With rapid technological advancements and innovations, the internet is becoming more accessible and affordable across the world. 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, as per the World Bank, around 49% of the global population had access to the internet in 2017. With the help of the internet, people are able to easily use connected fitness devices for measuring various health parameters such as calories burned and heart rate, and achieve their fitness goals.
Moreover, as the internet provides a favorable platform for streaming and watching live and recorded videos, its growing penetration is helping the players operating in the online fitness market reach out to more customers. Besides, the soaring usage of smart devices is also propelling the demand for online fitness services across the world. Because of these factors, the revenue of the market is expected to surge massively during the forecast period (2021–2030).
Browse detailed report – Online Fitness Market Analysis and Demand Forecast Report
Depending on session type, the virtual fitness market is classified into solo and group. Between these, the solo category is expected to demonstrate faster growth throughout the forecast period. This is ascribed to the fact that these sessions offer higher flexibility, which, in turn, allows people to attend fitness classes as per their convenience. In addition, solo sessions allow people to pick the slot, which is most suitable for them. Furthermore, these sessions help trainers focus more on individuals and train them as per their needs and abilities.
When the revenue model is taken into consideration, the online fitness market is categorized into advertisement, hybrid, and subscription. Out of these, the subscription model is predicted to become the most popular one during the forecast period. This is because this model provides many advantages such as unlimited access to various services that are offered along with the package. Moreover, users can easily discontinue the subscription plans if they are not satisfied with the service.
Geographically, North America accounted for the highest utilization of virtual fitness services in 2020. This was because of the high public awareness about health and fitness, high disposable income of people, which allows them to purchase the subscriptions, and the availability of high-speed internet in the region. Whereas, in the coming years, the demand for online fitness services will surge sharply in the Asia-Pacific (APAC) region, as per the estimates of the market research company, P&S Intelligence. This is attributed to the presence of a large population and growing internet and smartphone penetration in emerging economies such as China and India.
Hence, it can be said without hesitation that the demand for online fitness services will soar in the coming years, mainly because of the increasing penetration of the internet, ballooning availability of high-speed and affordable internet, surging use of smartphones, and growing public awareness about health and fitness all over the world.