PORTLAND, Ore., August 13, 2020 / PRNewswire / – Allied Market Research released a report entitled "Online / Virtual Fitness Market by Streaming Type (Live and On-Demand), Device Type (Smart TV, Smartphones, Laptops, Desktops and Tablets, etc.), Session Type (Group and Solo), Earning Model (Subscription, Advertising, and Hybrid), and End-Users (Professional Gyms, Sports Institutions, Defense Institutions, Educational Institutions, Corporate Institutions, Individuals, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027. "According to the report, the global online – / virtual fitness industry valued at $ 6.04 billion in 2019 and is expected to meet $ 59.23 billion A CAGR of 33.1% by 2027 from 2020 to 2027.
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Driver, restrictions and possibilities-
Increasing trend towards a healthy lifestyle, lack of time among participants in training units in fitness institutes, increasing demand for AR & VR-based fitness programs and the closure of fitness studios due to the ongoing COVID-19 situation are driving the growth of the global virtual fitness market. On the other hand, interruptions in the session flow due to several technical glitches hamper growth to some extent. Still, the growing popularity of online fitness programs among the elderly is expected to create lucrative opportunities in the industry.
- With fitness clubs and gyms closing and people staying indoors, the tendency among people to install online fitness apps has increased significantly.
- This tendency is likely to continue in the post-pandemic scenario as well, as these apps tend to have many advantages when it comes to helping individuals set specific fitness goals and achieve them within a certain period of time.
Get a detailed COVID-19 impact analysis on the online / virtual fitness market
The group segment is expected to dominate by 2027.
Based on session type, the group segment accounted for nearly two-thirds of the global online / virtual fitness market share in 2019 and is expected to be ahead by the end of 2027. This is because the majority of users prefer group virtual fitness classes as it helps build fitness and confidence during live sessions. The solo segment, on the other hand, would have the fastest CAGR of 35.7% in the forecast period. The coronavirus outbreak has resulted in increased spending on individual workouts due to the closure of gyms, studios, etc. as the focus on personal and mental health has increased during this time.
The subscription segment to maintain the dominant stock
Based on the revenue model, the subscription segment contributed almost half of the global revenue of the online fitness market in 2019 and is expected to rule the district until 2027 due to its cost efficiency compared to personally registering with a trainer. At the same time, the hybrid segment would have the fastest CAGR of 35.9% during the study period as it can reach a number of customers, including those willing to access features of the paid virtual fitness programs based on free trails, as well as those who do want pay per view payment or purchase a subscription plan to remove ads.
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rth America received the largest share in 2019-
Based on the geography, rth America held the highest share in 2019, accounting for nearly two-fifths of the global online / virtual fitness market. The growing focus on precision medicine and personalized care is increasing in the adult age group rth America which in turn drives the growth of the market. At the same time, Asia Pacific would have the fastest CAGR of 36.8% from 2020 to 2027. This is because the proliferation of mobile devices and government guidelines on fitness are increasing the adoption of virtual / online fitness solutions among the people of the province.
Major players in the industry
- Fitbit Inc.
- Navigate to Wellbeing Solutions
- Les Mills International Ltd.
- Sworkit peloton
- Viva Leisure Peerfit Inc.
- Deer Fit Center
- ClassPass Inc.
- Wellbeats Inc.
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