Digital Fitness Market: Overview
The digital fitness market is expected to reach a CAGR of 17.6% in the foreseeable years from 2021 to 2031.
The sudden emergence and spread of COVID-19 cases around the world has resulted in nationwide lockdowns and the implementation of social distancing norms. These factors facilitate a smooth transition from conventional gyms and studios to virtual fitness. This tradition is likely to increase the number of downloads and subscriptions to fitness apps. Thus, these factors are expected to work as revenue generators in the digital fitness market in the coming years.
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These fitness apps use artificial intelligence, machine learning, and some other technologies in order to provide personalized fitness plans to consumers. These apps also provide personalized health and fitness coaches, diet monitors, step trackers, no-equipment workout routines, and diet charts. These advantages and offers over brick and mortar are likely to contribute to the revenue generation opportunities in the digital fitness market in the coming years.
The revenue generation opportunities in the digital fitness market are likely to increase with the increasing penetration of smartphones globally. In addition to this, the growing adoption of wearable devices globally is also expected to increase the opportunities for expansion in the digital fitness market.
The digital fitness market has witnessed marked momentum owing to the growing relevance and role of various fitness devices which are a wonderful confluence of healthcare and IT. Over the past few years, fitness trackers have gained huge popularity in various parts of the world. Some of the product types that have seen considerable commercialization in recent years include heart rate monitors, calorie monitors, sleep monitors, and exercise trackers. A key proposition for their popularity is their use in monitoring chronic disease in patient populations. The ease of availability of these devices in e-commerce channels has also boosted their prospects in the global digital fitness market. Dozens of companies have harnessed the potential of e-commerce channels to increase sales of fitness trackers. Recently, the use of digital fitness devices equipped with mobile sensor technology has been demonstrated in collecting health data in research.
Advances in sensor technologies have contributed to their applicability as a collaborative approach to measuring physical activity in research. Many brands have seen this app as a solid way to capitalize on new opportunities in the digital fitness market. One example is the applicability of wrist-worn digital fitness wearables, especially with accelerometers. Further momentum in this direction will come from the relentless efforts of several digital fitness device brands to improve quality to make it suitable for research applications. This paves the way for new potential in the digital fitness market. One way to achieve this is to incorporate new optical techniques. The trend is prominent in high-end fitness trackers such as sports watches
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Overview of the digital fitness market
The digital fitness market involves the addition of digital apps and devices in modern health and fitness trends. Various fitness devices, such as smartwatches, smart sports shoes and other wearables, capable of tracking users’ fitness metrics and physical activities, are witnessing increasing demand, driving the growth of the fitness market digital. Major tech giants are collaborating with sports and fitness market leaders to enter the digital fitness market, as consumers are more inclined towards digital fitness memberships than traditional gym memberships.
Digital Fitness Market – Notable Developments
Adidas AG, Apple Inc., Samsung Electronics Co. Ltd., Fitbit, Inc. and Garmin, Ltd. are among the leading companies in the digital fitness market.
- Fitbit, Inc., a US digital fitness market leader, announced in April 2018 that it would collaborate with Google to explore more lucrative opportunities in the digital fitness market. With this collaboration, the company aims to use Google’s new Cloud Healthcare API to integrate user data with digital fitness devices. In this way, the company will introduce consumers to more personalized digital fitness devices through its partnership with Google and transform the future of the digital fitness market.
- Apple Inc. – a tech giant and a prominent player in the digital fitness market – has introduced innovative features on its latest devices, which mainly focus on the digital aspects of consumers’ fitness needs. The company recently introduced a revamped and redesigned version of the Apple Watch Series 4, in September 2018, which allows users to manage their health digitally with greater efficiency and convenience. The new Apple Watch’s breakthrough health capabilities include a new gyroscope and accelerometer that can detect hard drops. The device also includes an electrical heart rate sensor in the watch, which, using a new ECG app, can take an electrocardiogram (ECG) and help the user track their health and physical activities with more precision and convenience.
- Adidas AG – a multinational in the digital fitness market – launched its new sports accelerator program “Platform A” in January 2019. The company announced that the new program will mainly focus on the digital aspects of developing innovative products and business models for the sports industry. The company will work closely with various entrepreneurs from Station F, which is a business incubator for startups located in Paris, to deliver the best in digital innovation in sports in the years to come.
Digital fitness market dynamics
Increased demand for high-tech and self-monitoring fitness devices is driving the growth of the digital fitness market
A growing number of consumers, especially young adults and millennials, are becoming more health and fitness conscious. In order to avoid various health issues, consumers are looking for more convenient and user-friendly ways to control weight gain and maintain fitness, which is one of the major drivers of the digital fitness market.
With the recent developments in technologies and the growing trend of digitalization, most consumers are adopting next-generation and self-monitoring digital fitness devices to maintain their regular fitness habits. Thus, Digital Fitness market manufacturers identify the changing end-user needs associated with Digital Fitness products to shift their business strategies and capitalize on lucrative sales opportunities.
Digitization of the fitness industry will bolster developments in the digital fitness market
While the health and wellness trend has maintained its growth around the world for the past decade, micro-trends in the wellness industry have undergone digital transformations over the past few years. Although consumers are looking for ways to improve their fitness, paper-based fitness plans have become obsolete these days. As digital fitness allows consumers to track their fitness activities and track their progress towards their fitness goals, the fitness industry has rapidly moved towards digitalization.
Growing awareness of the fitness convenience and effectiveness associated with the use of digital fitness devices and products is resulting in the growing popularity of digital fitness. Thus, the rapid transformation of the fitness industry is expected to trigger innovations and more developments in the digital fitness market in the coming years.
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Key players in the digital fitness market are offering subscription models to drive product sales
A large percentage of the world’s millennial population is embracing the digital fitness trend by resorting to sports and fitness apps. Consumers are committed to following a healthy lifestyle by understanding the drastic changes in their health and fitness. Considering the inclination of consumers towards digital fitness devices, major players in the digital fitness market are offering attractive fitness subscription models to their potential consumers to increase their product sales. More and more consumers prefer to pay for digital fitness programs rather than paying for a traditional gym membership, which is expected to increase the popularity of digital fitness memberships in the coming years.
Segmentation of the digital fitness market
Based on Product Type, the Digital Fitness market is segmented into:
- Smart watches
- fitness wristbands
- iOS devices
- Android devices
- Smart shoes
- Smart Fitness Clothing
On the basis of product category, the digital fitness market is segmented into
- Head cover
- Leg wear
- Hand carry
On the basis of application, the digital fitness market is segmented into
- Smart wearable sports devices
- Smart wearable fitness devices
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