Virtual Fitness Market Report 2023: Rising Need for Advanced Fitness Sessions Bolsters Growth
Dublin, March 16, 2023 (GLOBE NEWSWIRE) -- The "Virtual Fitness Market by Device, by Revenue Model, by Session, by Streaming, by End User, and by Region - Global Forecast to 2022-2033" report has been added to ResearchAndMarkets.com's offering.
The virtual fitness market size is estimated to be USD 15.98 billion in 2022 and is expected to witness a CAGR of 39.74% during the forecast period 2023-2033.
Increasing popularity in the online-virtual fitness, surging popularity among older age group of virtual fitness, and growing penetration of smart devices are some of the factors contributing to the market growth.
Furthermore, rising need for advanced fitness sessions to achieve physical fitness, increasing adoption of exergaming solutions across the globe are other factors supporting the market growth. However, high cost associated with the advanced virtual fitness programs, lack of awareness regarding on-demand and live exercise classes in the developing countries is expected to hinder the growth.
Increasing popularity in the online-virtual fitness is predicted to propel the market growth during the forecast period. Customers can access fitness sessions with their preferred training programmes, exercise difficulty levels, and trainers through on-demand online fitness services.
For instance, in May 2022, Johnson Health Technology Company, A US-based provider of online fitness services introduced Matrix Connected solutions, which allow owners of gyms and fitness centres to create digital experiences for their clients and allow people to take part in on-demand, exclusive training cycles.
Rising need for advanced fitness sessions to achieve physical fitness is expected to fuel the market growth during the projected period. Consumer interest in living healthier lives is increasing significantly as flexible workouts, balanced diets, and improved healthcare continue to gain appeal. Virtual fitness service providers can employ a range of strategies to meet the needs of their clients due to the broad need for cutting-edge fitness programs to encourage healthy lives worldwide.
For instance, in April 2020, My Virtual Mission, one of the industry pioneers in virtual fitness technology has launched its Race Host platform. With the help of the Race Host platform, entrepreneurs, companies, and nonprofit organizations may conduct virtual fitness competitions to engage with target audiences, earn income, and broaden their worldwide market reach.
The market is categorized into smartphones, laptops, tablets, smart TV, and desktops. In 2022, the smartphone segment accounted for the highest revenue share during the forecast period due to its increasing penetration among consumers of all ages and the growing use of smartphones in emerging nations. For people who enjoy exercise, their smartphones might make excellent workout partners. To get through boring cardio exercises, the user can view movies, and they can also listen to music to stay motivated. The availability of fitness apps like Google Fit, Strava, MyFitnessPal, and others, as well as their interaction with fitness monitors like Fitbit, Garmin Forerunner, and Amazefit, have led to an increase in the popularity of virtual fitness on smartphones.
As smartphone adoption increases, mobile app usage will increase which is playing a key role as a virtual personal trainer and nutritionist in the busy urban lifestyle with numerous workout sessions. On the other hand, the laptops segment is anticipated to exhibit the quickest CAGR during the forecast period. The popularity of indoor fitness is increasing, which has led to this expansion. The laptops and desktops market also provides other crucial advantages to fitness fanatics, such as a longer battery life, a better display, high-performance speed, and usability.
By Revenue Model
The market is segmented into subscription, hybrid, and advertisement. In the global market, the subscription segment accounted for the largest revenue share in 2022 owing to the rising popularity of people signing up for subscription-based virtual fitness training sessions as they are more affordable than signing up with a coach in person.
Customers sign up for virtual subscription-based fitness services because they provide access to elite trainers, even if they are not physically situated in the same location. Additionally, the hybrid segment is expected to grow at fastest CAGR during the forecast period. The potential to reach a variety of customers, including those who are willing to pay for pay-per-view or subscription plans to remove commercials as well as those who are willing to access paid virtual fitness programme elements on a trial basis.
The market is bifurcated into solo and group. The group segment is anticipated to witness the highest revenue share during the forecast period. This is attributable to the rising popularity of group workouts that emphasize enhancing functional fitness and enhancing postural alignment. For instance, according to a survey conducted by OnePoll for Zhou Nutrition, 56% of respondents prefer group workouts, with 27% preferring to exercise with others. There are many different types of group classes, including yoga and Zumba. Many people enroll in group fitness classes because they like the distraction of a training atmosphere.
