DUBLIN, Nov. 30, 2022 /PRNewswire/ -- The "Online Dating Service Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The online dating services market is projected to grow at a compound annual growth rate of 16.35% to reach a market value of US$14003.837 million by 2027 from US$4852.758 million in 2020. 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 are 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.

Rapid innovation in service offerings is driving the market's growth

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 the nudges 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.
Rapid penetration of smartphones and mobile devices

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 locations. 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.

Booming internet penetration is providing an impetus for the market to grow

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.

Segmentation
By Service Type

• Casual Dating
• Social Dating

By Subscription Model

• Weekly Subscription
• Monthly Subscription
• Quarterly Subscription
• Half Yearly Subscription
• Yearly Subscription

By Gender

• Male
• Female

By Age Group

• Below 20
• 21-30
• 31-40
• Above 40

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• United Kingdom
• Spain
• Italy
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

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 Group

9. Online Dating Services Market Analysis, By Geography

10. Competitive Environment and Analysis

11. Company Profiles

Companies Mentioned

• Tinder Inc.
• Badoo Trading Limited
• Spark Networks SE
• Grindr LLC
• Bumble
• The Meet Group
• eHarmony, Inc.
• OkCupid
• Love Group Global Ltd

For more information about this report visit https://www.researchandmarkets.com/r/ddbfhq

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SOURCE Research and Markets