Global eServices fitness industry revenue is expected to increase by 30.9 percent year-over-year, reaching $22.5 billion in 2020, according to data recently released by StockApps.com.
The eServices fitness market includes portable fitness devices or wearables (such as fitness wristwear or smart clothes) and fitness and nutrition apps.
In 2017, the global eServices fitness industry generated $14.8 billion in revenue, according to Statista Digital Market Outlook. By the end of 2019, revenues hit $17.2 billion, which was a 15 percent increase in two years. Statistics indicate the global eServices fitness industry increased by 51.5 percent since 2017.
Wearables represent the market's largest segment, with a projected volume of nearly $19 billion in 2020, a 30.6 percent increase compared to 2019 figures. The fitness apps segment is expected to grow by almost 32 percent to more than $3.5 billion in revenue this year.
Statista Digital Market Outlook data also showed the number of users in the global eServices fitness market is forecast to jump by 25 percent year-over-year to over 1.2 billion in 2020. Statistics indicate the number of people using fitness and nutrition apps is set to rise to 825.7 million in 2020, a 26 percent increase in a year. The number of users in the wearables segment is forecast to grow 24 percent year-on-year to 441.5 million.
According to a Statista survey, Millennials (people between the ages of 25 to 34 years old) and Gen X (between 40 and 55 years old) represent the major user groups, with 35 percent and 41 percent share. The average revenue per user in the apps segment is projected to amount to $4.30 in 2020, compared to $4.17 last year. Statistics show the average revenue per user in the wearables segment will rise to $43 this year, up from $41.47 in 2019.
In global comparison, China represents the world's largest eServices fitness market, expected to generate more than $6.6 billion in revenue this year. With $5.3 billion in revenue, the United States ranked as the second-largest market globally. India, the United Kingdom and Germany follow with $2.2 billion, $753 million, and $631 million, respectively.