Fitness App Market Forecasted to Expand at USD 156.82 Billion | Market Share, Trends, Growth Analysis and Forecast 2030
Fitness App Market Research Report- Forecast till 2030
Market Highlights
The fitness app market will reach USD 156.82 billion at a whopping 27.8% CAGR by 2030, states the latest Market Research Future report.
The implementation of AI, technology advances, and constant R&D has boosted the need for online training regimes that will offer robust opportunities for the market over the forecast period.
Drivers and Restraints
Rising Use of Wearables to Boost Market Growth
The rising use of wearables, tablets, and smartphones will boost market growth over the forecast period. Fitness is becoming increasingly popular in developing and underdeveloped countries. This is mostly owing to the rapid advancement of smart and IoT devices such as wearables, smartphones, and tablets. There are also a variety of fitness apps that can be used on smartphones to assist people keep track of their physical activity. As a result, the growing use of wearable devices, smartphones, and tablets is likely to boost the Fitness App Market’s growth in the approaching years. Furthermore, these devices allowed people to exercise without having to go to the gym, and they could do it at any time. This is also taken into account for accelerating the expansion of the fitness app market over the forecasted timeframe.
High Cost to Remain as Market Restraint
The high cost of fitness app & tracker development and high initial investments for technology upgrades as well as changing consumer preferences & techniques may act as market challenges over the forecast period.
Technical Issues to act as Market Challenge
Technical issues and concerns regarding data security & stringent regulations may act as market challenges over the forecast period.
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Segmentation:
The fitness app market is bifurcated based on device type, platform, and type.
By type, workout and exercise apps will lead the market over the forecast period.
By platform, iOS will dominate the market over the forecast period.
By device type, smartphones will have the lions share in the market over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic wreaked havoc on the fitness sector particularly brick-and-mortar gyms & fitness studios, shutting down a number of locations and inflicting massive financial losses around the world. As a result, the growth of at-home fitness apps has quickened. Fitness app makers cultivated strategic partnerships with technology businesses to generate more premium workout content at the start of the potential. They increased their expenditure in developing cutting-edge apps. Virtual workouts will continue to be a significant part of routines beyond COVID, according to industry experts, even if some brick-and-mortar gyms & fitness facilities open their doors. The adoption of hybrid models of online/brick-and-mortar gyms is expected to continue once the pandemic has passed. In addition, with the lifting of the lockdown in countries throughout the world, product demand is likely to increase.
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Regional Analysis
North America to Precede Fitness App Market
North America will precede fitness app market over the forecast period. The region’s fitness app market share is growing due to factors such as rising health awareness and a large number of fitness aficionados. Furthermore, the proliferation of wearable devices and smartphones, such as fitness bands, smart watches, smart rings, and so on, has a beneficial impact on the growth of the fitness app market in the region. In North America, the United States has the largest market for fitness apps. The United States is one of the world’s most important smartphone markets, with the greatest smartphone penetration rate. Furthermore, the presence of important fitness app providers such as Fitbit, along with the growing popularity of smartphone devices for activity tracking, is helping to drive market expansion. During the research period, the US fitness app market is predicted to increase at a CAGR of 27.56 percent.
Key Players
Eminent market players profiled in the global fitness app market report include Samsung Electronics Co., Ltd (South Korea), Google LLC (US), TomTom International BV (The Netherlands), Nike, Inc. (US), Lenovo Group Limited (China), Adidas AG (Germany), Wahoo Fitness (US), Under Armour, Inc. (US), Azumio Inc. (US), Grand Apps (US), and Asics Corporation (Japan).
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Fitness App Market Research Report: Information By Type (Workout and Exercise Apps, Disease Management, Lifestyle Management {Sleep Tracker and Period & Ovulation Tracking}, Nutrition & Diet, Medication Adherence and Others {Meditation and Brain Training Apps}), By Platform (Android, iOS and Windows), By Device Type (Smartphones, Tablets and Wearable Devices) – Forecast till 2030
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