Industry to reach $1.2 billion by 2028 at a CAGR of 19.1%

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Dublin, March 06, 2023 (GLOBE NEWSWIRE) — The “Global Move to Earn Fitness Apps Market size, Share & Industry Trends Analysis Report for Earn Fitness Apps Market size, Share & Industry Trends Analysis by Platform (iOS, Android and Others), by Device (Smartphones, Tablets and Wearables), Regional Outlook and Forecast, 2022-2028″ report added ResearchAndMarkets.com offer.

The global fitness apps search market size is expected to reach USD 1.2 billion by 2028, growing at a CAGR of 19.1% during the forecast period.

Key market players

The list of companies included in the report:

• Higi SH LLC (Babylon Holdings Limited)

• Vitality Group International, Inc. (Discovery Limited)

• Under Armour, Inc. (MayMyFitness)

• Sweat coin

• Fitmint

• Evidation Health, Inc.

• HealthyWage LLC

• Diet Bet (WayBetter, Inc.)

• Charity Miles LLC

Move to find fitness apps can be described as the digitization of physical activity to promote health and well-being. A novel application of technology called “move-to-earn” or M2E encourages individuals to get up and move. In it, participants join a program hosted by the M2E platform or sync personal fitness trackers with any participating app.

The concept isn’t new, but apps for trading make it easier to pay for workouts. Employer-sponsored wellness initiatives encourage health maintenance.

Apps that take advantage of the move-to-earn principle reward users for exercising. Employees who visit the gym or perform special wellness tasks receive gift cards or discounts from companies with corporate wellness programs. Salary is variable and determined by performance.

Some sites charge a fee to join, and those who successfully complete a fitness goal share the prize at the end. Other sites allow participants to sync their fitness trackers and award points for each step taken. The latest trend in payment involves digital payment methods such as e-wallets, cryptocurrencies or the newer method – NFT. With the use of cryptocurrencies and NFTs, move-earning crypto applications go one step further.

These virtual tokens represent resources that can increase in value regardless of whether the user has participated in any of the steps to acquire the application. Most apps that use NFT only allow accounts that have previously purchased NFT. Token holders can exchange their NFTs for cryptocurrencies or sell them for fiat money through third-party exchanges.

COVID-19 Impact Analysis

The closure of many gyms and health clubs due to social distancing measures to reduce the spread of COVID-19 is having a negative impact on young people and athletes, resulting in many of them not being able to achieve their fitness goals. The COVID-19 pandemic has created a consumer shift favoring virtual training options over traditional gyms. The use of fitness apps has increased significantly due to lockdown restrictions.

Market growth factors

The story continues

Increasing smartphone users and internet connectivity

Fitness apps, especially movement to find fitness apps, are growing in popularity due to their benefits and features such as workout plans, workout videos, progress visualization, wearable integration, and nutrition. Governments around the world are working on many initiatives to improve general well-being. Mobile network operators see an investment opportunity in fitness apps due to the growing popularity of smartphones and the public’s increased awareness of fitness.

Growing awareness of the benefits of walking as exercise

Walking has many benefits that have been proven by various studies. Heart disease can be prevented by walking, which also increases heart rate, lowers blood pressure and builds the heart. In just 24 weeks, postmenopausal women can lower their high blood pressure by roughly 11 points by walking just one to two kilometers a day.

Marketing deterrent:

Data security and privacy concerns are heightened with such applications

The main problem with these applications is that data stored by multiple vendors is not as secure. Because user information is considered sensitive, a higher level of data protection must be maintained to ensure that only authorized individuals have access to it.

Regulatory systems in many countries, such as the Personal Information Protection and Electronic Documents Act (PIPEDA), protect any personal information obtained, used or disclosed in Canada. Canadian organizations may face legal consequences if they are found to have violated the law. Data protection issues are expanding rapidly as the volume of user data increases and efforts to digitize healthcare grow.

Scope of the study

By platform

By device

• Smart phones

• Tablets

• Wearable devices

By geography

• North America

  • U.S

  • Canada

  • Mexico

  • Rest of North America

• Europe

  • Germany

  • United Kingdom

  • France

  • Russia

  • Spain

  • Italy

  • The rest of Europe

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Singapore

  • Malaysia

  • Rest of Asia and the Pacific

• LAMEA

  • Brazil

  • Argentina

  • United Arab Emirates

  • Saudi Arabia

  • South Africa

  • Nigeria

  • The rest of LAMEA

For more information on this report, visit https://www.researchandmarkets.com/r/xqv75g.

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