Digital Fitness & Well-Being - Nigeria

Nigeria

Highlights

Revenue in the Digital Fitness & Well-Being market is projected to reach US$261.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.66%, resulting in a projected market volume of US$396.00m by 2029.
User penetration will be 7.11% in 2024 and is expected to hit 9.01% by 2029.
The average revenue per user (ARPU) is expected to amount to US$16.04.
In global comparison, most revenue will be generated United States (US$14.82bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Digital Fitness & Well-Being market is experiencing significant growth due to the increasing customer preferences for convenient and personalized fitness solutions. Customer preferences: Customers are increasingly seeking digital fitness and well-being solutions that can be accessed anytime and anywhere. They want the flexibility to choose from a variety of workout options, such as on-demand fitness classes, personalized training programs, and virtual coaching. Additionally, customers are looking for platforms that offer interactive features, social connectivity, and gamification elements to make their fitness journey more engaging and enjoyable. Trends in the market: One of the key trends in the Digital Fitness & Well-Being market is the rise of wearable devices and fitness trackers. These devices enable users to track their fitness activities, monitor their health metrics, and receive personalized recommendations for their workouts. This trend is driven by the increasing awareness of the importance of health and fitness, as well as advancements in technology that have made these devices more affordable and accessible. Another trend in the market is the growing popularity of online fitness communities and social platforms. These platforms allow users to connect with like-minded individuals, share their fitness goals and achievements, and receive support and motivation. The rise of social media influencers and fitness celebrities has also contributed to the growth of these communities, as users are inspired by their success stories and seek to emulate their fitness routines. Local special circumstances: In some countries, the Digital Fitness & Well-Being market is influenced by local cultural preferences and traditions. For example, in certain Asian countries, there is a strong emphasis on holistic well-being, which includes practices such as yoga, meditation, and mindfulness. As a result, digital platforms that offer these types of programs and services are particularly popular in these markets. Underlying macroeconomic factors: The growth of the Digital Fitness & Well-Being market is also driven by underlying macroeconomic factors. Rising disposable incomes and increasing urbanization have led to a greater focus on health and wellness among consumers. Additionally, the COVID-19 pandemic has accelerated the adoption of digital fitness solutions, as people have been forced to stay at home and seek alternative ways to stay active and maintain their well-being. Overall, the Digital Fitness & Well-Being market is experiencing significant growth due to customer preferences for convenient and personalized fitness solutions, the rise of wearable devices and online fitness communities, local special circumstances in certain markets, and underlying macroeconomic factors such as rising disposable incomes and the impact of the COVID-19 pandemic.

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.