According to the latest report by IMARC Group, titled “Virtual Fitness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global virtual fitness market size reached US$ 16.07 Billion in 2022. Virtual fitness refers to the digitalized delivery of health and fitness services, often facilitated through advanced technology platforms. This approach allows individuals to partake in fitness activities and routines in the comfort of their own surroundings rather than in traditional fitness centers or gyms. It comprises pre-recorded or live video classes, personalized training programs, and gamified workout experiences, among other offerings. This convenience-driven solution is integrated with cutting-edge technologies, such as artificial intelligence (AI), virtual reality (VR), and the Internet of Things (IoT), which has made fitness more accessible and personalized, enabling users to undertake fitness activities that align with their schedules, capabilities, and preferences.
Global Virtual Fitness Market Drivers and Trends:
The escalating consumer demand for convenient, flexible, and personalized fitness solutions majorly drives the global market. This can be supported by the fast-paced lifestyles of contemporary society, in which traditional gym routines are challenging to maintain. Along with this, the recent COVID-19 pandemic is impacting the market, as consumers turned to virtual fitness solutions to stay active during widespread lockdowns and social distancing measures. In addition, the continuous advancements in technology are significantly supporting the market. For instance, the increasing adoption of AI, VR, and IoT in creating immersive, engaging, and tailored fitness experiences is playing a significant role in attracting more users. Apart from this, considerable rise in the adoption of wearable devices for fitness tracking and personalized feedback is contributing to the market. Moreover, the emerging trend of corporate wellness programs, wherein companies offer virtual fitness solutions to their employees to improve health and productivity, is creating a positive market outlook. Some of the other factors driving the market include growing environmental concerns, rapid urbanization, and inflating disposable income levels of individuals. Looking forward, the market value is projected to reach US$ 94.30 Billion by 2028, expanding at a CAGR of 31.50% during 2023-2028.
- Based on the session type, the market has been segmented as group and solo. Currently, group session type dominates the market, holding the largest share.
- On the basis of the streaming type, the market has been divided into live and on-demand. Presently, on-demand represents the largest segment.
- Based on the device type, the market has been categorized into smart TV, smartphones, laptops and desktops, and tablets. At present, smartphones account for the largest market share.
- On the basis of the revenue model, the market has been segmented into subscription, advertisement, and hybrid. According to the report, subscription accounts for the largest market share.
- Based on the end user, the market has been categorized into professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals, and others. Currently, professionals dominate the market, holding the largest market share.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, United Kingdom, Italy, Spain and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa. Amongst these, North America holds the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Econofitness, Fitness On Demand, Les Mills International Ltd., Mindbody Inc., Move Technologies Group Ltd., Nexercise Inc., Peloton Interactive Inc., Viva Leisure Limited, VIXY BV, Wellbeats Inc. (LifeSpeak (USA) Inc.) and Wexer Virtual Limited.
|Base Year of the Analysis
|Session Types Covered
|Streaming Types Covered
|Device Types Covered
||Smart TV, Smartphones, Laptops and Desktops, Tablets
|Revenue Models Covered
||Subscription, Advertisement, Hybrid
|End Users Covered
||Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Econofitness, Fitness On Demand, Les Mills International Ltd., Mindbody Inc., Move Technologies Group Ltd., Nexercise Inc., Peloton Interactive Inc., Viva Leisure Limited, VIXY BV, Wellbeats Inc. (LifeSpeak (USA) Inc.), Wexer Virtual Limited, etc.
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