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Online Fitness Market Growth Prospects, Key Vendors, and Future Scenario

According to P&S Intelligence, North America dominated the online fitness market in the preceding years, due to the high smartphone and internet penetration and massive public awareness about the benefits of a healthy lifestyle in the region. According to the World Bank, around 93% of people in Canada used the internet in 2017 and nearly 88% of the U.S. population was using the internet in 2018. Moreover, the surging affordability and popularity of smart wearable devices will also encourage the adoption of online fitness platforms in the region in the coming years. <br>

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Online Fitness Market Growth Prospects, Key Vendors, and Future Scenario

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  1. Rising Preference for Outdoor Fitness Activities Fueling Online Fitness Platform Demand The International Telecommunication Union (ITU) states that by the end of 2019, 4 billion individuals or 51% of the global population were using the internet. The surging internet penetration can be primarily attributed to the increasing affordability of the internet, owing to the rapid technological advancements in the information technology (IT) and telecom sector. The extensive use of the internet is encouraging people to adopt connected fitness devices to reach their fitness goals, as they help in measuring health parameters such as burnt calories and heart rate. Additionally, the rising adoption of outdoor fitness activities, such as yoga, cycling, Pilates, trail running, bodyweight training, and high-intensity interval training (HIIT), will fuel the online fitness market growth during 2021–2030. All these activities can be easily carried out in an open space with no or minimal equipment. Moreover, with rapid advancements and innovations in the smart wearable technology, people are now able to monitor and track their progress and get the optimum benefit of outdoor activities.

  2. Live and on-demand streaming fitness platforms can be installed on smartphones, smart TV, tablets, laptops, and desktops. The increasing adoption of such smart devices is creating a huge requirement for live streaming online fitness platforms as these platforms allow individuals to get personal training from their trainers. Besides, the rising internet penetration and accelerating internet speeds have enabled trainers to stream their classes seamlessly without any hindrances. Customers can opt for solo or group sessions for meeting their fitness goals. “People Improving their Health Through Online Fitness Platforms” Online fitness platform developers such as ClassPass Inc., Peerfit Inc., FitnessOnDemand, CureFit, Navigate Wellbeing Solutions, Viva Leisure, Les Mills International Ltd., MoveGB, Charter Fitness Inc., Sworkit, GoodLife, Fitness First, Fit n Fast, and Wellbeats Inc. are offering subscription, advertisement, and hybrid revenue models to their customers. To reach out to a vast clientele, these companies are engaging in mergers and acquisitions and focusing on developing platforms for content. For example, in January 2021, CureFit completed the acquisition of Onyx, a California-based company that specializes in the personalization of workout feedback and body tracking technology. According to P&S Intelligence, North America dominated the online fitness market in the preceding years, due to the high smartphone and internet penetration and massive public awareness about the benefits of a healthy lifestyle in the region. According to the World Bank, around 93% of people in Canada used the internet in 2017 and nearly 88% of the U.S. population was using the internet in 2018. Moreover, the surging affordability and popularity of smart wearable devices will also encourage the adoption of online fitness platforms in the region in the coming years. “North America Dominated the Online Fitness Industry in 2020” Whereas, Asia-Pacific (APAC) is expected to adopt online fitness platforms at the highest rate in the forthcoming years. This will be due to the booming population, increasing

  3. internet penetration, and rising smartphone usage in developing countries, such as China and India. As per the World Bank, nearly 34.4% and 54.3% of people in India and China, respectively, were internet users in 2019. Furthermore, there were around 700 million internet users in India in 2020, as per Statista. Thus, the surging internet and connected devices penetration and the increasing shift toward outdoor fitness activities will augment the usage of online fitness platforms in the foreseeable future.

  4. About Us: P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. Contact Us: P&S Intelligence International: +1-347-960-6455 Email: enquiry@psmarketresearch.com Web: https://www.psmarketresearch.com

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