SEATTLE, July 12, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global sports and fitness apps market is projected to exhibit an impressive CAGR of 20.4% over the forecast period (2019–2027).
Key Trends and Analysis of the Global Sports and Fitness Apps Market:
Increase in adoption of health and fitness apps, owing to rising fitness-consciousness among individuals is expected to fuel growth of the sports and fitness apps market. Increase in smartphone penetration and rise in adoption of wearable devices is expected to boost demand for sports and fitness apps, globally. Fitness app users need mobility and efficiency and the wearables devices are expected to deliver both mobility and efficiency. Furthermore, healthy lifestyle preference among individuals is also driving growth of the market. However, different user interfaces and security issues may have a negative impact on the global sports and fitness apps market growth.
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The vendors in the global sports and fitness apps market are focused on product launches and are creating growth opportunities through strategic partnerships and alliances with other technology vendors, in order to develop innovative products. The global sports and fitness apps market is highly competitive as there is presence of several local and international players that are competing in the market. For instance, in December 2017, PK Fitness, a free fitness tracker and social network, introduced mobile-based fitness app, which will be compatible in both Android and iOS devices. Moreover, this fitness app is introduced in 151 countries worldwide.
The global sports and fitness apps market is segmented on the basis of application, platform type, and region. Among platform type, android segment is expected to grow significantly during the forecast period. Low price and easy development/installation of Android OS makes it one of the most popular operating systems worldwide, especially in Asia Pacific wherein demand for low cost smartphones has witnessed significant growth.
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Furthermore, key vendors in the global sports and fitness apps market are focused on innovative product launch and strategic partnership with other leading players in the market. For instance, in April 2017, PEAR Sports, the personalized and interactive audio coaching app and Wahoo collaborated to bring a new workout channel. This software/hardware partnership now offers users the ability to electronically count reps and monitor their heart rate during specified workouts.
North America held dominant position in the global sports and fitness apps market in 2018, and is projected to grow at a significant rate during the forecast period. This is owing to increasing health awareness among individuals and rise in technological advancement in the region. Moreover, Asia Pacific is expected to be the second fastest growing region in global sports and fitness apps market, owing to increase in adoption of wearable devices among youth population in emerging economies of the region.
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Key Market Takeaways:
- The global sports and fitness apps market is expected to witness a CAGR of 20.4% during the forecast period (2019–2027), owing to the increase in health awareness among individuals and increase in internet and smartphone penetration across the globe
- Increase in integration of smartphone with wearable devices for activity tracking and monitoring in emerging economies such as China and India are some of the major factors driving growth of the global sports and fitness apps market. Moreover, increasing investments in the sports and fitness apps industry is fueling growth of the global sports and fitness apps market. For instance, in August 2018, Freeletics GmbH, a Europe-based online fitness startup received funding from the U.S-based investors that include Courtside Ventures, Elysian Park Ventures, Causeway Media Partners, JAZZ Venture Partners, and Ward Ventures. Through this funding, Freeletics expanded the customer base for its flagship app, Freeletics Bodyweight, in the U.S.
- Some of the major players operating in the global sports and fitness apps market include ASICS Digital, Inc. (The ASICS Runkeeper), Azumio Inc., Fitbit, Inc., Freeletics, Garmin Ltd., Jefit, Inc., Nike, Inc., Runtastic GmbH, Polar Electro, Under Armour, Inc., Wahoo Fitness, and others
- Global Sports and Fitness Apps Market, By Application:
- Health Monitoring
- Activity Tracking & Monitoring
- Global Sports and Fitness Apps Market, By Platform Type:
- Global Sports and Fitness Apps Market, By Region:
- North America
- By Country:
- By Country:
- Rest of Europe
- Asia Pacific
- By Country:
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Company Profiles
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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SOURCE Coherent Market Insights