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Online Dating Market Size And Forecast
Online Dating Market size was valued at USD 7.35 Billion in 2020 and is projected to reach USD 10.87 Billion by 2028, growing at a CAGR of 5.11% from 2021 to 2028.
People nowadays are specific about finding their partner, they take into account the partner’s perception toward life, like-mindedness of critical aspects, and likes & dislikes. This has fuelled up the Online Dating Market to a large extent. The Global Online Dating Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Online Dating Market Definition
Online dating is a service delivered through a web-based computer system or smartphone applications often using a smartphone’s GPS location feature and it has quick access to digital photo galleries and mobile wallets to improve the process of online dating. These apps simplify and speed up the process of flirting, chatting, meeting, and potentially becoming romantically involved in traditional online dating services.
There are many advantages to using online dating apps. There is a lot of possibilities that a user can find the same-minded person in online dating. These apps are developed using special algorithms to detect people with similar likes and interests. Although this might not be a good idea for life, users will certainly find many people with the same hobby and past time on these applications.
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Global Online Dating Market Overview
The increasing adoption of smartphones and the growing penetration of the internet around the world are some of the significant factors affecting the growth of the Online Dating Market in the given analysis period. Furthermore, the increasing number of singles has become a global phenomenon is anticipated to contribute to the growth of the market. Websites and software for online dating will reach a huge pool of dating. The investor finds online dating an attractive business further accelerating the growth. Social trends and increased dating and marriage outside traditional social circles are contributing factors bringing coincident societal changes, including rising rates of interracial marriage.
However, it can be vulnerable to various online frauds called romantic scams and this factor is primarily hindering the growth of the online market. There is some percent of users who felt that online dating is more dangerous expressing concerns about the safety of women. Scammer’s abuse, publishing intimate photos, attacks, and criminal cases are the factor restraining the Online Dating Market growth.
Global Online Dating Market: Segmentation Analysis
The Global Online Dating Market is segmented on the basis of Service, Subscription, Demographics, And Geography.
Online Dating Market, By Service
• Matchmaking
• Social Dating
• Adult Dating
• Niche Dating
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Based on Service, the market is bifurcated into Matchmaking, Social Dating, Adult Dating, and Niche Dating. The social dating segment holds a relatively higher market share in 2019. Owing to factors like instant hookups or non-monogamous relationships. Moreover, social dating has different business models like free subscriptions and paid subscriptions. The availability of smartphones and internet connectivity has risen the usage of dating services among millennials and has allowed dating service providers to expand.
Online Dating Market, By Subscription
• Annually
• Quarterly
• Monthly
• Weekly
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Based on Subscription, the market is bifurcated into Annually, Quarterly, Monthly, and Weekly. Among the available options, the quarterly subscription held the largest market share. The key players in the Online Dating Market are further coming up with attractive deals that increase the subscription base and revenue which will lead to the overall growth of the online dating industry worth. Companies like Tinder are providing remunerative offers to the customer opting for a quarterly subscription after more than one iteration. These kinds of strategies are expected to further boost the demand for overall segments.
Online Dating Market, By Demographics
• Adult
• Baby Boomer
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Based on Demographics, the market is bifurcated into Adult, and Baby Boomer. Among millennials, about 30% of the people have said that they find their partner through online dating sites. Also, some young people are focused on their goals and prefer non-monogamous relationships over committed relationships. So, the social dating sites like Tinder serve as an ideal platform. This is the reason that dating services are quite popular among people aged 18-35.
Online Dating Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
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Based on Geography, the Global Online Dating Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to hold the largest market share of Online Dating over the forecast period followed by Europe. North America is being considered as the mature market for the online dating services industry. According to 2016 data, approximately 43 million users were active on different online dating apps in North America. This is due to the fact that larger numbers of people are accounted for by the U.S. population, which turned out to be the client base for different providers of online dating services
Key Players
The “Global Online Dating Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Bumble, Tinder, OkCupid, Coffee Meets Bagel, Match.com, Her, Grindr, Plenty of Fish. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
Key Developments
Partnerships, Collaborations, and Agreements
• On May 2020, Bumble announced a partnership with Cosmopolitan, seeking to boost awareness of its virtual dating offering. The initiative was developed in collaboration with JUMP, Havas Media Group’s content and partnerships hub.
Product Launches and Product Expansions
• On February 2020, the Dating app Plenty of Fish announced the industry’s first Member Pod, an advisory council comprised of real users. The goal of the Member Pod is to gain feedback from a diverse group of people to foster innovation and enhance the Plenty of Fish experience.
• On March 2020, Tinder Inc. announced that the company recorded more than 3 billion swipes that increased online dating apps’ growth.
• On September 2021, Tinder expanded its campaign around consent with a short film. Tinder launched a film titled Closure to navigate through the tricky terrain of consent in the world of modern dating.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2017-2028 |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Bumble, Tinder, OkCupid, Coffee Meets Bagel, Match.com, Her, Grindr, Plenty of Fish |
| Segments Covered | By Service, By Subscription, By Demographics, And By Geography |
| Customization scope | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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