitness centers. This has increased the adoption of smart and IoT devices such as smartphones, tablets, and wearable devices among individuals across the developing nations which is expected to boost the growth of the landscape in the upcoming years.
Rise in the use of gamification in fitness: The incorporation of gaming in the fitness app is transforming the way users approach their health and wellness goals. Gamification plays a major role in enhancing user engagement and motivation by implementing features such as challenges, leaderboards, and rewards. This has increased adherence to fitness routines and a greater likelihood of achieving long-term goals.
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Latest Trends in the Market:
Home Fitness Revolution: The trend of home fitness, which surged during the pandemic, remains strong. High-tech home gym equipment, such as smart treadmills and interactive stationary bikes, are popular nowadays. Platforms like Peloton and Zwift offer immersive workout experiences by combining high-quality equipment with engaging virtual classes.
Virtual Reality (VR) Workouts: VR technology is making its way into fitness, providing users with immersive workout experiences. VR workouts can make exercise more engaging by transporting users to different environments and adding a gamified element to fitness routines.
Growth of Mobile Fitness Apps: Mobile fitness apps are increasingly popular among individuals due to their greater convenience and flexibility. These apps offer access to a wide range of fitness programs and track progress on the go appeals to users with busy lifestyles.
Leading Players in the industry:
Under Armour, Inc.
Aaptiv Inc.
Noom Inc.
Addias
Nike, Inc.
Applico Inc.
MyfitnessPal, Inc.
Azumio, Inc.
FitnessKeeper
Fitbit LLC.
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Segmental Analysis of the Market:
The global fitness app industry is mainly categorized into different segments based on operating system, device type, type, and region. Based on type, the exercise and weight loss segment are expected to hold the dominant share in fitness app industry during the forecast period. This is mainly due to the increasing cases of obesity and the growing advice by clinicians about the usefulness of mobile apps to individuals dealing with various health issues.
Regional Overview:
The landscape is also examined across different regions North America, Europe, Asia-Pacific, and LAMEA. The North America region held the highest market share in 2020 and is expected to continue a steady growth over the analysis period. This is majorly due to the rise in the demand for conducting hassle-and risk-free fitness transformation among healthcare institutes in the region.
Key Questions Answered in the Comprehensive Study
What are the key opportunities in the market?
What is the market size and growth rate of the global and regional landscape by various segments?
What Factors are estimated to drive and restrain the industry growth?
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