New Product Launches to Expand the Scope of Fitness Apps – Explore
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| Global Fitness App Market Analysis |
Before the outbreak of the COVID-19 pandemic, the fitness app industry was performing decently. The popularity of fitness applications, however, truly surged in 2020 when all the nations across the world imposed lockdowns to curtail its spread, making people stay indoors over a long period of time. All the gyms and fitness centers were temporarily closed and numerous sports events were canceled or postponed. Such factors paved the way for a huge demand for fitness apps. Prominent workout apps such as Nike Training Club, Strava, and Map My Run experienced a steep hike in new users during the pandemic.
According to a report published by Allied Market Research, the global fitness app market size is anticipated to reach $120.3 billion with a considerable CAGR from 2021 to 2030. Growing health awareness among the geriatric population has culminated in a humongous demand for fitness apps among this group of population. Furthermore, the massive use of fitness apps by healthcare workers and healthcare service providers has provided an impetus to the application of fitness apps in various sectors.
With this drift on board, the key players in the global fitness app market started to adopt numerous strategies to stay competitive in the market. Many are launching new products in order to introduce advanced and innovative fitness apps on smartphones, tablets, and televisions, thereby focusing on bringing an improvement in the fitness and health of the people. The new product offerings are also intended to help working professionals improve their health and vitality as well as stay active.
Furthermore, the new product launching strategy has helped the industry players in increasing their customer base globally. This strategy has enabled key participants to gain a competitive edge over their competitors and gain huge profits from their investments. The strategy of new product launches is predicted to assist the industry in minimizing the rate of customer churn along with acquiring new customers and creating a value proposition for their products.
Apple launched Fitness+, the first fitness app service developed around Apple Watch. The new fitness app will be available to users of iPhone, Apple TV, and iPad. The Apple Fitness + app provides the most popular workouts that include high-intensity interval training, cycling, yoga, treadmill, dance, rowing, and mindful cooldown. Reportedly, the workouts are supported by inspiring music from top musicians across the globe.
At the same time, Insane AI, a startup firm, launched a fitness training app supported by artificial intelligence. Reportedly, the fitness training application converts the phone into a smart fitness companion that will offer feedback to the users. The move will provide new growth avenues for the fitness app industry across the globe.
Similarly, Fabletics introduced Fabletics FIT, a new fitness app for on-demand workouts and meditation. This fitness app is designed to fulfill the escalating demand for immersive at-home fitness experiences. The move will boost the health and wellness of the end-users.
Continuing with the trend of new product launches, WTF, an exquisite fitness & wellness brand, launched a mobile-based fitness app that will help fitness-conscious people record calorie consumption, log in exercise stats, and change their routine habits to fulfill their personal health goals. The strategic move will contribute notably towards the size of the global fitness app industry.
Apart from this, Inditex group, a key manufacturer of sportswear, loungewear, and intimates, launched Oysho Training, sports, yoga, and running workout applications. This new fitness app will help users in creating workout programs depending on their interests and the intensity of workouts. The app will offer new customized plans to users for achieving particular fitness goals and help them share their fitness achievements. This app will encompass a 3D avatar that makes use of augmented reality and brings improvement in physical exercise techniques along with providing clips on particular movements for perfecting the physical exercises. This way, the increase in the use of smartphones, tablets, and smartwatches is going to create more advanced fitness apps in the upcoming years.
On top of that, a few companies adopted promotional strategies, for instance, Peloton made their app free for 90 days so that the free users convert to paid ones later. Such rapid initiatives by the key market players toward the progress and development of fitness apps during the pandemic boosted the growth of the market to a great extent. Here, it is worth mentioning that the global fitness app market has a huge scope to gather growth in the near future.