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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.