DUBLIN, Nov. 18, 2022 (GLOBE NEWSWIRE) — The Online Dating Service Market – Forecasts from 2022 to 2027 report has been added ResearchAndMarkets.com Offer.
The online dating services market is projected to grow at a CAGR of 16.35% and reach a market value of US$14,003.837 million by 2027, compared to US$4,852.758 million in 2020. To Among the key factors complementing the market growth of online dating services are the rise in Internet penetration, particularly in the region’s major developing countries, coupled with the rapid integration of technology, which has led to an increase in smartphone usage.
The growing millennial population around the world along with the changing preferences of users to meet new people through these platforms to build different types of relationships such as future. Users’ propensity to form relationships in order to meet like-minded people has also led to a surge in demand for online dating services in recent years.
Rapid innovations in service offerings are driving the growth of the market
Growing consumer expectations have led the major market players to constantly engage in the development and delivery of new and customized services to their users, which further demonstrates the growth potential of the online dating services market in the near future. For example, in 2018, eHarmony, a leading online dating site based in the United States of America, announced the launch of its AI-enabled functionality, which automatically suggests prods meet in person after dating for an extended period of time have entertained .
Similarly, companies are expanding their services to meet increasing consumer needs. This has led to the integration of additional services on their platforms with the aim of attracting more customers and gaining a foothold in the market. This will also have a partially positive effect on market growth over the next five years.
Rapid penetration of smartphones and mobile devices
The main factors adding to the growth of the online dating services market include the growing prevalence of smartphones and other portable computing devices such as tablets and laptops, among others. The proliferation of smartphones in both developed and developing countries increases the demand for online dating services as most applications operate on real-time based locations. This further allows the user to expand his or her geographic reach and further interact with people in different locations.
According to World Bank Group data, mobile phone penetration is highest in Europe, followed by North America and the Asia-Pacific region. This will further support the market growth in these regions during the forecast period. Smartphone penetration is said to be the fastest in the APAC region, especially in countries like India and China as more and more people are gaining access to cheap and easy internet connection by the day.
The booming Internet penetration is giving the market impetus for growth
The widespread availability of faster and cheaper internet has led to an increasing demand for online dating services among the general public. this, coupled with a rapid increase in smartphone usage, expands the opportunities for the market to grow in the near future. According to the World Bank, the proportion of the population using the internet has increased from 6.77% in 2000 to 49.723% in 2017. At the same time, the number of households with broadband access has increased significantly in both developed and developing countries. For example, in India, the number of fixed broadband subscriptions reached 18,170,000 from 5,280,000 in 2008 to 2018.
In addition, it reached 110,568,000 in the United States of America by 2018, up from 84,552,000 in 2010. Therefore, the rapid increase in Internet penetration is also expected to be a key factor driving demand for online dating services over the next five years years strengthened .
By service type
- casual dating
- social dating
By subscription model
- Weekly subscription
- Monthly subscription
- Quarterly Subscription
- Semi-Annual Subscription
- annual subscription
By age group
- under 20
- Over 40
According to geography
- North America
- United States of America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
Main topics covered:
2. Research methodology
4. Market Dynamics
5. Online Dating Services Market Analysis by Service Type
6. Online Dating Services Market Analysis by Subscription Model
7. Online Dating Services Market Analysis by Gender
8. Online Dating Services Market Analysis by Age Groups
9. Online Dating Services Market Analysis by Geography
10. Competitive environment and analysis
11. Company Profiles
- Tinder Inc.
- Badoo Trading Limited
- Spark Networks SE
- Grindr LLC
- The encounter group
- eHarmony, Inc.
- Ok Cupid
- Love Group Global Ltd
For more information about this report, visit https://www.researchandmarkets.com/r/vx9mxl
Online Dating Service Market