Dublin, November 18, 2022 (GLOBE NEWSWIRE) — The “Online Dating Services Market – Forecasts 2022 to 2027” report has been added to ResearchAndMarkets.com offer.
The online dating services market is projected to grow at a compound annual growth rate of 16.35% to reach a market value of $14003.837 million by 2027 from $4852.758 million in 2020. I Major factors integrating the growth of the online dating services market include increasing Internet penetration, particularly in the region’s major developing economies, coupled with the rapid integration of technology, which has resulted in an increase in the use of smartphones.
The growing millennial population across the globe along with the changing preferences of users to meet new people through these platforms to build various types of relationships such as casual, social, niche and others are further expanding the market growth opportunities in the near future. The inclination of users to build relationships to meet like-minded people has also led to an increase in demand for online dating services in recent years.
Rapid innovation in service offerings is driving the growth of the market
Growing consumer expectations have led to the constant participation of key market players to develop and deliver new and personalized services to their users, further demonstrating the growth potential of the online dating services market in the near future. For example, in the year 2018, eHarmony, a leading online dating site based in the United States of America, announced the launch of its AI-enabled feature that will automatically suggest nudges to meet in person after chatting for a considerable period of time.
Similarly, companies are expanding the services they offer to meet the growing needs of consumers. This has led to the integration of additional services on their platforms with the aim of attracting more customers and gaining traction in the market. This will also have a positive impact on market growth over the next five years.
Rapid penetration of smartphones and mobile devices
The major factors integrating the growth of the online dating services market include, among others, the growing penetration of smartphones and other portable computing devices such as tablets and laptops. The deep penetration of smartphones in developed and developing economies is increasing the demand for online dating services as most of the applications work in real time based locations. This also allows the user to expand their geographical reach and further interact with people in different places.
According to data from the World Bank Group, mobile phone penetration is highest in Europe, followed by North America and the Asia-Pacific region. As a result, the market growth in these regions will be further supported during the forecast period. The penetration of smartphones is considered to be the fastest in the APAC region, especially in countries like India and China, due to the fact that more and more people have access to cheap and easy internet connectivity with each passing day.
The boom in internet penetration is providing an impetus to the growth of the market
The widespread availability of faster and cheaper internet has led to an increase in demand for online dating services among the general public. along with a rapid increase in smartphone usage, it is further expanding the market growth opportunities in the near future. According to the World Bank, the percentage 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 in developing ones. For example, in India, the number of fixed broadband subscriptions reached 18,170,000 by 2018 from 5,280,000 in the year 2008.
Also, in the United States of America, it reached 110,568,000 by 2018 from 84,552,000 in 2010. Thus, the rapid increase in internet penetration is also expected to be a key factor in amplifying the demand for online dating services over the course of of the next five years. .
By type of service
- Chance meeting
- Social gatherings
By subscription model
- Weekly subscription
- Monthly subscription
- Quarterly subscription
- Semi-annual subscription
- Annual subscription
By age group
- Under 20
- Above 40
- North America
- United States of America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Asia Pacific
- South Korea
Main topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
5. Market analysis of online dating services, by type of service
6. Market analysis of online dating services, by subscription model
7. Market analysis of online dating services, by gender
8. Market analysis of online dating services, by age group
9. Market analysis of online dating services, by geographical area
10. Competitive environment and analysis
11. Company Profiles
- Tinder Inc.
- Badoo Trading Limited
- Spark Network SE
- Grindr LLC
- The Meet group
- eHarmony, Inc.
- Okay Cupid
- Love Group Global Ltd
For more information on this report visit https://www.researchandmarkets.com/r/vx9mxl