In order to understand how Sense4FIT will succeed in a wider context, we need to look at market data concerning the global fitness industry and namely how the fitness market is evolving and creating the potential for web3 applications.
The planned trajectory for fitness trends was disrupted by the COVID-19 Pandemic, besides the decline in revenue experienced overall, the predicted preferences and interests of people changed as well. As a result of repeated lockdowns, gym access was restricted and closures persisted for prolonged periods of time. Many gyms never reopened due to lost revenue as a consequence of the decrease in physical gym subscriptions due to people having limited disposable income for luxury purchases.
Despite a 13% revenue decrease in the overall industry and a rebound to pre-2019 levels being unlikely in the current economic conditions, specific sectors of the fitness industry such as online training and virtual fitness have experienced dramatic growth. This reiterates the fact that traditional gym and fitness solutions are no longer in trend. Moreover, having to adapt to worldwide social distancing restrictions, people have become more accustomed to home workouts and found increased commodity in not attending a physical gym. With many activities able to be performed remotely, Fitness Apps have been getting traction within the last 5 years, with online exercise classes being the number 9 fitness trend for 2022.