DUBLIN--(BUSINESS WIRE)--The "Indoor Cycling Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Session Type (Solo and Group), Application (Professional Training and Health & Fitness), and Subscription Type (Monthly Subscription and Annual Subscription), and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this latest report the market was valued at US$ 24,065.2 thousand in 2019 and is projected to reach US$ 46,479.4 thousand by 2027; it is expected to grow at a CAGR of 8.6% from 2020 to 2027.
The growth of the market is mainly driven by the presence of leading market players in the region, such as Zwift Inc., Stages Indoor Cycling LLC, and SpiviTech Ltd., among others. APAC region is anticipated to grow at the highest CAGR during the forecast period. The indoor cycling software market in APAC region is mainly driven by the increasing health awareness and the growing internet and mobile usage. The growing adoption of health and fitness equipment in the region is also anticipated to propel the demand for indoor cycling software during the forecast period.
Increasing efforts of key players to introduce and develop new products is one of the major factors contributing toward the growth of the indoor cycling software market. Advances in the offerings of indoor cycling software have led vendors to develop cycle-specific software to transform the indoor cycling community. For example, iQniter launched BiQing, an indoor cycling-specific software program that offers seamless integration of pre-designed, effort-based classes, with a custom screen display explicitly designed for group cycling. Similarly, in 2019, FulGaz introduced an Apple TV app for indoor cycling, integrated with the indoor cycling system, and provides outdoor cycling routes.
This further enhances the overall market demand for indoor cycling software and is expected to increase the adoption of this software during the forecast period. Indoor cycling offers various advantages, including improved muscular endurance, lower stress levels, and lower coronary artery disease risks. The integration of indoor cycle solution enables users to track and achieve their daily goals based on individual needs and body type. Moreover, in countries such as India and China, health and fitness providers are opting for indoor cycling software to integrate with their existing equipment. With this, health and fitness providers are focused on meeting individuals' growing fitness needs and providing patients with better in-house experience.
Impact of COVID-19 on Indoor Cycling Software Market
At present, North America is the largest market in terms of revenue share of global indoor cycling software market. The region is characterized by the presence of developed nations such as the US and Canada, where the demand of technology solutions and services is quite high owing to the huge presence of companies from various industry sectors. Indoor cycling industry has been flourishing at an impressive pace in the US due to high adoption among commercial and individual end users.
In terms of COVID-19 outbreak, the US is considered one of the worst affected countries 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 increasing number of companies continuing to adopt remote working and increasing utility of social media, the demand for indoor cycling software among end users 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 indoor cycling software market growth in a positive manner.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global indoor cycling software market
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- The key findings and recommendations highlight crucial progressive industry trends in the global indoor cycling software market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Rising Health and Fitness Concerns Worldwide
- High Growth Potential in Developing Countries
Restraints
- Availability of Free Software Options and Lack of Awareness
Opportunities
- Growing Demand among Commercial Fitness Centers for Enhanced Customer Experience
Future Trends
- Advanced Technology Integration for Enhanced Capabilities
Companies Mentioned
- BKOOL, S.L.
- FulGaz
- Kinomap
- SpiviTech Ltd.
- Stages Indoor Cycling LLC.
- Tacx International B.V.
- Trainer Road, LLC
- VirtualTraining s.r.o.
- Wahoo Fitness
- Zwift Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hvsdwl
