Digital Fitness Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2022 - 2032
Digital Fitness Market: Snapshot
The digital fitness market has been anticipated to reach a CAGR of 17.6% in the foreseeable years from 2021 to 2031.
The sudden emergence and spread of the cases of COVID-19 around the world have resulted in nationwide lockdowns and the implementation of social distancing norms. These factors are aiding a smooth transition from conventional gyms and studios to virtual fitness. This tradition is likely to increase the number of downloads and subscriptions of fitness applications. So, these factors are predicted to work as revenue generators in the digital fitness market in the coming years.
These fitness applications use artificial intelligence, machine learning, and some other technologies in order to provide personalized fitness plans to consumers. These applications also provide personalized health & fitness coaches, monitor diet, track footsteps, no equipment workout routines, and diet charts. These advantages and offerings compared to brick and mortars are likely to contribute to revenue generation opportunities in the digital fitness market in the years to come.
The revenue generation opportunities in the digital fitness market are likely to increase with the growing penetration of smartphones around the world. In addition to this, the rising adoption of wearable devices around the world is also expected to increase expansion opportunities in the digital fitness market.
The digital fitness market has witnessed a marked momentum from the growing relevance and role of various fitness devices that are a wonderful confluence of healthcare and IT. Over the past few years, fitness activity trackers have garnered huge popularity in various parts of the world. Some of the products types that have witnessed considerable commercialization in recent years include heart monitors, calorie monitors, sleep monitors, and exercise trackers. A key proposition for their popularity is their use in monitoring chronic conditions in patient populations. Ease of availability of such devices in e-commerce channels has also reinforced their prospects in the global digital fitness market. Scores of companies have leveraged the potential of e-commerce channels to augment the sales of fitness activity trackers. Recently, the use of digital fitness devices equipped with mobile sensor technology has been demonstrated in health data collection in research.
Advances in sensor technologies have helped drive their applicability as a collaborative approach in measuring physical activity in research. Numerous brands have seen this application as a robust way to capitalize on new opportunities in the digital fitness market. A case in point is the applicability of digital wrist-worn fitness wearables, especially with accelerometers. Further momentum in this direction will come from relentless efforts of several brands of digital fitness devices to improve the quality so as to make it suitable for research applications. This is paving way to new potential in the digital fitness market. One way to do this is by incorporating new optical techniques. The trend is prominent in high-end fitness trackers such as sports watches
Digital Fitness Market Introduction
The digital fitness market involves the addition of digital applications and devices in the modern trends of health and fitness. Various fitness devices, such as smart watch, smart sport shoes, and other wearable devices, that can track the users’ fitness parameters and physical activities is witnessing burgeoning demand, boosting growth of the digital fitness market. Leading tech-giants are collaborating with market leaders in the sports and fitness industry to foray into the digital fitness market as consumers are more inclined toward digital fitness subscriptions than traditional gym memberships.
Digital Fitness Market – Notable Developments
Adidas AG, Apple Inc., Samsung Electronics Co. Ltd., Fitbit, Inc., and Garmin, Ltd. are among the leading companies in the digital fitness market.
Digital Fitness Market Dynamics
Increased Demand for High-tech, Self-monitoring Fitness Devices Drives Growth of the Digital Fitness Market
A mounting number of consumers, especially young-adults and millennials, are becoming increasingly conscious about their health and fitness. In order to avoid various health problems, consumers are seeking more convenient and user-friendly ways to control weight gain and maintain physical fitness, which is one of the primary drivers for the digital fitness market.
With the recent developments in technologies and growing trend of digitization, most consumers are adopting next-generation and self-monitoring digital fitness devices for maintaining their regular fitness habits. Thereby, manufacturers in the digital fitness market are identifying the changing requirements of end users associated with digital fitness products to modify their business strategies and capitalize on lucrative sales opportunities.
Digitization of the Fitness Industry will Bolster Developments in the Digital Fitness Market
While the health and wellness trend has maintained its growth worldwide since the past decade, micro trends in the wellness industry has undergone some digital transformations in the recent years. Though consumers are seeking ways to improve their fitness, on-paper fitness plans have become obsolete now-a-days. As digital fitness enables consumers to keep track of their fitness activities and monitor their progress towards their fitness goals, the fitness industry has been transitioning towards digitization rapidly.
Growing awareness about the convenience and fitness efficiency associated with using digital fitness devices and products is resulting in the increased popularity of digital fitness. Thereby, rapidly transforming fitness industry is expected to trigger innovations and more developments in the digital fitness market in the upcoming years.
Leading Players in the Digital Fitness Market Offer Subscription Models to Boost Product Sales
A large percentage of the millennial population of the world is embracing the digital fitness trend by resorting to sports and fitness apps. Consumers are focused on following a healthy lifestyle by understanding the radical changes in their health and physical fitness. Taking into account the inclination of consumers towards digital fitness devices, leading players in the digital fitness market are introducing attractive fitness subscription models to their potential consumers to boost their product sales. More consumers are preferring to pay for digital fitness programs rather than paying for a traditional gym membership, which is expected to increased popularity of digital fitness subscriptions in the upcoming years.
Digital Fitness Market Segmentation
Based on the product type, the digital fitness market is segmented into:
Based on the product category, the digital fitness market is segmented into
Based on the applications, the digital fitness market is segmented into
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