The fitness apps market is expected to reach $6.8 billion between 2022 and 2032
Fitness app developers can gain user trust by adhering to data regulations and creating a user-friendly platform, an IMF analyst comments.
NEWARK, NEWARK, UNITED STATES OF AMERICA, May 17, 2022 /EINPresswire.com/ — According to newly released analysis by Future Market Insights, fitness apps market revenue reached US$1.1 billion in 2021 and are expected to reach US$1.1 billion. 8.1 billion by the end of 2032, growing at a CAGR of nearly 20% over the next 10 years. The global market is likely to offer an absolute dollar opportunity of approximately US$6.8 billion, where the Exercise & Weight Loss category takes the largest share of 49%.
The fitness app market surged rapidly with the onset of the global pandemic that kept people from going to traditional gyms. Nationwide shutdowns and Covid-induced social distancing have encouraged people to switch to virtual training platforms. With the increase in subscriptions, the market is expected to grow at a rate of nearly 20% compared to the historical average of 14.6% CAGR.
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The fitness apps market is likely to grow as people become more aware of their physical and mental health. Consumers have started tracking their health issues and based on that data have started making lifestyle changes for the greater good. Additionally, the growing online network of fitness studios and gyms has contributed to the adoption of these apps. Additionally, providing fitness updates on social media sites encourages people to compete in a friendly way. As a result, the demand for fitness apps will increase. UK and Japan are expected to deliver the most lucrative results throughout the forecast period 2022-2032, growing at a CAGR of 26% and 24.4% respectively.
Key insights from market research
The global fitness apps market is expected to reach a market size of US$8.1 billion by 2032.
The market is expected to offer an absolute dollar opportunity of US$6.8 billion in the next 10 years growing at a CAGR of nearly 20%.
The exercise and weight loss category is expected to remain the dominant segment, with an estimated growth of 19.4% over the forecast period.
Japan and the UK are expected to offer the highest growth opportunity in terms of CAGR of 24.4% and 26% respectively.
The fitness apps market is dominated by several national and international players. They compete on product innovation, quality, brand recognition, reliability, and market presence to offer their services across multiple industries. Market competitors are upgrading their products with modern features to improve functionality and reliability to deliver better customer experience.
In addition, market expansion is expected to be facilitated by the fundamental strategies of mergers, collaborations and acquisitions of big business.
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The main market developments are:
In October 2021, PEAR Sports acquired Aaptiv to expand its personalized approach to fitness and wellness programming for consumers and employers. The company plans to integrate Aaptiv’s offerings with PEAR Training Intelligence and make it a market-competitive fitness program service.
In April 2021, Adidas Runtastic collaborated with Tooz Technologies to develop a new immersive running experience for athletes using smart glasses. This marked the beginning of research into next-generation wearable technology.
Market segments covered in the fitness application market analysis
Exercise and weight loss
Diet and nutrition
By device type:
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Obtain valuable insights into the Fitness Apps Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global fitness apps market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals key insights based on product type (Exercise & Weight Loss, Diet & Nutrition, Activity Tracker), platform (Android, iOS, Others), device type ( smartphones, tablets, wearables) in five regions (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa).
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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