2022 Fitness App Report Projects Growth of 21.3% During 2019-28
The anticipated growth percentage for the global fitness app market is the compound annual growth rate (CAGR)
Strava, MyFitnessPal, Nike Training Club, Centr — the list of fitness apps is miles long and continues to grow as companies strive to find more innovative ways to appeal to fitness enthusiasts. An Allied Market Research fitness app market report from December 2021 showed the fitness app industry could swell to worth of about $120.37 billion by 2030 with a CAGR of 23.4%.
Now, according to a recent report from Research and Markets, the global market of fitness apps is expected to grow with a CAGR of 21.3% over 2019-2028, which is two years less than the estimated period of the previous year’s research.
The study by Research and Markets expounds the driving factor of the growth is due to an increase in health awareness and “rising digitalization.”
“The rising demand for fitness apps owing to the increased awareness among people for health development is expected to propel market growth in the future. The increasing use of smartphones and other such devices are subjected to huge growth and hence ultimately drive the market intensely in the forecast period,” says Research and Markets in a press release.
The study also found North America would account for the largest market share of fitness apps with the Asia Pacific projected to be the “fastest-growing region due to the rising adoption of smartphones and growing urbanization across the region.” Europe is anticipated to have steady growth.
The third major fitness app report finding showed exercise and weight loss as the most popular goals for users of fitness apps with signs of steady growth in this segment. Innovation in product development is also expected to become a key concern for fitness app brands. Over 10 companies were profiled in Research and Markets 2022 Market Research Report. Among those highlighted include Adidas, Noom, Under Armour, Inc. and Fitbit, Inc.
Research and Markets took a well-rounded approach to ensure a complete fitness app report, using categories by type (exercise and weight loss; activity tracker; diet and nutrition), platform (Android; iOS; Others) and region (North America; Europe; Asia Pacific; Rest of the World) to look into the present and future of fitness app development and growth. As countless new fitness apps flood the marketplace and more individuals acclimate to a wealth of both at-home and in-gym fitness options, it only makes sense to prepare for the future of digital fitness in an ever-increasing digital world with Research and Markets’ recent study.
