Fitness apps had already experienced enormous growth throughout the 2010s, but during the pandemic, the number of users and revenue they were generating reached new heights with millions relying on these apps for their health and fitness needs. Interestingly, projections are indicating that this may be a trend for a while to come.
According to data from Tradingplatforms.com, revenue generated from fitness apps will grow by a massive 34.4% in 2021 – reaching a total of $13.54 billion!
While the growth of these platforms isn’t in itself surprising with more and more people opting for healthier lifestyles than ever before, the magnitude at which it is set to reach over the course of five years is explosive. It has been predicted that fitness apps will only continue to attract more users in the coming years, which could see them grow at a compound annual growth rate (CAGR) of 20.36%. By 2025, revenue figures might be closer to $28.42 billion.
Clearly, businesses have jumped on this opportunity to supply a service that has in recent times been in such high demand – think Peloton, or Centr by Chris Hemsworth.
“The fitness industry as a whole has enjoyed sustained growth over the past couple of decades and fitness apps is one of the fastest-growing segments to come out of it. 2020’s pandemic only accelerated the fitness app segment’s growth and will serve as a great foundation for its projected 20% CAGR.” – Rex Pascual, editor at TradingPlatforms.com
Incredibly, statistics are pointing to an upward trend that would see 600 million fitness app users by the end of the year. About 61.5% of these users will be users of free services, while the remaining 38.5% will be users of paid services.
Have you been using fitness apps this year? If so, which ones? Let us know in the comments.