Online/Virtual Fitness Market Growing Demand to Boost the Market Growth | ClassPass , Fitbit, FitnessOnDemand, Les Mills International, Navigate Wellbeing Solutions

Virtual or online fitness is the fusion of workout with technology. The online workouts are designed for ease and convenience of individual to suit their schedule and needs. Typically, the virtual workout sessions are played in fitness clubs on the big screen. The clubs may have them prescheduled as well as offers facilities of on demand workout sessions as per the convenience of the user. Online fitness coaching is another type of virtual fitness which enables users to receive fitness as well as nutrition coaching from a nutrition or fitness coach over the fitness app or website.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Increase in need for advanced fitness sessions to achieve physical fitness, growing interest of health insurance providers in virtual/online fitness services to reduce health insurances costs, growing demand of AR or VR based fitness, and increase in demand for healthy foods are some of the major factors that drives the growth of the virtual or online fitness market. Moreover, lack of timings to attend training sessions at fitness clubs further drives market growth.

In addition to this, COVID-19 pandemic is disrupted the lives of people and causing fitness centers such as gyms and other fitness clubs to stay closed. This has led to rapid surge in adoption of fitness videos as people have started workouts at their homes which in turn will support the growth of the market. However, interruptions in the flow of the class due to tech glitches along with the lack of real interaction with the instructor may hinder the market growth to some extent. Furthermore, growing popularity of online or virtual fitness programs among older adult age group as their focus on health & fitness is further provides numerous opportunities for the market to grow.

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The virtual or online fitness market is segmented on the basis of streaming type, device type, session type, revenue model, end user, and region. On the basis of streaming type, it is categorized into Live and on demand. On the basis of device type, it is classified into smart TVs, smartphones, laptops desktops and tablets, others. By session type, it is bifurcated into group and solo. Depending on revenue model, it is divided into subscription, advertisement, and hybrid. By age group, the market is classified as professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
- This study includes the virtual or online fitness market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities of the market.
- The virtual or online fitness market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter;s five forces analysis illustrates the potency of buyers & suppliers in the virtual or online fitness market.

KEY MARKET PLAYERS
- ClassPass Inc.
- Fitbit, Inc.
- FitnessOnDemand
- Les Mills International Ltd.
- Navigate Wellbeing Solutions
- Peerfit, Inc.
- Reh-Fit Centre
- Sworkit
- Viva Leisure,
- Wellbeats, Inc.
- Peloton
- Zwift

KEY MARKET SEGMENTS
BY STREAMING TYPE
- Live
- On Demand

BY SESSION TYPE

- Group
- Solo

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BY DEVICE TYPE
- Smart TV
- Smartphones
- Laptops, Desktops, and Tablets
- Others

BY REVENUE MODEL

- Subscription
- Advertisement
- Hybrid

BY END USER

- Professional Gyms
- Sports Institutes
- Defense Institutes
- Educational Institutions
- Corporate Institutions
- Individuals
- Others

BY REGION
- North America
o U.S.
o Canada

- Europe
o UK
o Germany
o France
o Italy
o Spain
o Rest of Europe

- Asia-Pacific
o China
o India
o Japan
o Austrlia
o Rest of Asia-Pacific

- LAMEA
o Latin America
o Middle East
o Africa

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