New York, October 19, 2021 – Reports and Data has published its latest report titled “Fitness App Market By Type (Lifestyle Management, Workout & Exercise Apps), By Platform (Smartphones, Tablets, And Wearable Devices), And By Application (Android, Windows, iOS, Others), Forecasts To 2028”
Technological advancements, rising government initiatives on digitalization, and increasing public awareness regarding health and fitness are some key factors driving market growth
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According to Reports and Data, the global fitness app market size is expected to reach USD 18.08 billion in 2028 from USD 3.61 billion in 2020 and is expected to register a revenue CAGR of 23.5% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Fitness applications are created to help with exercise, other forms of physical training, nutrition and diet, and other fitness-related topics. These apps also offer a variety of healthy and balanced food plans to help you reach user’s fitness goals. Fitness apps have shown to be beneficial to the general public because they successfully track fitness goals and include workout timings and step tracking tools in their busy schedule. Therefore, increasing awareness regarding the benefits of fitness app is expected to positively impact revenue growth of the market.
Ongoing R&D activities and technological advancements in AI and government initiatives on digitalization in developing countries in the healthcare industry are some factors contributing to the revenue growth of the market. The rising prevalence of diseases hypertension, obesity, and cardiac problems is expected to drive demand for medical wearables. For example, in the case of diabetic patients, daily blood sugar monitoring and follow-ups are projected to lead to a rise in the use of fitness apps. The market is being driven by a large growth in changing lifestyles, and growing health concerns. Other contributing factors include rising disposable income, the widespread use of cellphones, and the availability of high-speed Internet access. However, concerns regarding data security, and stringent regulations are some factors expected to restrain market over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Android Segment to Dominate Other Application Segment:
Android segment is expected to dominate other application segment over the forecast period. Apple sold 217.72 million iOS handsets in 2018, compared to 1.3 billion Android smartphones sold in 2017. The total amount of downloads in both the Google Play Store and the Apple App Store in 2018 was 28.4 billion, with Google Play alone accounting for 20 billion. There are approximately 12,000 different Android smartphones in people’s hands, with a wide variety of screen processors, sizes, and Android software versions still in use.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period owing to ongoing technological investments in artificial intelligence (AI), machine learning (ML), cloud computing, the internet of things (IoT), and more. Further, increasing awareness regarding health and fitness and rising cases of people affected by anxiety, and stress are some factors driving market growth in the countries in the region.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to rising penetration of smartphones, government initiatives on development of healthcare care services, and increasing number of patients suffering from obesity, diabetes and other chronic diseases. In addition, technological advancements and rising government investment on digitization in emerging economies such as China and India, drive revenue growth of the APAC market.
Major Companies in the Market Include:
- Asics America Corporation
- Fitbit, Inc.
- Azumio, Inc.
- Kayla Itsines
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For the purpose of this report, Reports and Data has segmented the global fitness app market on the type, platform, application, and region:
Type Outlook (Revenue in Billion USD; 2018–2028)
- Lifestyle Management
- Workout & Exercise Apps
- Nutrition & Diet
- Disease Management
- Medication Adherence
Platform Outlook (Revenue in Billion USD; 2018–2028)
- Wearable Devices
Application Outlook (Revenue in Billion USD; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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