Digital fitness is based on the principle of digital health, which refers to the deployment of information and communication technologies to address various health and fitness issues faced by different population sections.
The rising penetration of smart devices such as smartphones in different population sections is the key growth driver for the global digital fitness market.
Also, with more population sections working from home, there has been a growing awareness of digital fitness and the benefits offered by various digital fitness devices. This aspect could play a key role in increasing the demand for digital fitness products in the future and help the market grow at a steady pace.
A key area that has witnessed high demand and could continue to witness further demand in the future is the installation of digital fitness applications in smartphones, which assist consumers with weight loss. The surge in installations of these applications could trigger growth in the global digital fitness market, in the years ahead.
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Rising Integration of Internet of Things Technology Could Stimulate Growth in Global Digital Fitness Market in the Future
Advancements to existing digital products with the integration of new technologies such as IoT could also fuel the demand for digital fitness products and help in digital fitness market growth, in the coming years.
Recent research reports conducted by leading players indicate that the IoT segment is expected to grow at a rapid rate in the future and its integration into the development of digital fitness devices could help increase product demand, in the future.
Some of the digital fitness devices that have witnessed high demand among consumers include smartwatches, fitness wristbands, and smart shoes.
COVID-19 Outbreak Fuels Growth in Global Digital Fitness Market
COVID-19 pandemic positively impacted the growth of the overall digital fitness market. With governments imposing stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus, outdoor gymnasiums were forced to shut down temporarily or permanently.
This led to consumers purchasing digital fitness devices, which allowed them to keep a track of their fitness levels by staying at home during the pandemic phase, which helped in the growth of the overall market.
The availability of different digital fitness devices, at discounted prices, over online distribution channels such as eCommerce websites could propel the overall digital fitness market, in the years ahead.
While the global digital fitness market has witnessed significant growth, some drawbacks continue to persist, which could impact market growth in the future.
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High Costs Incurred Following Damage to Fitness Devices Could Negatively Impact Digital Fitness Market Growth in the Future
A key restraining factor to the growth of the digital fitness market is the high costs incurred in case any device suffers damage. This product aspect could lead to reduced product demand among consumers and affect the growth in the overall digital fitness market.
Well-established digital fitness market players could engage in growth strategies such as novel product launches, which could help them gain a competitive edge over other players and open new revenue-generating opportunities for these players.
Leading market player Andi Dorfman, January 2021, launched a new fitness app named ‘Andorfins’, which has been designed to challenge and push fitness enthusiasts to the limit.
Prominent digital fitness market players could also adopt other strategies such as offering free access to customers for specific periods to assist them in maintaining their fitness and overall health.
Collaboration with smaller players could assist prominent market players to expand their market presence and increase their revenue shares.
R&D undertakings to produce improved quality products could be a key growth strategy for well-established digital fitness market players, in the years ahead.