The dating services market size was valued at USD 6.7 Billion in 2018, and is expected to reach USD 9.9 Billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
The online segment led in terms of dating services market share in 2018 and is expected to retain its dominance throughout the forecast period.
Humans have recognized the urge to form relationships, however finding a suitable partner remains challenging. These challenges are now being addressed through invention, spread of the internet services. Online dating is now gaining wide traction more than ever before owing to penetration o internet services across the world. These platforms have provided broad social network, user friendly interface and location-based real-time dating to date seeking population. With the proliferation of social media platforms and the increasing penetration of smartphones and other handheld devices, dating services industry is now all set to capitalize on colossal revenue opportunity.
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For the last couple of decades, there has been surge in rate of internet penetration across the major parts of the globe. This has given customers easy access to various information and social media sites. Rise in the usage of internet services has been increased the visibility of various online platforms for dating services. These online dating services/platforms provide instant matches between right couples in terms of their lifestyle and outlook, which all together make it easier for their customers to find their relevant match in no time. Lucrative services provided by these online dating services leads to higher rate of subscription or registration of target customers, thereby fueling the growth of the global market. However, the industry also faces challenges from fraudulent activities and serious privacy and safety risks. There has been significant increase in number subscriptions over the past two decades, owing to rise in popularity of various online dating sites. With the advent of various online dating sites such as Match.com, Tinder, OkCupid, and others, customers around the globe have been creating online dating profiles. However, not all accounts created turn out to be genuine. The issue on fake online accounts has escalated, and has eventually led to a serious challenge for real-time users on whom to trust in initiating talks. Moreover, these instances hamper the reputation of online dating sites. Thus, fraudulency is one of the major concerns and hampers the dating services market growth.
The global dating services market is segmented into type, service, demographics and region. Based on type, the global market is bifurcated into online and offline. Depending on service, the market is studied across matchmaking, social dating, adult dating and niche dating. Based on demographics, the global market is segmented into adults and generation X. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA
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Based on type, the global size is segmented into online and traditional. Online segment accounts leads in terms of market share. Rise in per capita income, increase in number of singles, surge in customer preference for nonmonogamous relationships have resulted in higher rate of subscription for online dating services among millennials
Based on service type, the global market is classified into matchmaking, social dating, adult dating and niche dating. Social dating is being created specifically millennials where one looks for instant hookup. Social dating has two different types of business models, which include free subscription and paid subscription. The paid subscription provides lucrative services and facilitates easy access to search one’s partner as per their preferences.
Based on demographics, the global market is bifurcated into adult and generation X. Adult segment leads in terms of market share and will continue to retain its prominence throughout the forecast period.
Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Region wise, the dating services market is studied across North America, Europe, Asia-Pacific, and LAMEA. The penetration of the online dating services across Western Europe, North America, and major parts of Asia is high. The recent developments of online dating services in terms of technology drives the growth of the market across developed regions. For instance, AI has been adopted in various services provided. Apart from that, companies have strategized on increasing their customer base by considering Generation X into their services provided. Furthermore, Asia had two billion active internet users, accounting to 49% of the total Asian population. Japan, China, and India are some of the dominant internet usage Asian countries.
The Asia-Pacific online dating service market is in its initial growth stage; and is expected to gain traction during the forecast period.
The report focuses on the growth prospects, restraints, and opportunities of the global dating services market. The study provides Porters five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of substitutes, threat of new entrants, and bargaining power of buyers of the dating services market.
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Some of the key players operating in dating services industry includes Grindr LLC, Love Group Global Ltd., Badoo, eharmony, Inc., The Meet Group Inc., Spice of Life, Match Group, Inc., Spark Networks SE, Zoosk Inc., and rsvp.com.au Pty Ltd
Dating Services Market Segments:
o Social Dating
o Adult Dating
o Niche Dating
o Generation X
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