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Target Market & Segmentation
Fitness App Market, Potential and Opportunity for VitalVEDA
The Global Fitness App market grew from $0.68 Billion in 2016 to $5.87 Billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.30% to reach $21.06 Billion by 2030, according to Vantage Market Research. This growth is attributed to the recent COVID-19 pandemic that prompted nationwide lockdowns and social distancing measures, the growing popularity of fitness and wellness activities, the increasing use of smartphones and other connected devices, and the demand for real-time fitness data tracking.
- Age: The average age of users continues to rise, with millennials being the majority.
- Gender: Men continue to outnumber women in fitness apps. However, there is a growing trend of women in fitness apps.
- Geography: North America remains the biggest fitness app market, while Asia Pacific is the fastest-growing region.
- App type: Cardio/workout apps are the most dominant, but there are also rising numbers of health-tracking apps.
Statista ranked Sweatcoin as the leading health and fitness app worldwide in 2022, with 52 Million downloads. Not far behind, the Blood Pressure App secured the second spot with a commendable 51 million downloads during the same period. These figures highlight the growing interest and reliance on mobile applications for health and fitness purposes, indicating the increasing awareness and prioritization of personal well-being in the digital age.
Fitness App usage statistics from Runrepeat indicate that people are increasingly interested in monitoring their fitness and health data. For instance, in 2019, the average person spent 135 minutes weekly using Fitness Apps compared to 105 minutes the previous year. This trend will continue as people become more conscious of maintaining a healthy lifestyle.
However, 71% of Fitness App users hang their boots or become inactive after just three months. Why? Well, as insights from the Nielsen Norman Group describe it: we are in the "attention economy," and engagement is a problem apps must solve to succeed. The current Global Fitness industry is saturated with apps that rarely interact with users to motivate them. Skipping workouts is also too easy since there are no back-end monitoring systems.
Again, lack of free trials for users to try packages before purchasing them and complex user interfaces and designs are the primary entry barrier for new Fitness App users. Besides, most Fitness Apps do not have auto-correction systems to alert users for exercising incorrectly.