Virtual/Online Fitness Market to Grow at CAGR of 32.15% through 2032 – Corporate Wellness Programs to Promote Healthier Workforce Boosting Growth
The global Virtual/Online Fitness market is anticipated to grow from USD 15.82 billion to USD 256.97 billion in 10 years. The global online/virtual fitness market is experiencing growth, driven by the increasing demand for augmented reality and virtual reality-based fitness solutions. Furthermore, the rising popularity of online fitness programs among older people is poised to present lucrative opportunities for expanding the online/virtual fitness market throughout the forecast years.
Newark, Jan. 17, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 15.82 billion in 2022 global Virtual/Online Fitness market will reach USD 256.97 billion by 2032. Enhanced live interactive classes with features like live chat, Q&A sessions, and real-time feedback can build community and social harmony among participants. Incorporating gamification elements, such as virtual rewards, challenges, and competitions, can make virtual fitness more interactive and enjoyable. Furthermore, integration with wearable fitness devices can provide real-time health data, enabling more accurate tracking of users’ performance and health metrics. Virtual fitness platforms can sync seamlessly with wearables, allowing users to observe their improvement and receive insights directly through their devices. Additionally, it offers flexible subscription models with tiered pricing, providing users with options based on the level of access, features, and content they desire. Partnerships with other health and wellness services, nutrition apps, or mental health platforms to offer bundled services and create a comprehensive wellness ecosystem. In addition, virtual fitness platforms can explore partnerships with healthcare providers to offer tailored fitness programs for individuals with specific health conditions. Collaboration with healthcare professionals to prescribe virtual fitness programs as part of treatment plans for patients with chronic conditions.
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Key Insight of the global Virtual/Online Fitness market
Asia Pacific is expected to witness the highest market growth over the forecast period.
Urbanization in Asia has led to sedentary lifestyles and increased health and fitness awareness, driving the demand for virtual fitness solutions catering to busy urban dwellers. Changing lifestyles, focusing on health and wellness, has created a favourable environment for virtual fitness adoption. In addition, the rising middle-class population in many Asia Pacific countries has increased disposable income, allowing individuals to invest in fitness-related services, including virtual fitness subscriptions and equipment. Additionally, there is a noticeable cultural shift towards fitness and wellness in many Asia Pacific countries, with an increasing emphasis on staying active and maintaining a healthy lifestyle. The influence of global fitness trends, often promoted through virtual platforms, contributes to the growing interest in virtual fitness options. Besides, the large youth population in the Asia Pacific region and their inclination towards fitness contribute to the growing need for virtual fitness solutions. Social media platforms significantly influence fitness trends and promote virtual fitness solutions, especially among the younger demographic.
In 2022, the on-demand segment held the largest market share at 56.11% and a market revenue of 8.87 billion.
The streaming type segment is divided into live and on-demand. In 2022, the on-demand segment held the largest market share at 56.11% and a market revenue of 8.87 billion.
In 2022, the smart TV segment dominated the market with the largest share of 33.49% and revenue of 5.30 billion.
The device type segment includes smart TV, smartphones, laptops & desktops, and tablets. In 2022, the smart TV segment dominated the market with the largest share of 33.49% and revenue of 5.30 billion.
In 2022, the group segment dominated the market with the largest share of 58.18% and revenue of 9.20 billion.
The session type segment is split into group and solo. In 2022, the group segment dominated the market with the largest share of 58.18% and revenue of 9.20 billion.
In 2022, the individuals segment dominated the market with the largest share of 34.69% and revenue of 5.49 billion.
The end user segment is classified into corporate institutions, defense institutes, educational institutes, individuals, professional gyms, sports institutes and others. In 2022, the individuals segment dominated the market with the largest share of 34.69% and revenue of 5.49 billion.
Advancement in market
In May 2022: Johnson Health Technology Company has introduced connected solutions, empowering gyms and health club operators to provide their members with digital experiences and instant access to exclusive training programs on demand.
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Driver: Social interaction and global access.
