Rise in inclination toward having healthy lifestyle, lack of time among people to attend training sessions at fitness institutes, surge in demand for AR & VR based fitness regime, and shut down of gyms and studios due to ongoing COVID-19 situation drive the growth of the global online/virtual fitness market.
On the other hand, interruptions in the flow of the sessions due to several tech glitches impede the growth to some extent. Nevertheless, growing popularity of online fitness programs among elderly population is anticipated to create lucrative opportunities in the coming years.
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The online/virtual fitness market is analyzed across streaming type, session type, device type, revenue model, end user, and region. Based on session type, the group segment contributed to nearly two-thirds of the total market revenue in 2019, and is expected to retain its dominance by 2027. Simultaneously, the solo segment would portray the fastest CAGR of 35.7% throughout the forecast period.
Based on revenue model, the subscription segment accounted for nearly half of the total market share in 2019 and is expected to lead the trail till 2027. At the same time, the hybrid segment would manifest the fastest CAGR of 35.9% during the forecast period.
Based on region, North America garnered the major share in 2019, generating nearly two-fifths of the global market. Asia-Pacific, on the other hand, would grow at the fastest CAGR of 36.8% from 2020 to 2027. The other two regions studied through the report include Europe and LAMEA.
Covid-19 scenario-
- As, fitness clubs & gyms have been shut down and people are staying indoors, there has been a significant surge in the drift toward installing online fitness apps among people.
- This inclination is likely to continue even in the post pandemic scenario, as these apps tend to offer a lot of advantages in terms of helping individuals set particular fitness goals and achieve the same within a certain timeframe.
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