Global Move to Earn Fitness Apps Market Report 2022: Sector to Reach $1.2 Billion by 2028 at a CAGR of 19.1%
Dublin, March 06, 2023 (GLOBE NEWSWIRE) — The “Global Move To Earn Fitness Apps Market Size, Share & Industry Trends Analysis Report by Platform (iOS, Android and Others), Device (Smart phones, Tablets and Wearable Devices), Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Move To Earn Fitness Apps Market size is expected to reach $1.2 billion by 2028, rising at a market growth of 19.1% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Higi SH LLC (Babylon Holdings Limited)
- Vitality Group International, Inc. (Discovery Limited)
- Under Armour, Inc. (MayMyFitness)
- Sweat Coin
- Evidation Health, Inc.
- HealthyWage LLC
- Diet Bet (WayBetter, Inc.)
- Charity Miles LLC
Move to earn fitness apps can be described as the digitization of physical activity to advance health and wellbeing. The novel use of a technology called “move-to-earn,” or M2E, encourages individuals to get up and move around. In this, participants join a program organized by an M2E platform or sync personal fitness trackers with any participating app.
The concept is not new, but move-to-earn applications make it simpler to get paid for exercising. Wellness initiatives supported by employers offer incentives for staying healthy.
Apps that leverage the move-to-earn principle reward users for exercising. Employees who visit the gym or complete particular wellness-related duties will receive gift cards or discounts from companies with corporate wellness programs. The payment varies and is determined by performance.
Some sites charge a fee to join, and those who accomplish a fitness goal successfully split the winnings at the end. Other websites allow participants to sync their fitness tracker, and they give points for every taken step. The latest trend in payment involves digital payment modes like e-wallets, cryptocurrencies, or the newer mode – NFT. By utilizing cryptocurrencies and NFTs, move-to-earn crypto applications go one step further.
These virtual tokens stand for resources that might increase in value independently of the user’s involvement in any move to earn the app. Most of the apps that engage in NFT only allow those accounts that have made any prior NFT purchase. Token owners can exchange their NFTs for cryptocurrencies or sell them for fiat money through third-party exchanges.
COVID-19 Impact Analysis
The closing of numerous gyms and health clubs as a result of social isolation measures to decrease COVID-19 transmission has a negative impact on young individuals and athletes, resulting in many of them being unable to achieve their fitness goals. The COVID-19 pandemic caused a consumer shift, favoring virtual exercise options over conventional gyms. Because of lockdown restrictions, there has been a significant increase in the use of fitness applications.
Market Growth Factors
Growing Smartphone Users and Internet Connectivity
Fitness apps, particularly move to earn fitness apps, are becoming more popular as a consequence of their advantages and features, such as workout schedules, workout videos, progress visualization, wearable integration, and nutrition. In order to improve general wellness, governments all around the world are working on a variety of initiatives. Mobile network providers see a possible investment opportunity in fitness apps as a result of the growing popularity of smartphones and the public’s heightened awareness of fitness.
Rising Awareness About the Advantages of Walking as an Exercise
Walking has numerous benefits that have been established through various studies. Heart disease can be prevented by walking, which also increases heart rate, decreases blood pressure, and builds the heart. In just 24 weeks, post-menopausal women can drop their hypertension by roughly 11 points by walking just one to two kilometers every day.
Marketing Restraining Factor:
Data Security and Privacy Worries Escalate with Such Apps
A major concern with these apps is that data kept by several suppliers are not as secure. Since user information is regarded as sensitive, a higher level of privacy must be upheld in order to ensure that only authorized individuals can access it.
Regulatory systems in many countries, like the Personal Information Protection and Electronic Documents Act (PIPEDA), safeguard any personal information obtained, utilized, or released within Canada. Canadian organizations may face legal repercussions if found to have violated the Act. Data privacy issues are rapidly expanding as user data volume increases and efforts to digitalize healthcare increase.
Scope of the Study
- Smart phones
- Wearable Devices
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/xqv75g
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