People today are picky when looking for a spouse; they consider the partner's outlook on life, similarity in important areas, and likes and dislikes. This has significantly increased the market for online dating services.
Covid-19 Impact & Market Status
Around the world, the figures of people using online dating services have risen owing to the coronavirus outbreak. The governments of some nations' travel bans, and the closing of stores, malls, and cafés have further influenced people all over the world to use online dating services. The number of subscriptions on different online dating platforms has significantly increased as a result. For example, Bumble's dating app had a rise in subscribers from 855.6 thousand to 1,142.1 thousand in 2020. As a result, the pandemic significantly increased the number of online daters around the world, which further accelerated the market's growth.
Social Dating Services are Expected to Rule the Market
According to services, the market is bifurcated into Matchmaking, Social Dating, Adult Dating, and Niche Dating. The social dating market segment has a significantly bigger industry portion in 2019. due to factors like rapid contacts and polyamorous relationships. Social dating also employs both free and paid subscriptions as part of its business plans. Smartphone use and easy access to the internet have increased teenagers' use of matchmaking services and allowed the industry to expand.
Quarterly Subscription Sector to be on Top
Based on subscription, the market is separated into annually, quarterly, monthly, and weekly. Among the options provided, the quarterly subscription has the most market share. The main players in the online dating industry are still working on enticing promotions that increase subscriber numbers and earnings, which will raise the industry's overall value. Businesses like Tinder offer enticing incentives to users who decide on a quarterly subscription after more least 1 iteration. Such strategies ought to boost demand for all categories even more.
Teenagers to be the Key Consumers
Baby Boomers and Adults make up the two demographic divisions that make up the market. A third of millennials say they met their partner online, according to statistics. Some young people are also goal-oriented and prefer committed relationships over monogamous ones. Thus, social dating services like Tinder provide the ideal environment. Individuals amongst the age groups of 18 and 35 utilise dating services a lot as a result.
Majority of the Industry and Business Conquered by North America
North America, Europe, Asia Pacific, and the rest of the world are the four geographical areas that make up the worldwide online dating market. North America is predicted to have the largest market share for online dating over the projected period, followed by Europe. It is supposed that North America has the largest mature market for online dating services. In 2016, there were roughly 43 million active users of different online dating services in North America. This is due to the larger population of the United States, which ended up being the target market for numerous online dating service providers.
Some of the key factors influencing the growth of the online dating services market during the specified analysis period include the rising usage of smartphones and the expanding use of the internet globally. It is also projected that the rising single population, which has become a global phenomenon, will aid in the market's expansion.
Online dating websites and apps will have access to a sizable dating pool. The investor views online dating as a lucrative market, which encourages growth even further. One of the cultural changes brought about by social trends and increased dating and marriage outside of traditional social groups is the rise in interracial marriage rates.
However, it is vulnerable to a number of online frauds known as love scams, and this problem is fundamentally preventing the online industry from growing. Some people voiced concern over the safety of women, saying they felt it was dangerous to date online. Scammers' misuse, the publication of pornographic material, violent crimes, and attacks are some of the problems preventing the online dating services industry from growing. The market report on the worldwide online dating services market delivers a systematic scrutiny of the sector. Key market segments, trends, drivers, restraints, the competitive landscape, and other crucial factors are all thoroughly examined in the report.
According to estimates, the market for online dating services will grow from its predicted value of USD 8.34 billion in 2021 to USD 12.89 billion by 2028, at a CAGR of 6.12%. Online dating services are services offered through a web-based computing device or mobile apps, typically employing the GPS location capability of a smartphone. To improve the online dating experience, it also offers quick access to virtual photo galleries and digital wallets. These apps streamline and speed up the flirting, chatting, meeting, and potential romantic involvement process in comparison to traditional online dating services.
The benefits of using online dating apps and services are numerous. Online daters have a variety of ways to meet individuals who have similar wants and interests. The development of these apps makes use of sophisticated algorithms to locate users with comparable preferences and interests. Despite the fact that this might not be a good choice for the majority of their lives, users will surely find a lot of people on these platforms that share their interests and pastimes.
Bumble, Match.com, Her, Tinder, OkCupid, Coffee Meets Bagel, Grindr, and Plenty of Fish are the leading competitors in the industry. Market analysis is done thoroughly and this research paper is very dependable.
Latest Innovations in the Global Online Dating Service Market: A Snapshot
- Bumble launched a relationship with Cosmopolitan in May 2020 in an effort to increase awareness of its online dating service. JUMP, the hub for content and partnerships at Havas Media Group, helped to launch the program.
- The dating app Plenty of Fish announced the creation of the first Member Pod, a council made up of actual users, in February 2020. The Member Pod seeks input from a wide range of people in order to encourage creativity and improve the Plenty of Fish experience.
- In March 2020, Tinder Inc. declared that it had tracked more than 3 billion swipes, contributing to the expansion of online dating services.
- Tinder added a short film to its consent campaign in September 2021. To help singles in the modern dating scene navigate the murky waters of consent, Tinder released the movie Closure.
Online Dating Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 12.89 billion|
|Growth Rate||CAGR of 6.12 % during 2022-2028|
|Segment Covered||Service, Subscription, Demographics, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Bumble, Match.com, Her, Tinder, OkCupid, Coffee Meets Bagel, Grindr|
Key Segments of the Global Saccharin Market
Service Overview, 2019-2029 (USD Billion)
- Social Dating
- Adult Dating
- Niche Dating
Subscription Overview, 2019-2029 (USD Billion)
Demographics Overview, 2019-2029 (USD Billion)
- Baby Boomer
Regional Overview, 2019-2029 (USD Billion)
- The U.S
- The UK
- Rest of Europe
The Asia Pacific
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa