In a world where time is money and health is wealth, the online and virtual fitness market is gaining momentum. This fast-growing industry is expected to reach $59.23 billion by 2027, at a compound annual growth rate (CAGR) of 33.1% from 2020 to 2027, according to Allied Market Research.
A healthier lifestyle instantly
Increasing preference for healthier lifestyles and time constraints that prevent many people from attending traditional fitness facilities are fueling the growth of this market. As people seek more flexible and convenient ways to stay fit, online/virtual fitness environments have evolved to meet their needs.
The growing demand for fitness programs leveraging augmented reality (AR) and virtual reality (VR) technology is further driving this growth. These immersive experiences offer users an engaging and interactive way to work out from the comfort of their own home.
The COVID-19 pandemic: a catalyst for change
The closure of gyms and studios due to the coronavirus pandemic also greatly contributed to the expansion of the online/virtual fitness market. With social gatherings restricted and safety concerns, many people are turning to virtual platforms to maintain their fitness habits.
However, occasional technical glitches make it difficult to seamlessly implement these services. Despite these hurdles, the convenience, adaptability, personal attention, affordability, and comfort offered by virtual fitness programs continue to attract users of all ages.
Promising opportunities in the elderly population
Allied Market Research’s report highlights that the aging population could be a promising opportunity for growth. The increasing adoption of online fitness programs among older adults is creating a lucrative market segment for companies to tap into.
In 2019, group session type dominated the market, accounting for nearly two-thirds of the total market revenue. The subscription revenue model accounts for almost half of the total market share, indicating its popularity among users.
While North America gained the lion’s share of the market in 2019, Asia Pacific is expected to grow at the fastest CAGR of 36.8% from 2020 to 2027. This rapid growth can be attributed to the growing awareness of health and fitness; the prevalence of smartphones and internet connectivity in the region;
Today, the online/virtual fitness market has become a testament to human resilience and adaptability. As we address the challenges of a rapidly changing world, our industry continues to innovate and deliver solutions that empower individuals to prioritize their health and well-being.