Digital Fitness Market
Due to Covid-19, digital transformation has accelerated and altered the way people interact, shop, bank and work. This prompted PwC to launch a free version to the public. Digital awareness has never been so important. More people than ever are now working from home and communicating online, and the current crisis has highlighted the dangers of misinformation, which has never been easier to access. Becoming more digitally fit can help people at any technical level to improve their digital literacy and awareness in this challenging time. The Digital Fitness App meets people where they are and progressively assesses and responds to their increasing digital fitness The digital delivery of learning content, constantly being refreshed, engages the people through video, quick reads and other interactive experiences that encourage active, real-time learning.
Digitally fit individuals have the skills to create and implement digital solutions, a curious mindset that encourages experimenting with new things, collaborative daily behaviors and strong online relationships. Once they sign up to the app, the user is prompted to complete an assessment, which asks them a series of questions and takes no longer than 15 minutes. This will give them their ‘digital fitness score’, which they can then improve with as little as 20 minutes of digital fitness training per week. It feeds them things that are appropriate for their level and from what they are showing an interest in.
Global Digital Fitness Market: Overview
Digital fitness follows along the principles of digital health, which involves use of information and communication technologies to help address the health problems and fitness challenges faced by people. The digital fitness market is marked by technological innovations which allow an individual to monitor their fitness levels. This market has witnessed a marked growth due to an increased emphasis to health among the millennial population.
This, as per Transparency Market Research, is set to drive the market on to a stellar growth curve over the forecast period of its upcoming report - 2020 to 2030. This is set to drive the market towards increase in growth opportunities.
Global Digital Fitness Market: Notable Development
The global digital fitness market is marked by presence of proactive players, hugely reliant on technological advancement. And, in order to tap into a larger customer base, they are heavily invested in marketing initiatives. This has led to notable developments in the vendor landscape.
- Adidas is currently beefing up both its home workout apps. It is also focused on improving its nutrition guides, which are in 15 languages. This is of great help to customers who are facing the brunt of the socially distanced world. Its significant to note here that its Fit from Home Challenge has about 500,000 participants in across 192 nations across the globe. Additionally, it is worth noting here that the brand acquired Runtastic, a player in the digital fitness app sphere, for 240 million dollars in the year 2015SSS
The global digital fitness market is consolidated owing to the presence of a small number of manufacturers of these devices. These manufacturers are listed as follows-
- Samsung Electronics
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Global Digital Fitness Market: Key Trends and Drivers
The global digital fitness market is majorly driven by an increasing awareness about fitness and health among individuals. A number of trends and drivers are also pushing the market forwar. A glimpse into these is provided below:
- Growing demand for technologically developed products with innovative features is also expected to drive market forward. Players are highly focused on technological advancement. Ease of availability of advanced products in e-commerce channels is also leading to growth. The manufacturers are already leveraging the potential of e-commerce channels to augment sales.
- A major boost to the digital fitness market among the global financial slump has come during the COVID-19 pandemic. As outdoor exercise avenues such as gyms and fitness centers have closed or are offering restricted access, indoor exercise options are becoming the new normal. This is leading customers who are fitness oriented towards at-home alternatives for a healthy and active lifestyle. A result of this is an increase in spending – 30 to 35% from pre-pandemic levels.
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Global Digital Fitness Market: Regional Analysis
North America is expected to remain the largest market due to an increasing obesity rate and a growing awareness about physical fitness, coupled with the availability of more sophisticated digital devices. Roughly two out of three U.S. adults are overweight (69 percent) and one out of three is obese (36 percent). Thus, this population is expected to pick up more on digital fitness in the current global scenario of mandatory social distancing.
The Asia Pacific region figures low currently in the digital fitness scenario, but is expected to pick up pace in light of increasing awareness about health and well being among its populace and an increasing availability of these products via global e-commerce to an increasingly affluent population. This region is expected to be the next hub for the digital fitness market.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.