NEW YORK, Aug. 3, 2021 /PRNewswire/ -- The surging penetration of the internet in minor and major cities, soaring internet speeds, growing public awareness of personal fitness, and mushrooming usage of smart devices such as wearables and fitness trackers, are the main factors fueling the expansion of the global online fitness service market . Because of these factors, the market is expected to exhibit huge expansion in the coming years, according to P&S Intelligence.
The COVID-19 pandemic created lucrative growth opportunities for the online fitness service market players. As fitness centers such as fitness clubs, swimming pools, and gyms were closed because of the imposition lockdowns and restrictions by several governments, people stayed inside their houses and adopted virtual fitness solutions in order to maintain their health and fitness. Moreover, the widespread adoption of work-from-home further boosted the need for online fitness solutions, thereby driving the growth of the market.
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The online fitness service market is classified into solo and group, depending on session type. Between these, the solo category will demonstrate faster growth in the forthcoming years, on account of the fact that solo sessions offer flexibility to people, which helps them attend classes as per their convenience. Furthermore, solo training sessions allow trainers to focus on individuals and train them according to their needs and abilities. Moreover, people usually don't prefer group training sessions, as the trainer has to concentrate on many people at the same time in these sessions.
The subscription-based category is predicted to expand massively in the coming years, under the revenue model segment of the online fitness service market. This model provides several benefits such as unlimited access to the services that are offered within the package, which allows buyers to choose from a diverse range of packages and the complete freedom to discontinue the services if they don't feel satisfied. Further, this revenue model provides a higher value for money, by ensuring that there is no limit on how much content a person consumes after choosing it.
Browse detailed report with COVID-19 impact analysis on Online Fitness Market Research Report: By Streaming Type (Live, On-Demand), Session Type (Group, Solo), Revenue Model (Subscription, Advertisement, Hybrid), Device Type (Smart TVs, Smartphones, Laptops, Desktops, & Tablets) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/online-fitness-market
Globally, North America held the largest share in the online fitness service market in 2020. This was primarily because of the high public awareness about health and fitness, high disposable income of people, which allows them to pay for subscriptions, and availability of high-speed internet across the region.
The online fitness service market is highly fragmented in nature, and the players are focusing on acquisitions and mergers to gain a competitive edge.
For example, HealthAssure, which is a primary healthcare aggregator, completed the acquisition of FitMeIn, which is an on-demand fitness subscription service with over 2,500 fitness centers and coaches across the globe, in May 2020.
Likewise, Alphabet Inc. announced in November 2019 that it would acquire Fitbit Inc. for $2 billion.
Some of the global online fitness service market players are Charter Fitness Inc., Les Mills International Ltd., Wellbeats Inc., MoveGB, FitnessOnDemand, Viva Leisure, GoodLife, Fitness First, Navigate Wellbeing Solutions, Fit n Fast, Sworkit, and Peerfit Inc.
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SOURCE P&S Intelligence