Virtual fitness platforms have revolutionized the fitness landscape by offering users the unique opportunity to connect with trainers and fitness communities globally. These platforms facilitate a sense of global participation and diversity, transcending geographical boundaries to create a virtual fitness environment that is both inclusive and expansive. One key feature distinguishing virtual fitness platforms is their ability to connect users with trainers and fitness enthusiasts worldwide. This global reach allows individuals to access various workout routines, training styles, and fitness philosophies. Users can engage with trainers with unique perspectives and expertise, contributing to a rich and varied fitness experience. Central to the virtual fitness experience is incorporating social features within virtual classes. Live chat functionality, community forums, and interactive elements are seamlessly integrated into virtual workouts, fostering a strong sense of community among participants. This sense of community is vital for creating a supportive and engaging atmosphere, as users can interact, share experiences, and encourage one another during workouts.
Restraint: High initial costs and space limitations.
Certain virtual fitness programs may necessitate specialized equipment or accessories, introducing an additional financial consideration for users who do not already possess the required gear. This aspect of virtual fitness highlights a potential drawback, particularly for individuals who may face constraints related to cost and accessibility. Virtual fitness platforms sometimes offer programs designed to optimize workouts with specific equipment, such as dumbbells, resistance bands, or stability balls. While these accessories can improve the significance of the workouts, users who do not own or have access to such equipment may need help fully participating in these programs. The need to purchase additional gear can incur extra costs, potentially impacting the affordability and inclusivity of the virtual fitness experience. Moreover, the issue of limited space at home poses another consideration for users engaging in virtual workouts. Certain fitness routines may require significant room for activities like jumping, lunging, or other dynamic movements. Users with constrained living spaces may find it challenging to execute these exercises effectively, potentially impacting the quality and safety of their workout experience.
Opportunity: Educational platforms.
Introducing virtual certifications is pivotal in establishing credibility and trust within the virtual fitness community. By offering specialized certifications for fitness professionals, the platform signals a commitment to maintaining high standards and ensuring that instructors possess the necessary expertise. This aspect elevates the quality of instruction and attracts seasoned and qualified trainers who may see the platform as a reputable venue for their services. The availability of virtual certifications can create a competitive advantage for the platform, setting it apart as a reliable and professional destination for fitness professionals and users seeking high-quality workouts. As instructors acquire virtual certifications, users gain confidence in the platform’s commitment to providing safe, effective, and expert-led fitness experiences. Moreover, the expansion of certified instructors contributes to a diverse array of available classes, catering to different fitness preferences, levels, and goals. Whether users are looking for strength training, yoga, HIIT, or specialized programs, the platform’s credibility attracts a range of skilled instructors, offering a comprehensive selection of classes to meet the varied needs of the user base.
Challenge: Lack of industry standards and legal compliance.
The virtual fitness industry operates in a dynamic and rapidly evolving space, with various platforms offering different services and features. The absence of standardized regulations creates no universally accepted guidelines or standards for virtual fitness practices. In addition, the lack of clear industry standards can lead to consistency in the quality of virtual fitness offerings, as different platforms may have varying approaches to content, instructor qualifications, and user safety. Furthermore, virtual fitness platforms often cater to a global audience, necessitating compliance with various regional and international regulations. This aspect can be complex and challenging, especially as regulations regarding fitness, health, and data privacy vary from one jurisdiction to another. Ensuring compliance with diverse legal frameworks requires virtual fitness providers to invest significant resources in understanding and adapting to regional regulations.
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Some of the major players operating in the global Virtual/Online Fitness market are:
• GoodLife Fitness
• Les Mills International Ltd.
• Move Technologies Group Ltd.
• MINDBODY, Inc.
• Navigate Wellbeing Solutions
• Reh-Fit Centre
• Sworkit (Nexercise, Inc.)
• VIXY BV
• Viva Leisure
• Wellbeats Inc.
Key Segments cover in the market:
By Streaming Type
By Device Type
• Smart TV
• Laptops & Desktops
By Session Type
By End User
• Corporate Institutions
• Defense Institutes
• Educational Institutes
• Professional Gyms
• Sports Institutes
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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