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Sports and fitness apps are mobile applications which can be downloaded on smartphones, tablets or smartwatches. These apps help users track their workouts, monitor their daily activities, calculate calories burned and maintain fitness goals. They provide customized exercise routines, nutrition plans and track important health vitals. Sports and fitness apps make workouts more efficient by allowing users to stream exercise videos, monitor exercise repetitions and compare performance metrics over a period of time. This drives higher engagement and consistency in exercise routines.
The global Sports and Fitness Apps Market is estimated to be valued at US$ 1.53 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the market is the growing popularity of subscription-based apps. Many popular apps like Nike Training Club, FITNESS+, etc. offer subscription plans which provide access to exclusive workout content and personalized recommendations. Technological advances are also fueling the market growth. Apps are integrating features like augmented reality, artificial intelligence, virtual reality and wearable device connectivity. This is enhancing the user experience. Further, growing health awareness among people due to COVID-19 pandemic has driven higher adoption of digital health and wellness solutions like sports and fitness apps. Many countries also announced initiatives to promote active and healthy lifestyles using mobile technologies.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low owing to the presence of established players and requirement of high initial investments to develop advanced apps.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of numerous apps offering similar functionality at competitive pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as companies rely on select technology developers and platform providers for app designing and development.
Threat of new substitutes: The threat of new substitutes is moderate as fitness trackers and other wearable technologies provide similar functionality.
Competitive rivalry: Intense competition exists between key players to gain higher market share.
Key players
Key players operating in the sports and fitness apps market are Adidas, Appster, Fitbit, Inc., FitnessKeeper, Azumio, Inc., MyFitnessPal Inc., Nike, Noom, Under Armour, Inc., Applico, Aaptiv, Appinventiv. Fitbit, Nike and Under Armour have established strong market presence over the years in the global market.
Regional analysis
North America dominates the global market and is expected to continue its dominance over the forecast period. Asia Pacific is expected to be the fastest growing market owing to rising health consciousness and improving internet penetration in the region. Countries like China, Japan and India are expected to majorly contribute to the regional market growth.
Key Takeaways
The global Sports and Fitness Apps Market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing health awareness and growing popularity of wearable devices.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
