According to a new report by Technavio, the fitness app market is poised to grow by USD 1.68 billion during 2020-2024, progressing at a CAGR of 12% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, reports BusinessWire.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. adidas AG, ASICS Digital Inc., Azumio Inc., BetterME., FitNow Inc., Google LLC, Nike Inc., Samsung Electronics Co. Ltd., Under Armour Inc., and YAZIO GmbH are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, the Technavio report said.
Increasing demand for wearable devices has been instrumental in driving the growth of the market.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Fitness App Market is segmented as below:
- Lifestyle Monitoring
- Health Monitoring
- North America
- South America
Fitness App Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The fitness app market report covers the following areas:
- Fitness App Market Size
- Fitness App Market Trends
- Fitness App Market Analysis
This study identifies the proliferation of a variety of fitness apps as one of the prime reasons driving the fitness app market growth during the next few years.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
- Vendors covered
- Vendor classification
- Market positioning of vendors
- adidas AG
- ASICS Digital Inc.
- Azumio Inc.
- FitNow Inc.
- Google LLC
- Nike Inc.
- Samsung Electronics Co. Ltd.
- Under Armour Inc.
- YAZIO GmbH