Owing to the increasing use of smart devices, such as smartwatches, smart TVs, and smartphones, mushrooming penetration of the internet, and growing public awareness about personal fitness, the global online fitness service market is expanding rapidly. According to the estimates of the market research company, P&S Intelligence, the market will exhibit rapid expansion from 2021 to 2030 (forecast period). In recent years, the internet has become affordable for the masses, primarily due to rapid technological advancements.
As per Our World in Data, the total number of internet users in India, the U.S., and China is 391 million, 245 million, and 765 million, respectively. Furthermore, according to the World Bank, around 57.0% of the global population had access to the internet in 2019. With the help of the internet, people can easily use connected fitness devices for measuring various health parameters, such as calories burnt and heart rate, and achieve their fitness goals.
Browse detailed - Online Fitness Market Revenue Estimation and Growth Forecast Report
Further, as the internet has provided a highly favorable platform for streaming and watching recorded and live videos, its growing penetration is assisting the players operating in the online fitness service market in reaching out to more customers. Besides, the ballooning popularity of outdoor fitness activities is also propelling the market to new heights. Nowadays, people are venturing into various outdoor activities for staying fit. Activities like body weight training, strength training, yoga, pilates, trail running, cycling, and high-intensity interval training (HIIT) can be easily performed with minimal or no equipment in parks and homes.
Moreover, with rapid advancements and innovations in the smart wearable technology, a large number of people are now able to consistently monitor their progress and avail the full benefits of these activities. Depending on session type, the online fitness service market is classified into solo and group. Between these, the solo category is predicted to exhibit faster growth in the market in the coming years, owing to the fact that these sessions provide people with the flexibility to attend classes as per their convenience.
Globally, North America contributed the highest revenue to the online fitness service market in 2020. This was because of the high public awareness about health and fitness, high disposable income of people, which enabled them to pay for online fitness classes, and surging internet penetration in the region. In the forthcoming years, the market will register the fastest growth in the Asia-Pacific (APAC) region. This will be because of the soaring population, rising use of smartphones, and increasing penetration of the internet in emerging economies, such as China and India.
The market is currently fragmented in nature, and the players operating in the industry are focusing on acquisitions and mergers for gaining an edge over their rivals. For instance, HealthAssure, which is a primary healthcare aggregator, completed the acquisition of FitMein, which is an on-demand fitness subscription service with over 2,500 fitness coaches and centers all over the world, in May 2020. Fit n Fast, Charter Fitness Inc., MoveGB, FitnessOnDemand, Sworkit, GoodLife, Fitness First, Wellbeats Inc., Navigate Wellbeing Solutions, Viva Leisure, Les Mills International Ltd., and Peerfit Inc. are some of the major market players around the world.
Hence, the demand for online fitness services will rise enormously in the upcoming years, mainly because of the growing internet penetration and rising use of smart devices.
