Sep 28, 2020 3:22 PM ET
iCrowd Newswire – Sep 28, 2020
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.
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$ 46,479.4 thousand by 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 software market; it also includes estimation and forecast of the revenues as well as market size analysis, along with spotting significant market players and their key developments.
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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 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.
Asia Pacific is a key region for the future growth of both indoor cycling software market and indoor cycling equipment market . The region is characterized by the presence of some of the largest developing countries such as China, India and various South East Asian countries. The continuous increase in disposable income, rise in middle class population, high demand for consumer electronics, fast growing population, and alarming pollution levels in some Asian countries are the key factors driving the demand for indoor exercise equipment in the APAC region. APAC region is also a hub for world’s largest IT firms concentrated in countries such as India, the presence of large MNCs in various other Asian countries has led to a large number of desk jobs. Hence, the sedentary lifestyle especially in metro cities coupled with ever increasing number of automobiles have led to the increased investment in indoor health and fitness equipment in these countries. The crowded streets in these countries and lack of proper cycling infrastructure are some of the factors that demotivate people from outdoor cycling. Hence, these countries provide great growth opportunities for indoor cycling equipment and indoor cycling software providers.
The market players present in the indoor cycling software market are mainly focusing toward the development of advanced and efficient products. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world the company maintain its brand name globally.
- In 2020, IRONSTAR partnered with ROUVY to add some unique bike courses to the digital cycling platform. As per the partnership, all IRONSTAR bike courses would be added to the digital cycling platform by the end of 2020.
- In 2019, Bkool announced exiting the indoor trainer business and sold its hardware rights to Versa Design. This divestment would help the company to completely focus on their cycling simulator business.
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Keywords: Indoor Cycling Software Market, Indoor Cycling Software Market 2020, Indoor Cycling Software Market 2027, 2020 Indoor Cycling Software Market, Indoor Cycling Software Market Size 2020