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The rising number of diseases associated with obesity is a leading cause of the global fitness app market’s growth. Moreover, there is an increase in awareness pertaining to fitness, weight loss, and calorie intake. Consumers are willing to pay hefty sums to stay fit and want to keep a track of their fitness on a daily basis. Changes in lifestyle leading to a rise in the number of obese population have also been instrumental in the marker’s growth.
The rising consciousness regarding health and fitness and the development of advanced fitness apps have prompted the need to conduct a comprehensive analysis on the global fitness app market. The study highlights the key factors shaping the market’s growth throughout the forecast period. It gives a holistic view of the market and states the changes in consumer behavior that may impact the business strategies adopted by the key companies.
Global Fitness App Market: Notable Developments and Competitive Analysis
The degree of competition in the global fitness app market is high due to the influx of new players. Leading players functioning in the market are focusing on developing advanced apps and with better user interface. They are also engaging in strategic collaborations and partnerships in order gain a competitive edge over other players in the market. Listed below are a few notable developments in the global fitness app market:
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- In December 2018, one of the leading European fitness applications company Freeletics received a Series A funding of U.S.$ 45 million. This will help Freelectics grow its base in the U.S. where it has experienced a commendable growth in the past. The company also intends to add a Netfkix-style training platform.
- In April 2019, a connected fitness startup Tonal, raised U.S.$ 45 million in a Series C round of fund raising. The company aims at developing personalized fitness concept with on-demand actionable data, video guidance, and real-time feedback. This transaction will help Tonal to make a mark in the connected fitness space.
- In April 2019, Google launched its fitness tracking app, Google Fit on iOS platform. This move helped Google to gain access to a larger pool of customer and also create a presence in the market regarding the Google Fit app.
Prominent companies operating in the global fitness app market include:
- Fitbit, Inc
- Azumio, Inc.
- MyFitnessPal Inc.
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Global Fitness App Market: Key Drivers and Restraints
Rising demand for portable health tracking system is the leading contributor to the global fitness app market’s growth during the forecast period. Consumers are looking for fitness solutions that can help them keep a track of their health on the go. The emergence wearable technology for fitness and the development of connected app has further strengthened the global fitness app market’s growth. Further, rising investments in the fitness industry and the development of AI-based solutions has provided momentum to the market’s growth.
Global Fitness App Market: Regional Analysis
On the regional spectrum, North America is expected to dominate the global fitness app market. This is mainly because of the rising awareness regarding fitness and the growing number of obese population in the country. The market in this region is also driven by rising number of partnerships leading to the development of new and advanced fitness apps. Asia Pacific is also expected to grow substantially during the forecast period due to growing popularity of digital health solutions.
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The global fitness app market is segmented based on:
- Type Outlook
- Exercise & Weight Loss
- Diet & Nutrition
- Activity Tracking
- Platform Outlook
- Device Outlook
- Wearable Devices
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
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