The Global Virtual Fitness Market valued at USD 6046 million in 2019 and is expected to reach USD 44741 million by 2026, at a CAGR of 33.1 % during the projection period. The requirement for progressive fitness sessions, lack of time to join physical sessions and increased fitness-conscious populace drive the demand for Global Virtual Fitness Market. The virtual fitness market saw steady growth during the past few years and is expected to grow at an accelerated rate during the forthcoming period. The market has witnessed a sudden rise in 2020 as the more significant number of global populace has started regular workouts at their homes using virtual fitness stages during the lockdown period. Such development is attributed to the shutdown of gyms and fitness clubs across the world to avoid further transmission of the pandemic. The growing popularity of online fitness plans among the youth and people across all age groups is expected to offer tremendous growth prospects to the existing players and new entrants in the market. However, the inadequate attention by the key industry players on multiple online services is likely to restrain market development.
Increase in need for progressive fitness assemblies to achieve physical fitness
A growing number of people across the world wish to have a better lifestyle with stretchy workouts, stable diets, and better healthcare. The virtual fitness programs aid in the fulfilment of this objective with online progressive fitness programs. The virtual service providers adopt different strategies to meet the requirements of the customers. For instance, in April 2020, My Virtual Mission, one virtual fitness technology company, has launched its Race Host platform. The Race Host platform is designed with advanced features for tycoons, businesses, and charities, allowing them to host virtual aptness events to involve target viewers, generate income, and enlarge their global market reach.
The growing popularity of online or virtual fitness programs among the older age group
Virtual or online fitness encourages regular exercises among people across all age group, including the elderly, to stay fit and prevent various health problems. Elderly individuals increasingly focus on a healthier lifestyle and follow the advice of qualified fitness specialists to attain wellness through training and dietary references. The adoption of virtual fitness is gaining momentum among the elderly due to time, place & trainer-selection flexibility and the correct implementation of fitness training procedures.
Global Virtual Fitness Market: Segmentation
The virtual fitness market is segmented based on streaming type, device type, session type, revenue model, end-user, and region. Based on the streaming type, it is segmented into Live and On-demand Virtual Fitness market. Based on device type, it is categorized into Smart TVs, Smartphones, Laptops desktops, and Tablets, Others (internet sticks, streaming blu ray player). By session type, it is split into Groups and Solo. Depending on the revenue model, it is divided into Subscription, Advertisement, and Hybrid. Based on End-user, the market is separated into Defense Institutes, Educational Institutions, Professional Gyms, Sports Institutes, Corporate Institutions, Individuals, and Others.