Categories: Market Research

Online/Virtual Fitness Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Online/Virtual Fitness by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Online/Virtual Fitness, The online/virtual fitness market size has grown exponentially in recent years. It will grow from $21.04 billion in 2023 to $28.89 billion in 2024 at a compound annual growth rate (CAGR) of 37.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased online fitness apps, a rise in digitalization, a growing interest in health insurance and outbreak of coronavirus disease (covid-19).

The online/virtual fitness market size is expected to see exponential growth in the next few years. It will grow to $81.47 billion in 2028 at a compound annual growth rate (CAGR) of 29.6%. The growth in the forecast period can be attributed to increasing government support, rising penetration of smart devices and growing popularity of online fitness programs among the elderly population. Major trends in the forecast period include focus on artificial intelligence for virtual fitness, focus on virtual fitness stations, focus on innovative fitness apps and focus on strategic partnerships and collaborations.

During the forecast period, the rising penetration of smart devices is expected to increase the growth of the online or virtual fitness market. Smart gadgets keep track of a person’s daily activities, by connecting to other devices or networks via various wireless protocols, including Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G. For example, in 2022, according to policy advice, 57% of US users of smart home devices report daily time savings, according to data from surveys and the linked home market size. They claim that these gadgets help them save an average of roughly 30 minutes each day. Therefore, the rising penetration of smart devices is expected to propel the growth of the online or virtual fitness market during the forecast period.

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The online/virtual fitness market covered in this report is segmented –

1) By Device Type: Smart TV, Smartphones, Laptops Desktops and Tablets, Other Device Types

2) By Revenue Model: Subscription, Advertisement, Hybrid

3) By End User: Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals

The on-demand offering is a key trend gaining popularity in the online virtual fitness market. On-demand online fitness services enable consumers to access fitness sessions at their convenience with their choice of workout programs, exercise difficulty levels, and trainers. For instance, in May 2022, Johnson Health Technology Company, a US-based online fitness services company, launched Matrix Connected solutions through which gyms and fitness owners can create digital experiences for their members and people can take on-demand exclusive training cycles.

The online/virtual fitness market report table of contents includes: