The fitness industry and the general population are adapting to a world where virtual options for everything we do have become as normal for most businesses and people as in-person used to be.
So it should come as no surprise that two market research firms are projecting exponential growth of the virtual fitness market during the next 10 years.
Global Market Insights projects it will reach $30 billion by 2026.
Allied Market Research projects it will grow from $6.04 billion globally in 2019 to $59.23 billion globally by 2027 at 33.1 percent CAGR from 2020 to 2027.
Both firms state what most of us likely already know: the growth will stem from an increased trend in healthy living, coupled with consumers’ getting used to virtual fitness during the COVID-19 shutdowns of gyms as well as their own time constraints are driving this growth.
As a brick-and-mortar gym operator (hmmm, is there really anyone who is still strictly a brick-and-mortar gym operator?), you may look at these numbers and fear for your brick-and-mortar location’s future. But the positive to all of this is that through these virtual offerings, more people are being reached with fitness options than ever before. The health club industry hasn’t attracted more than 20 percent of the population inside our brick-and-mortar locations, but with virtual fitness, the industry can reach more people.
So if you offer the best virtual fitness options you can, you have an opportunity to reach people beyond any five-mile radius you had ever envisioned previously.
How do you make this work for you to generate revenue and perhaps draw some of those virtual users through your physical doors?
I encourage you to register to attend our free Future of Fitness virtual event Nov. 16-18. We have a session that speaks specifically to this topic, “Virtual Fitness: Why a Hybrid Model Is a Must for Your Club’s Survival,” with insights from club operators who have generated revenue through online training. Register now by going here.