Online Or Virtual Fitness Market Size Is Expected To Reach $93.7 Billion In 2028 By 2028 At A CAGR Of More Than 18% As Per The Business Research Company's Online Or Virtual Fitness Global Market Report 2024
LONDON, Feb. 05, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Online Or Virtual Fitness Global Market Report 2024, the global online or virtual fitness market has experienced remarkable growth, reaching a valuation of nearly $20.9 billion in 2023, with a compound annual growth rate (CAGR) of 36.89% since 2018. The online or virtual fitness market is poised for further expansion, projected to surge from $20.9 billion in 2023 to an estimated $93.77 million in 2028, indicating a robust growth rate of 34.93%. The forecast continues, with an anticipated CAGR of 18.01% from 2028, propelling the online or virtual fitness market to reach $214,637.69 million by 2033.
Driving Forces
During the forecast period, the increasing penetration of smart devices is anticipated to be a primary catalyst for the continued growth of the online or virtual fitness market. As smart devices become ubiquitous, with an estimated 93.59 million households in the USA using smart devices by 2027, the market is set to benefit from this widespread adoption. The integration of smart devices with online fitness platforms will provide users with a seamless and personalized fitness experience.
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Innovations in Fitness Apps
Companies within the online or virtual fitness sector are strategically focusing on innovative fitness applications to capture market share. Fitness apps leverage data to deliver tailored exercise and diet routines, enhancing user engagement and facilitating faster achievement of fitness goals. Noteworthy examples include the launch of Makemefitclub's comprehensive health app, offering expert-led sessions, 1:1 consultations, and features for profile management, payment handling, video conferencing, and certification monitoring. Additionally, Apple's Fitness+, introduced in 2020, showcases cutting-edge virtual fitness experiences seamlessly integrated with smart devices.
Market Segmentation
The online or virtual fitness market is segmented by device type and revenue model, offering valuable insights for businesses and stakeholders. The segmentation by device type includes Smart TV, Smartphones, Laptops, Desktops, and Tablets, along with other device types. In terms of revenue models, the online or virtual fitness market is categorized into Subscription, Advertisement, and Hybrid models.
Key Findings
- Smartphones Lead Device Segmentation: Among device types, smartphones emerged as the dominant segment, contributing 38.90% or $8,156.22 million to the total market value in 2023.
- North America Takes the Lead: Geographically, North America emerged as the largest region in the online or virtual fitness market, accounting for 41.71% or $8,744.16 million of the total in 2023.
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As the online or virtual fitness market continues its upward trajectory, industry players are encouraged to leverage the insights provided in the Global Market Report 2024. With the increasing adoption of smart devices and a focus on innovative fitness applications, businesses can strategically position themselves to capitalize on the projected growth. The online or virtual fitness market report's segmentation details and market analysis offer a comprehensive understanding, enabling organizations to make informed decisions and drive success in the dynamic online fitness landscape.
Online Or Virtual Fitness Global Market Report 2024 by The Business Research Company provides insights on the online or virtual fitness market size, online or virtual fitness market segments, online or virtual fitness market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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