The online and virtual fitness market is gaining traction in a world where time is money and health is wealth. According to Allied Market Research, this burgeoning industry is expected to reach $59.23 billion by 2027, with a compound annual growth rate (CAGR) of 33.1% between 2020 and 2027.
A Healthier Lifestyle at Your Fingertips
The increasing preference for a healthier lifestyle, coupled with time constraints that prevent many from attending traditional fitness facilities, has fueled the growth of this market. As people seek more flexible and convenient ways to stay fit, the online/virtual fitness landscape has evolved to meet their needs.
The rise in demand for fitness programs utilizing augmented reality (AR) and virtual reality (VR) technologies has further propelled this growth. These immersive experiences offer users an engaging and interactive way to work out from the comfort of their homes.
COVID-19 Pandemic: A Catalyst for Change
The closures of gyms and studios due to the COVID-19 pandemic have also contributed significantly to the expansion of the online/virtual fitness market. With restrictions on social gatherings and concerns about safety, many have turned to virtual platforms to maintain their fitness routines.
However, occasional technical glitches pose a challenge to the seamless adoption of these services. Despite this hurdle, the convenience, adaptability, personalized attention, affordability, and comfort offered by virtual fitness programs continue to attract users of all ages.
Promising Opportunities in the Elderly Demographic
The report by Allied Market Research highlights the potential of the elderly demographic as a promising opportunity for growth. The rising adoption of online fitness programs among the elderly presents a lucrative market segment that companies can tap into.
In 2019, the group session type dominated the market, contributing to nearly two-thirds of the total market revenue. The subscription revenue model accounted for nearly half of the total market share, showcasing its popularity among users.
While North America garnered the major share of the market in 2019, Asia-Pacific is expected to grow at the fastest CAGR of 36.8% from 2020 to 2027. This rapid growth is attributed to the increasing awareness about health and fitness, coupled with the high penetration of smartphones and internet connectivity in the region.
Today, the online/virtual fitness market stands as a testament to human resilience and adaptability. As we navigate the challenges of a rapidly changing world, this industry continues to innovate and provide solutions that empower individuals to prioritize their health and well-being.