(I-BusinessNews.Com, July 08, 2021 ) Online Dating Services Market size is estimated to reach $10,378 million by 2026, growing at a CAGR of 4% over the forecast period 2021-2026. Online dating is also called internet dating which is a platform to find new people and make connections in order to develop relationships. Online dating services offer digital messaging that helps to provide enhanced communication solutions among people. Online dating services is becoming a social trend to increase the contacts and finding a suitable partner. Rise in the usage of internet service and increasing dating and marriage is the major factor driving the growth of this market. Furthermore, rising adult population and increasing internet penetration is set to further enhance the overall market demand for Online Dating Services Market for the period 2021-2026.
Online Dating Services Segment Analysis – By Service
The global Online Dating Services Market based on Service can be further segmented into Matchmaking, Social Dating, Adult Dating, and Others. The Social Dating segment is the major segment generating the revenue in 2020. This is owing to increasing instant hookup relationships and rising availability of internet connectivity increases the usage of dating services among adults. The Matchmaking segment is estimated to register the fastest CAGR of 2.2% for the period 2021-2026. This is owing to increasing marriage agreement in matrimonial websites that rising demand for matchmaking services and are increasing the growth of this segment.
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Online Dating Services Segment Analysis – By Subscription
The global Online dating Services Market based on Subscription can be further segmented into Annually, Quarterly, Monthly, and Weekly. The Quarterly segment registers for the Online Dating Services highest market share in 2020. This is mainly owing to increasing attractive deals to increase the subscription for the growth of company. Various companies such as Tinder is providing various offers to the customer opting for a quarterly subscription after more than one iteration that increases the growth of this segment. The Monthly segment is estimated to register a CAGR of 1.8% over 2021-2026. This is mainly due to offers add-on paid features and reduces the cost of subscription that are increasing the growth of this market.
Online Dating Services Segment Analysis – By Geography
North America dominated the Online Dating Services Market with major share of 40% in 2020. This is owing to high adoption of online dating services and increasing consciousness regarding appearance among population. According to Online Dating Industry, in U.S., about 43 million users are active on different online dating apps in 2020, thus increasing the growth of this market. However, Asia-Pacific is projected to outpace all the regions by clocking the highest CAGR during the forecast period 2021-2026 owing to the rising adult population and increasing usage of smartphones.
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Online Dating Services Market Drivers
Rise in the Usage of Internet Services
Increasing usage of internet services increases the visibility of various online platforms for dating services that increases the growth of the Online Dating Services Market. Moreover, increasing number of adult population increases the usage of internet and according to Telecom regulatory Authority, the number of internet subscribers increased from 743.19 million in March 2020 that increasing the growth of the Online Dating Services Market over 2021-2026.
Increasing Dating and Marriage
Rising number of dating and marriage increases the number of websites and software for online dating that increasing the growth of the Online Dating Services Market. Moreover, social trends and increased dating and marriage outside traditional social circles rising the rates of interracial marriage that are contributing to the growth of Online Dating Services Market over 2021-2026.
COVID Impact:
COVID-19 pandemic had greatly affected the Online Dating Services Market. During pandemic, there is isolation, lockdowns, social distancing which creates dullness among people. So, the usage of smartphones increases which increases the conversation in dating app and are positively impacting the growth of the market.
Online Dating Services Market Challenges
Rising Fake Accounts
The factors that is set to impede the growth of the Online Dating Services Market are the issue on fake online accounts. Moreover, rising trust issue in initiating talk which hampers the reputation of online dating sites is set to create hurdles for the Online Dating Services Market.
Online Dating Services Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Online Dating Services Market. Online Dating Services top 10 companies include, Coffee Meets Bagel, eHarmony Inc., EliteMate.com LLC, Happn SAS, Love Group Global Ltd., Match Group Inc., Spark Networks SE, Tastebuds Media Ltd., The Bumble Group, and The Meet Group Inc.
Acquisitions/Product Launches
In 29 March 2020, Tinder Inc. announced that the company recorded around more than 3 billion swipes that increases the growth in online dating apps.
Key Takeaways
Geographically, in 2020, North America dominated the Online Dating Services Market owing to high adoption of online dating services and increasing consciousness regarding appearance among population.
Rise in the usage of internet service and increasing dating and marriage is likely to aid in the market growth of the Online Dating Services.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Online Dating Services Market report.
Rising fake accounts is set to create hurdles for the Online Dating Services Market.
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