Rockville, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The on-demand wellness software market is currently worth USD 424.03 Million. The on-demand wellness software market is expected to reach USD 949.93 Million by 2032, growing at an 8.4% CAGR during the forecast period. The wellness industry is rapidly expanding as a result of increased demand for at-home wellness and beauty services, as well as the influence of social media.
To maintain a competitive edge in the on-demand wellness software market, vendors are shifting to a digital platform and providing customized services to their customers. During the COVID-19 pandemic, on-demand applications became critical, and this sector underwent significant change.
Due to the advancement of digital technology, wellness companies can now offer online consultations to their customers. In response to the crisis, many wellness businesses provided discounted access to their services. This is boosting the on-demand wellness software market adoption trends.
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Key Takeaways
- Due to the various security levels provided by web-based software, which are routinely patched with the most recent updates and constant backups, the web-based software segment accounted for the largest revenue on-demand wellness software market share of more than 50.0%.
- According to the application, the small and mid-sized enterprise segment accounted for the largest revenue share of more than 60.0%, as it enables SMEs to make critical business decisions faster, operate more effectively, and maintain a competitive edge.
- North America had the highest revenue share of 45.0%. Technological advancements and rising demand for online services are propelling the North American on-demand wellness software market.
- Due to the increased adoption of digital platforms and rising awareness of personal well-being, Asia Pacific on-demand wellness software market is expected to grow at the fastest rate of 10.0% over the forecast period.
Recent Development
· Acquisition
Glamsquad announced the acquisition of Veluxe, a personalized wellness and beauty service founded in 2015 in Washington, DC, in July 2018. This acquisition has expanded the company's presence in Washington, D.C.
· Partnership
In March 2022, Urban Company announced an industry-first Partner Shareholding Plan (PSOP) for its service provider. Over the next few years, the company's service partners are expected to receive stocks worth USD 18.7 Mn (INR 150 crore) as part of this strategy.
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Competitive Landscape
The on-demand wellness software market key players are attempting to improve their service offerings by upgrading their services, utilizing significant cooperative efforts, and obtaining government permissions in order to expand their client base and capture a larger share of the on-demand wellness software market. The major players in on-demand wellness software market are concentrating on expanding their portfolios by upgrading their services. To strengthen their position in the market, these organizations are implementing strategies such as mergers and acquisitions, partnerships, new service launches, and joint ventures.
Key Companies Profiled
- Booksy
- Soothe Inc.
- Urbanclap Technologies India Pvt. Ltd.
- STYLEBEE (ASCN, Inc.)
- Priv; Glamsquad
- Zeel Networks, Inc.
- Urban Massage Ltd.
Corporate Wellness Platform Adoption is Growing
Businesses all over the world are beginning to recognize the value of employee health. The numerous benefits that this change provides are a major factor to escalate the on-demand wellness software market adoption trends. With a healthy workforce, businesses can expect to maximize their efficiency, which will help them survive in today's competitive business environment.
Gaps in Development Team Skills
A lack of necessary knowledge and skills in the development team can make the creation of on-demand services apps complicated. Poor planning and execution will disrupt the project's workflow and consume a significant portion of the budget without achieving the desired results. While continuing to use technologies that do not meet the current demand for on-demand wellness software may set users back.
Outlook for the Region
North America dominated the on-demand wellness software market in terms of revenue share. This is due to technological advancements and a growing preference for online wellness services. Stress, sedentary lifestyles, a lack of time for community and social activities, and other poor lifestyle choices are just a few of the major health issues contributing to the rise in chronic illnesses. As a result of these difficulties, the demand for on-demand wellness services is increasing.
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Segmentation of On-demand Wellness Software Industry Research
- By Type :
- Cloud-based
- Web-based
- By Application :
- Large Enterprises
- Small & Medium Enterprises
- By Region :
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.7. Regional Parent Market Outlook
Contd..
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