For instance, in December 2020, the NouFlex Training System products, NOUFLEX LLC introduced online group exercise classes, and online personal training sessions. The classes are held in studios that were built just for them, with upbeat music and instructors. Also, the social aspect of the group session contributes to the participants' motivation and increases their likelihood of succeeding in their objectives. These variables can support the growth of the subsegment during the predicted period.
On the other hand, the solo segment is accounted to grow at fastest CAGR during the forecast period. One-on-one sessions let the trainer focus on a single user and give advice tailored to their need. Each user's solo training can be tailored to meet their own goals, which can help them accomplish those goals more rapidly. Additionally, virtual fitness platforms are simple to use thanks to web-based portals and mobile apps that also give users access to a wide range of well-liked exercises including squats, side planks, push-ups, and many others.
These programs are led by trained, approachable instructors who offer users fitness evaluations and training regimens that are tailored to their goals. Moreover, new software launches, mergers, and collaborations among large corporations to supply cutting-edge standalone programs are anticipated to increase in the individual end-user throughout the investigation period because to the rising health concerns among the populace.
The market is segmented into on-demand and live. The on-demand segment accounted for the highest revenue share during the forecast period owing to the significant increase in on-demand or pre-recorded videos. Customers can get workout videos with their preferred trainer and training plan whenever they want with the aid of on-demand services. Providers of on-demand services are enhancing their offers to appeal to a wide range of clients of various fitness levels and to offer a variety of coaching techniques, music genres, and difficulty levels.
For instance, in May 2022, Johnson Health Technologies Company created Matrix Connected solutions to allow owners of gyms and health clubs to provide their patrons with digital experiences and on-demand access to specialized training programs.
Additionally, the live segment is predicted to fuel at the fastest CAGR during the forecast period owing to the high demand for studios in health clubs that connect to trainers from remote locations in real-time. In order to provide sophisticated training regimens, a number of well-known gym chains and fitness equipment sector players are entering the live online fitness market scene.
For instance, in March 2020, 24 Hour Fitness USA, Inc. debuted a free 24/7 Live At-Home Streaming Channel. To keep viewers interested and reduce stress, the channel provides cutting-edge training materials and possibilities for social interaction.
By End User
The market is segmented into professional gyms, individuals, defence institutes, sports institutes, educational institutions, and corporate institutions. In 2022, the professional gyms segment accounted for the highest revenue share during the forecast period. Physical fitness centres, weight-loss clubs, health clubs, and exercise salons all fall under the category of professional gyms. The individual's segment is anticipated to have the fastest CAGR over the forecast period. People make up a large portion of the end users of online and virtual fitness services including exercise courses, yoga sessions, meditation classes, sports lessons, and others.
In 2022, North America region accounted for the highest revenue in the virtual fitness market during the forecast period owing to significant presence of numerous health and wellness organizations across this region. Also, the emphasis on precision medicine and individualised care is growing among adults in North America, which is fuelling the market's expansion. The increasing use of augmented and virtual reality (AR & VR) for exercise in this region also helps to the market's expansion.
Key Topics Covered:
1. Research Methodology
2. Introduction: Virtual Fitness
3. Executive Summary
4. Market Dynamics
5. Market Environment Analysis
6. COVID-19 Impact Analysis: Virtual Fitness Market
7. Market Analysis by Device
8. Market Analysis by Revenue Model
9. Market Analysis by Session
10. Market Analysis by Streaming
11. Market Analysis by End-User
10. Regional Market Analysis
11. North America Virtual Fitness Market
11. Europe Virtual Fitness Market
12. Asia Pacific Virtual Fitness Market
13. Latin America Virtual Fitness Market
14. MEA Virtual Fitness Market
15. Competitor Analysis
16. Company Profiles
17. Conclusion & Recommendations
A selection of companies mentioned in this report includes
Les Mills International Ltd.
Navigate Wellbeing Solutions
For more information about this report visit https://www.researchandmarkets.com/r/u8qs0q
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