Health management and exercise methods have evolved over time
As a result of the COVID-19 impact, global downloads of mobile health and fitness apps have surged by nearly 50% compared to the previous year. This growth trend persists even during the ongoing pandemic situation, maintaining higher download levels than pre-pandemic times. Moreover, the annual revenue growth rates from 2019 to 2021 recorded impressive figures of 43%, 50%, and 33%, respectively, showcasing sustained upward trends.
The fitness app market is experiencing a significant transformation driven by market expansion and the advent of new technologies. While the traditional focus was on offline exercise, a new frontier has emerged in the mobile fitness market, integrating the advancements of the 4th industrial revolution. LILLIUS is at the forefront of creating a Web3 ecosystem that rewards health and fitness efforts, empowering users to accumulate exercise data through its cutting-edge AI motion analysis and blockchain technology.
The global fitness market is witnessing significant growth with the rise of smart devices
The fitness industry is currently experiencing a trend where fitness activities are shifting from traditional health clubs to home settings, and this trend is expanding primarily in the United States. Especially, smart fitness equipment equipped with internet connectivity and screens enable individuals to exercise at home, and the fitness industry is paying close attention to the development of technology in this regard. As a result, various startups are making efforts to enter this industry in different forms.
According to a report by Allied Market Research (AMR) in 2018, the global market for fitness tracking devices, such as jogging, running, and heart rate monitoring, is projected to grow at an average annual rate of 19.6%. The market is expected to reach $62.128 billion by 2023, up from $17.9 billion in 2016.
The market has seen rapid growth with the rise of smart wearable devices and fitness APPs. Individuals can now measure their exercise and performance without the need for professional coaches or expensive equipment, thanks to smartphone-based fitness APPs and wearable devices. This data-driven era allows for systematic use of relevant data to enhance exercise routines. Furthermore, the increasing smartphone usage and growing awareness of a healthy lifestyle are expected to further contribute to market growth.