The fitness app industry has witnessed immense growth and changing patterns due to the emergence of new opportunities among the customer base. With emerging trends, the sector has also witnessed a growth in both users and revenue.
Data presented by Stock Apps indicates that the global fitness apps revenue is expected to grow by 48.44% in the next four years. The data shows that in 2020, the revenue stands at approximately $3.55 billion while in 2024, the figure will be $5.72 billion.
The research also overviewed the global user growth for fitness apps between 2020 and 2024. This year, the figure stands at 825.7 million while in the next four years, it will hit 1.03 a growth of 25.14%. Notably, user growth will be steady.
Factors driving fitness apps demand
The projected revenue is generated mainly from paid app download, premium/full versions, and in-app purchases. The revenue does not encompass eCommerce and advertising revenues.
Developers in the fitness apps sector have come up with a different application to serve different purposes under workout routines, and exercises. The exercise and weight loss apps for example simplify the process of tracking daily calorie intake to a macronutrient level, such as fats and carbohydrates, and provide a customized lifestyle plan based on user-oriented data. The apps target different demographics like pregnant women, different age groups, and gender. In general, fitness apps help users monitor their health and fitness. Some apps analyze calories burned while others review calorie intake and offer guidance on nutrition for staying healthy and fit.
Historically, the usage of fitness apps usually correlates with seasonal workout habits. For example, the holiday season marks the lowest activity, followed by a peak in January. However, in 2020 the usage spiked in the advent of the Coronavirus pandemic when people were compelled to stay at home in a bid to flatten the curve. Gyms were closed with different authorities curbing the movement of people through lockdowns and apps offered the perfect guides for working out at home. The uptake in 2020 is viewed as a major catalyst in the projected user and revenue growth.
In recent years, the emergence of apps linked to wearables has been high. There are smartwatches, smart bands, and smart rings with the ability to integrate with fitness apps and provide data on aspects such as heart rate. Advancement in the sector has seen the wearable add unique features such as calling and messaging. With the demand in wearables rising, different companies are adding complex features such as music players and inbuilt GPS. The customer-centered wearables are projected to keep driving demand in the next years.
The fitness app market is also experiencing mega partnerships between big players prompting the introduction of high-quality products. For example, Google has partnered with Apple and launched the popular Google Fit app for the iOS platform. This platform offers fitness activity goals based on recommendations from the WHO and the American Heart Association.
Drivers for fitness apps growth
Factors such as an increasingly obese population, changing lifestyle, rising health concerns are also playing a role in driving growth in the sector. Other factors include the increasing occurrence of diseases associated with obesity, increasing disposable income, and increasing awareness regarding health.
Additionally, the rising penetration of smartphones and the availability of high-speed internet services offer fitness apps a unique growth opportunity in the future. Interestingly, developing countries will also spur growth, especially under the disease management apps category due to the lack of convenient hospitals and clinics.
As fitness apps vendors work to increase their market share, there are several factors that need to be fixed. Users have complained about accuracy especially with aspects such as calorie count. Some fitness and health apps also lack automation features making it cumbersome for users to key in all the necessary information.
Fitness has evolved to be a major sector in the mobile apps industry. In the future, more fitness apps will emerge and they will be largely advanced rectifying on existing shortcomings. At the same time, fitness presents an opportunity for the future of health tech but there is a need for offering more personalized options.