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According to the new research report titled “Indoor Cycling Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the global indoor cycling software market is expected to reach US$ 274.5 millionby 2027, registering a CAGR of 8.6% during 2020-2027, the forecast period considered in the report. The scope of study involves understanding the factors contributing to the growth of the indoor cycling softwaremarket; it also includes estimation and forecast of the revenues as well as market sizeanalysis, along with spotting significant market players and their key developments.
North America Accounted for Highest Market Share in 2019
In North America, the US, Canada, and Mexico are the major economies that proactively invest in advanced technologies, making the region a thoroughly competitive market. The companies operating in this region are continuously enhancing the overall business processes to meet the customer demand for high-quality products by providing services in the best possible ways. In the region, especially in the US, obesity has been a major health issue for long time. As per the World Health Organization (WHO), growth in fast food sales is correlated to the rise in body mass index observed among people in the US. As per the US Department of Health and Human Services, ~33% of adults and ~17% of children and adolescents are obese in the US. This has increased the criticality of physical activities with proper nutrition intake, which would benefit the people of all ages, backgrounds, and abilities. Thus, there has been an increase in demand for indoor cycling equipment in the country to improve muscular endurance, decrease stress levels, and lower coronary artery disease risks. Additionally, health and fitness providers in the region are opting for indoor cycling software to incorporate with their existing indoor cycling equipment.
With surging competition in various industries, including the health and fitness industry, enterprises are continuously striving to enhance their productivity and operational efficiency while reducing the overall costs. Hence, the demand for the state-of-the-art indoor cycling software integrated with advanced technologies such as artificial intelligence (AI) and virtual reality (VR) has been growing at an impressive pace across North America. In indoor cycling software, AI can conduct super-fast sessions that would have an enormous impact on health and fitness. Several companies are looking forward to investing in AI to offer efficient software to their customers.
The COVID-19 crisis has been beneficial for the growth of a few sectors, such as software and technology to some extent. The demand for digital solutions has grown at a high rate in the past few months. Athletes and fitness enthusiasts in North America are increasingly opting for home trainers and supporting software amid nationwide lockdown arrangements; they have set up indoor training facilities to maintain their fitness. Such activities are likely to have a positive impact on the indoor cycling software demand in 2020 and 2021.
Impact of COVID-19 Pandemic on Indoor Cycling Software Market
Indoor cycling industry has been flourishing at an impressive pace in the US due to high adoption among commercial and individual endusers. In terms of COVID-19 outbreak, the US is the world’s worst affected country with more than 6,050,444 confirmed cases and more than 184,614 deaths, as per the recent WHO report on 4th of September 2020. However, with the increase in number of companies continuing to adopt remote working and increasing utility of social media, the demand for indoor cycling software among endusers has seen an increase in the past few months. The COVID-19 outbreak has a positive impact on the growth of some industries such as video conferencing, desktop virtualization, and online media & entertainment streaming. Hence, it is anticipated that COVID-19 crisis will impact the growth of the indoor cycling software market in a positive manner.
Key findings of study:
Indoor cycling software/app offers a large variety of cycling routes, training sessions, and workout options for both solo and group classes. The integration of various features into these apps for immersive cycling experience is driving the demand for these apps among health and fitness centers, gyms, and sports centers. Interactive training sessions, routes from all over the world, personal coaching features, and customized workout sessions are some of the key features of popular indoor cycling apps offered by companies such as BKOOL, Trainer Road, Rouvy, The Sufferfest, and Zwift. These apps allow health and fitness centers to engage existing members and to attain new customers by offering engaging experiences and training with the adoption of these indoor cycling apps. Companies such as SpiviTech and Stages Indoor Cycling are offering dedicated subscription plans for studios and fitness/training centers. Further, there is increase in the adoption of digital technology solutions by these centers to enhance overall customer experience as well to improve productivity for higher profits. These factors are anticipated to offer ample growth opportunities for market players operating in the indoor cycling software market during the forecast period.