Vancouver, Oct. 09, 2023 (GLOBE NEWSWIRE) — The global dating services market size was USD 7.87 Billion in 2020. Increasing adoption of online and offline dating platforms for casual dating and searching for non-committal intimate encounters are key factors driving market revenue growth.
People are currently quite particular when it comes to being in a relationship. They consider the partner’s outlook on life, like-mindedness on vital issues, and likes and dislikes before making a commitment or proceeding further. To a considerable extent, this has been supporting growth of the global online dating industry.
Numerous online frauds known as love scams is a major impediment to market growth. Some users believe that online dating is riskier than traditional dating, thereby raising concerns about women safety. Scammer abuse, publication of intimate images and videos, cheating and attacks, and criminal cases are some major factors expected to continue to restrain revenue growth of the global dating service market over the forecast period.
The global dating services market size is expected to reach USD 18.52 Billion in 2032 and register a revenue CAGR of 7.3% over the forecast period, according to the latest report by Emergen Research. Rapid adoption of online dating platforms for easy and friendly interaction and chatting is a key factor expected to drive market revenue growth going ahead.
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Rapid spread of COVID-19 has adversely affected global dating service market growth. The global crisis and resulting lockdowns resulted in a shift in focus or interest towards dating services, which caused a decline in engagement and inactivity among individuals and service providers. Social distancing norms and recurring lockdowns resulted in dating service providers having to deploy temporary shutdowns, and even some going out of business. Online dating services in some countries however did not experience major losses and traction of dating platforms for casual dating and matchmaking during the pandemic slowed down, but only moderately.
Simplification of various online dating applications is boosting market growth. For example, with the unique feature of selecting and rejecting with just a swipe, Tinder made its application more user friendly. Bumble empowers women by allowing them to initiate contact, giving them complete control over the experience. The software is also marketed as a more feminist dating app.
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Scope of Research
|Market Size in 2020||USD 7.87 Billion|
|Size forecast to 2032||USD 18.52 Billion|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD Million and CAGR in % from 2023 to 2032.|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends.|
|Segments covered||Type, Demographics, Subscription, Service, and Region.|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa.|
|Country scope||U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, Rest of MEA.|
|Key companies profiled||Badoo, Eharmony, Inc., Grindr LLC, Love Group Global LTD., Match Group, Inc., RSVP.COM.AU PTY LTD., Spark Networks SE, Spice of Life, The Meet Group, Inc., and Zoosk, Inc.|
|Customization scope||10 hours of free customization and expert consultation.|
MAJOR COMPANIES and Competitive Landscape
The global dating services market is fragmented, with a number of small and medium-sized players accounting for majority market revenue. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies in the dating services market. Some major companies included in the global market report are:
- Eharmony, Inc.
- Grindr LLC
- Love Group Global LTD.
- Match Group, Inc.
- RSVP.COM.AU PTY LTD.
- Spark Networks SE
- Spice of Life
- The Meet Group, Inc.
- Zoosk, Inc.
- In May 2020, Bumble partnered with Cosmopolitan to raise awareness of its virtual dating service. The campaign was developed in collaboration with JUMP, which is Havas Media Group’s content and connections hub.
- In March 2020, Tinder Inc. made an announcement of recording over 3 billion swipes. With this announcement, the company affirms how it witnessed rapid growth in the global dating service industry.
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Some Key Highlights From the Report
- Traditional segment is expected to register a significantly robust revenue growth over the forecast period, owing to rapid normalization of situations worldwide. People tend to have greater trust in traditional ways of matchmaking than online platforms for choosing the right life partner.
- Adult segment is expected to register a significantly rapid revenue growth rate during the forecast period. Around 30% of millennials claim to have met their respective partners through online dating services. Furthermore, some young individuals are goal-oriented and prefer non-monogamous relationships than committed ones. As a result, social dating platforms like Tinder provide an excellent platform. This is why dating services are gaining popularity among individuals aged between 18 and 35 years.
- Quarterly segment is expected to register significantly fast revenue growth rate during the forecast period. Major companies in the dating service market are continuing to offer enticing bargains that will increase subscriptions and income, resulting in an overall increase in revenue of the online dating segment. Customers who choose a quarterly membership after more than one iteration are rewarded by service providers. These efforts are projected to continue to drive revenue growth of this segment going ahead.
- Social dating segment accounted for significantly large market revenue share in 2020 owing to factors such as fast hookups and non-monogamous relationships. Furthermore, social dating offers a variety of business strategies, including free and paid subscriptions. Increasing preference for smartphones and Internet access and connectivity have resulted in an increasing number of millennials opting to subscribe to dating services.
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Emergen Research has segmented the global dating services market on the basis of type, demographics, subscription, service, and region:
- Type Outlook (Revenue, USD Million, 2019–2032)
- Demographics Outlook (Revenue, USD Million, 2019–2032)
- Generation X
- Baby Boomer
- Subscription Outlook (Revenue, USD Million, 2019–2032)
- Service Outlook (Revenue, USD Million, 2019–2032)
- Social Dating
- Adult Dating
- Niche dating
- Regional Outlook (Revenue, USD Million, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
- North America
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