The Online Dating Services Market is expected to grow from USD 6.437 billion in 2025 to USD 9.208 billion in 2030, at a CAGR of 7.42%.
Online dating refers to a system that enables users to connect through online platforms and introduce and find potential connections, generally for further development of relationships. The major factors supplementing the market growth of online dating services include the rising internet penetration, especially across the major developing economies of the region, coupled with the rapid integration of technology, which has led to an upsurge in the usage of smartphones.
The increasing millennial population around the globe, along with the shifting preferences of users to meet new people through these platforms for building various kinds of relationships, such as casual, social, niche, and others, is further widening the opportunities for the market to grow in the near future. The inclination of users to build relationships to meet like-minded people has also led to an upsurge in the demand for online dating services in recent years.
Growing consumer expectations have led to constant participation by the key market players to develop and deliver new and customized services to their users, further showing the potential of the online dating services market to grow in the near future. For instance, in the year 2018, eHarmony, a leading online dating website based in the United States of America, announced the launch of its AI-enabled functionality that will automatically suggest that users meet personally after they have chatted for a considerable period of time.
Similarly, companies are expanding the services offered to them to cater to the rising consumer needs. 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 is also positively impacting the market growth to some extent during the next five years. For instance, in 2018, Badoo, one of the leading companies operating in the market, announced the integration of video chat facilities for its users for face-to-face interactions.
The major factors supplementing the online dating service market’s growth include the burgeoning penetration of smartphones and other portable computing devices such as tablets and laptops, among others. The deep penetration of smartphones across both the developed and developing economies is boosting the demand for online dating services as the majority of the applications work in real-time, based on location. This further enables the user to expand his or her geographic reach and further interact with people at different locations.
As per the data from the World Bank Group, the penetration of mobile phones is highest in Europe, followed by North America and the Asia Pacific region. As a result, market growth in these regions will be supported even further 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 are getting access to cheap and easy internet connectivity with every passing day. Also, the entry of Reliance Jio in India during the year 2016 was the turning point for the mobile internet market, in which the prices were heavily reduced, which further fueled the adoption of smartphones and tablets throughout the country. Therefore, the major factor that is driving the growth of the online dating services market is the deep penetration of smartphones in various countries around the globe.
The widespread availability of faster and less expensive internet has resulted in an increase in demand for online dating services among the general public. coupled with a rapid increase in smartphone usage, is further widening the opportunities for the market to grow in the near future. According to the World Bank, the percentage of the population using the internet increased from 6.77% in 2000 to 49.723% in 2017. Simultaneously, the number of households with broadband access has increased significantly in both developed and developing economies. For instance, in India, the number of fixed-broadband subscriptions reached 18,170,000 by the year 2018 from 5,280,000 during the year 2008.
Additionally, in the United States of America, it reached 110,568,000 by 2018 from 84,552,000 in 2010. Therefore, the rapid increase in internet penetration is also projected to be a key factor amplifying the demand for online dating services over the course of the next five years.
The online dating services market has been segmented into service type, subscription model, gender, age group, and geography.
Prominent key players in the online dating services market include Tinder, Badoo, Sparks Network SE, and eHarmony Inc., among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the online dating services market have been covered along with their relative competitive positions and strategies. The report also mentions recent deals and investments by different market players over the last two years.
Online Dating Services Market Segmentation: