The demand for wellness, mindfulness, and fitness-related applications and products has increased at a staggering pace over the past decade. Modern-day consumers are increasingly swaying toward adopting a healthier lifestyle due to which, the adoption of home fitness applications has witnessed considerable growth. In the current digital era, technological advancements in fitness have gained noteworthy momentum over the past few years. These advancements in technology are projected to spur the interest levels of consumers’ in-home fitness and the trend is set to continue to post the COVID-19 era.
As participants within the current home fitness app market continue to invest resources to enhance user experience and attract new consumers, the fitness industry is set to enter a new era of digital fitness. Several companies operating in the current market for home fitness apps are leveraging advancements in novel technologies such as artificial intelligence to develop engaging and user-centric fitness applications. The rise of social media marketing over the past decade wherein fitness influencers are promoting different home fitness applications is another factor that is expected to aid the expansion of the home fitness app market during the forecast period. Due to these factors, the global home fitness app market is expected to attain a market value of ~US$ 26 Bn by the end of 2030.
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Evolving Consumer Trends and Growing Number of Startups to Drive Market
Evolving consumer trends and growing affinity toward adopting a healthier lifestyle have played an imperative role in boosting the prospects of the global home fitness app market. At present, a number of startups are mushrooming to capitalize on the lucrative opportunities presented by the intersection of technology and fitness. The number of home fitness apps has increased over the past few years and the trend is most likely to continue as revenues generated by these applications continue to move in the upward trajectory. Technological advancements are transforming the current state of affairs within the fitness sector.
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As per the American College of Sports Medicine, fitness applications are gaining fast-paced popularity and is currently one of the most buzzing trends within the fitness sector. Brick and mortar gyms are likely to face increasing competition from home fitness apps, as the market share of these apps are witnessing a steady year-on-year growth. The number of fitness app users and revenues generated by the same continue to grow at an impressive rate worldwide. At present, participants involved in the current home fitness app market are primarily focusing on addressing the rising consumer concerns regarding data security and protection.
The introduction of a range of online fitness programs that allow consumers to exercise as per their convenience is another factor that is projected to augment the home fitness app market in the upcoming years. In addition, subscription models of home fitness apps are cost-effective in comparison with standard gym memberships due to which, a number of fitness enthusiasts are swaying toward using home fitness applications.
Preference for Home Fitness Apps amidst COVID-19 Pandemic
As the COVID-19 pandemic continues to wreak havoc across a host of industrial sectors, the mounting uncertainty has negatively impacted the shares of the global market. While industries, including automobiles, airlines, oil, and tourism remain on the back foot, the home fitness app market is witnessing an unprecedented growth during the COVID-19 pandemic. As exercising in gyms and out-of-home fitness centers are likely to grow out of fashion particularly in 2020 due to the growing concerns pertaining to the transmission of the COVID-19 infection, the demand for home fitness apps is anticipated to grow at an exponential pace in the upcoming months.
As more number of gyms and fitness centers continue to collaborate with app developers and roll out advanced, engaging, and fitness-motivating apps, the home fitness app market is set to grow at an impressive pace particularly in 2020 and 2021. While the adoption of home fitness apps was on the rise even during the pre-COVID-19 era, restrictions on social interactions and out-of-home fitness imposed by governments during the lockdowns have played a huge role in skyrocketing the demand for home fitness apps.
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