The spread of the COVID-19 pandemic and lockdown nationwide led to a rise of demand in virtual fitness.
According to an article published in the World Economic Forum in September 2020, the global downloads of fitness and health apps increased by 46% and number of fitness apps users increased by 24%.
WHAT ARE THE LEADING CATEGORIES OF HEALTH & WELLNESS, FITNESS APP ?
1. Exercise and Weight loss – a dominating category with 54.6% revenue share;
2. Diet & Nutrition;
3. Activity tracking;
Interesting fact: 52% of revenue streamlined through iOS and in Q1 of 2020 this number of users reached 1.5 billion, according to Apple Inc.
With regards to devices, smartphones are leading the revenue share, generating 67% of business. Wearable devices follow by generating more than 25% from the total revenue.
Fitness apps are introduced by key actors in sports industry: gyms and studios, sportswear, nutrition centres and individual tech entrepreneurs, to fulfil the market demand. For example, Nike Inc. introduced Nike Training Club and Nike Run, Underarmour and Adidas also introduced own training and tracking apps.
On top of that, a lot of VC’s invest into FitnessTech. For instance, Fittr raised 2m USD in Q2 2020 and Balterdon Capital, a UK based VC, invested 2.5 m USD in 8fit in July 2020.
The market size value is expected to grow in 2021 by 3.9 billion USD and by 2028 it is expected to reach 15.5 billion USD.
WHAT ARE THE MOST TRENDY FEATURES IN FITNESS APPS ?
1. Platform adopt a lot artificial intelligence (machine learning) to build automatically personilised programs and plans, considering various metrics: height, weight, targets, allergies, life style etc.
2. Geolocation to track and build routes.
3. Push notifications for reminders: to stay hydrated, take a meal or upcoming workout.
4. Gamification to stimulate being active and use the app: accept a challenge, unlock a milestone, earn loyalty points to redeem at Partner’s stores.
5. Multi-device synchronization, to connect wearable devices and smartphones.
6. Activity tracking: stress level, number of steps, distance, macros intake, weigh loss, sleep tracking and many others, reflecting in beautiful graphs, showing the historical changes.