July 21, 2024
Information and Communication Technology, Sports And Fitness Apps, Sports And Fitness Apps Market

Rising health awareness to boost the growth of Sports And Fitness Apps Market

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Sports and fitness apps are developed for various healthcare and wellness tracking purposes. These apps help users track their daily activities, exercise regimes, nutrition intake, calories burned, sleep patterns, and vital health statistics. They offer numerous advantages such as customization of workout plans according to the user’s fitness level and health goals, diet and meal planning, monitoring of activity, exercise and weight, and ability to connect with other users through social networking. The apps provide motivating elements like achievements and rewards that encourage users to stay active and make healthy choices.

Market key trends:

One of the major trends in the sports and fitness apps market is the integration of advanced technologies that enhance user experience. Companies are focusing on introducing artificial intelligence, augmented reality, and virtual reality capabilities in their apps. For instance, apps powered by AI can generate customized workout and diet plans based on a user’s profile and health data. AR and VR technologies allow virtual simulations of exercises, yoga positions and more. This makes workout routines more interactive and engaging. Such innovations are boosting consumer demand for technologically advanced sports and fitness apps.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the sports and fitness apps market is highly competitive with presence of established global players. However new players can enter the market with innovative technologies and customization offerings to attract customers.

Bargaining power of buyers: The bargaining power of buyers is high as the apps are available from multiple vendors and buyers can switch between apps easily. Buyers can choose from free and premium versions as per their needs.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. The major suppliers of content, infrastructure, and technologies have some bargaining power over app developers and publishers.

Threat of new substitutes: The threat of substitutes is moderate as other fitness tracking devices, wearables, and alternative online/offline fitness options pose threat to app usage.

Competitive rivalry: The competition is intense with presence of global tech giants and focus on new features, integrations, custom plans.

Key Takeaways

The global Sports And Fitness Apps Market Share is expected to witness high growth, exhibiting CAGR of 17.% over the forecast period, due to increasing health awareness and preference for digital fitness solutions.

Regional analysis: North America holds the major share of the global market currently owing to high smartphone and internet penetration and presence of key players in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period with rising health consciousness in countries like China and India.

Key players analysis:

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. The companies are focusing on enhancing features, adding new workout types, building strong community, and integrating with other apps and wearables.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it