I think there are two distinct markets and personas here: "Wahoo / Strava / Zwift / Trainer Road / Training Peaks" cater to competitive cyclists which is niche

I think there are two distinct markets and personas here: "Wahoo / Strava / Zwift / Trainer Road / Training Peaks" cater to competitive cyclists which is niche group (huge downtrend in bike racing; look at #s from long running races as evidence). Peloton is more geared towards "fitness" and otherwise would be gym and spin class goers; this is a much bigger market.