Report : 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
According to our latest market study on “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),” 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 indoor cycling software market is segmented into five major regions North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The indoor cycling software market is led by North America in 2019, followed by Europe and the APAC region. 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. Further, according to the findings of the 2019 Les Mills Global Consumer Fitness Survey, around 20% of the world's fitness market is currently considering indoor cycle classes. As a result, indoor cycling was highlighted as a growth category and suitable especially for traditional clubs aiming to attract the younger generation. The COVID-19 pandemic (Coronavirus Disease 2019) has created an impact on the global market for indoor cycling software, with people staying at homes due to government mandates. Most of the gyms and studios are not allowed to operate, and a few are allowed to open but with limited people. This has led to increased adoption of indoor cycling software among the masses. As due to growing awareness and digitalization, people are choosing online methods over traditional ones.
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.
The global indoor cycling software market has been segmented as follows:
Indoor Cycling Software Market – By Session Type
Indoor Cycling Software Market – By Subscription Type
Indoor Cycling Software Market- By Region