The global online dating market was valued at US$12. 37 billion in 2021, and is expected to be worth US$28. 36 billion in 2027. Online dating services serve as a platform for connecting people with similar tastes and interests.
New York, Aug. 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Online Dating Market: Analysis By Platform, By Services, By Users, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2027” – https://www.reportlinker.com/p06313472/?utm_source=GNW
Globally, the proportion of single people has been rising. Nowadays, people search for specific qualities in a relationship. These qualities include similar interests, like-mindedness, and others, and online dating helps individuals meet people with the aforementioned qualities, which accounts for the growing popularity of online dating.
Online dating services are fast and convenient and provides several other benefits as well such as tailor made search, an expanded dating and social circle and improved dating skills and prospects. The online dating market is determined to grow at a CAGR of 14.84% over the forecasted period of 2022-2027.
Market Segmentation Analysis:
By Platform: The report identifies two segments on the basis of platform: Application and Web Portal. Among the platform, the application segment dominated the market with a share of more than 80% in 2021. The significant use of mobile apps for online dating by young people contributed to the global market share. Additionally, the market has been boosted by the rising global popularity of numerous dating applications like Tinder, Bumble, Badoo, and others. The numbers of subscribers of these dating apps has been increased in the past few years. As a result, the increasing amount of users demonstrates the increasing popularity of such online dating applications, which also helped to drive the maximum market share.
By Services: The report identifies four segments on the basis of services: Social Dating, Matchmaking, Adult Dating and Niche Dating. In 2021, the social dating market sector has a comparatively larger market share of more than 35% owing to the factors like instant connections and non-monogamous partnerships. Additionally, social dating uses both free and paid subscriptions as its business strategies. In addition to the increasing use of dating services among millennials, the availability of smartphones and internet connectivity has also helped dating service companies to grow. Moreover, matchmaking is likely to grow at a significant rate during the forecasted period. The act of pairing up two or more persons, typically with the goal of marriage, is known as matchmaking. The procedure involves a service provider helping two people find the ideal match based on traits This segment is foreseen to grow significantly in the coming years due to the rising demand for matchmaking services on matrimony websites, which is driving up the growth of this segment.
By Users: The report provides the bifurcation of online dating market into two segments on the basis of users: Non Paying Users and Paying Users. The non paying users segment held the largest share of the market in 2021, and is anticipated to register the highest CAGR of 12.77% in the market during the forecast period. Tech savvy young generation has been a primary user of online dating services. They primary use it for the purpose of casual dating. These online dating apps pair potential hook-ups based on a mere glance and swipe of a user’s photograph, is easy to navigate and eliminates the standard, time-consuming features of traditional dating sites that can be overwhelming for user. Therefore, online dating platform would continue to act as an important medium for recreation/ happiness for these time stricken people.
By Region: In the report, the global online dating market is divided into six regions: Asia, Europe, North America, Latin America/Caribbean, Oceania and Africa. Asia accounted for the largest share of around 40% in the global online dating market in 2021. One of the main drivers of market expansion in the region is the increasing popularity of online dating services and mobile dating applications among young people. The market’s expansion was also aided by a significant increase in smartphone adoption as well as a rise in digitalization in China and India. Additionally, it is anticipated that the market would have plenty of opportunities due to the rising number of users of online dating services in China, India, and other emerging nations.
North America held a significant share in the market. The US is helping the market revenue to increase in a favourable way. One of the factors fueling market expansion is the presence of key players like Tinder, Bumble, Badoo, and others.
Market Dynamics:
Growth Drivers: One of the key drivers of the market’s expansion is an increase in single adult population. The number of adults which are single and looking for a potential relationship is a major driver for the growth of the online dating market. A large proportion of the single population uses one or more dating services. The millennials are comparatively more career oriented than their older counterparts and their decision to stay single for a long time could be one of the factors behind the rapid growth of the adult single population. Other significant growth factors of the market include rising internet users, increasing smartphone penetration, changing perception of online dating and delayed marriages among the youth, etc.
Challenges: However, some challenges are impeding the growth of the market such as online dating scams and less acceptance in developing economies. Scams have become a common phenomenon in the online dating industry. Scammers make use of dating websites, apps, social media or email to make contact with their targets. Such scams are also referred to as catfishing. Fake profiles are designed using fictional names to lure the victims. The growing number of online dating frauds might discourage new users from using such services, which could act as a huge barrier to the online dating market growth.
Trends: The market is projected to grow at a fast pace during the forecast period, due to increasing use of block technology and big data and rising adoption among older generation. Online dating websites and apps have been troubled by the issue of profile authenticity since their inception. The blockchain technology helps in identity verification, data safety and security and improving the overall matchmaking process. Blockchain technology is built on the idea of transparency, which acts as a boon for the online dating market as it enables the service providers to identify fake profiles and dating scammers. The rising use of blockchain technology by online dating service providers would increase transparency among the users and would thus encourage more users to use their services, thereby leading to market growth.
Impact Analysis of COVID-19 and Way Forward:
The pandemic appears to have provided dating sites with an opportunity to experiment with new video capabilities and technology, offering users tips on how to properly “date from home” and promoting virtual dates. By doing this, companies like Tinder, Grindr, and Bumble all helped to reframe online dating as something more “socially meaningful” and, as a result, restore their relevance at a time when in-person dates might be deemed problematic. The success of this is demonstrated by user statistics; according to Fortune 2020, Tinder recorded the highest number of user swipes on one day in March 2020.
The value proposition of online dating apps has increased during the pandemic amongst traditional daters but also driven acceleration of new platonic uses of dating apps. While this behavior was always nascent, the use of non-dating or platonic purposes encompasses socializing, networking, gaming, live streaming, and study groups. The growing use of dating platforms by millenials in addition with rising internet and smartphone penetration are expected to drive the market during the post COVID period.
Competitive Landscape:
The global online dating market is considerably dominated. Market players have implemented sustainable growth techniques in the market. To strengthen their position in the market, some of the leading competitors are pursuing various growth methods such as mergers, acquisitions, collaborations, and agreements.
The key players in the global Online dating market are:
Match Group, Inc.
Spark Networks, Inc.
ProSiebenSat.1 Group
Bumble Inc.
Hello Group
Love Gorup Global Ltd.
Grindr LLC
RSVP.COM.AU Pty Ltd.
Coffee Meets Bagel
Cupid Media Pty Ltd.
EliteMate.com LLC
The world of online dating is always evolving and upgrading. Market companies regularly introduce new tactics to stay competitive. To expand the number of users in the market, key businesses are boosting their investments in social media advertising. Major players are also focusing on new demographics and geographic areas to broaden their user base, either by entering the industry on their own or working with regional companies around the world. For instance, Bumble acquired Fruitz, a French dating app, which helped Bumble to extend the presence in Western Europe and Canada. Match Group announced the debut of StirIn in March 2022, an addition to the current lineup of dating apps, which includes Tinder, Match, OkCupid, Hinge, and others. The app is created specifically for single parents. According to the company, the existing dating apps do not adequately cater to the 20 million single parents in the US.
Read the full report: https://www.reportlinker.com/p06313472/?utm_source=GNW
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