DUBLIN–(BUSINESS WIRE)–The “Online Dating Application Market 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global online dating application market size is expected to reach USD 11.03 billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028
The proliferation of smartphones and the increasing internet penetration are among the major factors that are expected to drive the growth of this market. The preference for online dating applications has been particularly growing in the wake of the outbreak of the COVID-19 pandemic.
Several governments across the world have imposed lockdowns and restrictions on the movement of people and goods as part of the efforts to curb the spread of the coronavirus. Hence, individuals are resorting to online dating applications to connect with people and engage in personal relationships.
The growing trend among people, particularly young individuals, to prioritize their career over marriage and live alone also plays a key role in driving the popularity of online dating platforms. Several statistics have already highlighted the growing trend among individuals in different parts of the world to live alone.
For instance, in New Zealand and Australia, 1 in every 7 women in their forties has never been married, while in Central and Southern Asia, about 1 in 100 women is unmarried. Data published by the U.S. Census Bureau in 2017 also revealed that almost 31% of the adults in the U.S. were not married and living alone has been emerging as a popular trend in the U.S.
The Japanese government is seeking budget approval for a new, AI-based dating service that can allow singles to find more curated matches. The service envisages leveraging AI systems to perform more sophisticated analysis and help in matchmaking based on various criteria.
The Japanese government expects AI-assisted systems to typically help in assessing the preferences furnished by individuals looking forward to adopting “konkatsu”, the Japanese concept of marriage hunt, in detail. Such initiatives are expected to drive the market in the Asia Pacific region.
However, concerns over data security and privacy protection are expected to restrain the growth of the market. Hackers are particularly targeting online dating apps to acquire the personal data of individuals, having realized that more individuals are resorting to such applications in the wake of the outbreak of the pandemic.
Research conducted by Kaspersky Lab underlined high risks of data exposure associated with dating apps owing to the transmission of unencrypted user data happening over insecure Hypertext Transfer Protocol (HTTP). Data breaches have already revealed personal records, including activity logs, name, gender, age, email addresses, billing, professional, educational, contact, and location among others of several users of various dating apps and websites.
Online Dating Application Market Report Highlights
- The subscription segment dominated the market in 2020 and is expected to retain the leading position throughout the forecast period. While several dating apps are offering various features for free, many others offer limited features for free usage and charge a certain amount for premium features
- The 18 – 25 years sub-segment is expected to register the second-largest CAGR of 5.8% over the forecast period. The growth of the segment can be attributed to the rising usage of smartphones and the internet among individuals of this age group
- The male segment dominated the market in 2020 and is expected to remain dominant over the forecast period. An article published by eHarmony claimed that men use dating apps more than women
- North America was the largest regional market in 2020. However, Asia Pacific is expected to grow at the highest CAGR of more than 6% over the forecast period
- The growth of the Asia Pacific regional market can be attributed to the continued rollout of high-speed data networks that is driving the number of internet users in the region. Almost 49% of the Asian population or around 2 billion people in Asia are internet users
Market driver analysis
- Increasing Penetration of Smartphones & Internet
- Increasing single adult population
- Changing Perception of Online Dating
Market challenge analysis
- Surge In Number of Online Scams
- Surge In Number of data breaches
Market opportunity analysis
Online Dating Application Market – Porter’s Five Forces Analysis
Online Dating Application Market – PESTEL Analysis
Online Dating Application Market- Covid-19 Impact
- Grindr LLC
- eHarmony, Inc.
- Spark Networks, Inc.
- The Meet Group, Inc.
- rsvp.com.au Pty Ltd.
- Zoosk, Inc.
- The League
- Coffee Meets Bagel
For more information about this report visit https://www.researchandmarkets.com/r/l0t5dy
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