The online dating services market was valued at $6,400.0 million in 2017, and is projected to reach $9,202.7 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025. The service sector has been booming at a tremendous rate over the past couple of years. With increase in rate of internet penetration across the globe, the service sector has evolved by availing its service online for the sake of convenience and easy accessibility. The online dating service industry has been enduring with the same kind of trend.
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Companies Covered in this Report are:
Love Group Global Ltd,
Match Group, Inc.,
Spark Networks SE,
The Meet Group Inc.,
Spice of Life,
rsvp.com.au Pty Ltd.
Over the past couple of years, rise in number of singles has been witnessed across the globe. For instance, according to the recent survey carried out by the Bureau of Labor Statistics, about 124.6 million Americans are single. Similarly, in 2014, out of the 23.6 million people living in Australia, about 3.5 million are said to be single. Here single status is being defined to be unmarried. Customers especially in the age group of 20s and 30s invest most of their time building up their career and looking out for other ways to achieve their goals for better future rather than getting married. Considering relationships and commitments, majority of the demographic segments prefer subscribing or logging into social media or online dating sites, which require minimal efforts on finding their significant others.
Various online dating service providers are now using artificial intelligence to provide guidance or suggestion to their customers on whether to go on a first date with person that they have met online. For instance, recently, eHarmony, one of the key players in online dating services, announced on developing an AI-enabled feature that nudges users to suggest meeting in person after chatting.
Behavior-based matching is another innovative featured service that is being projected to gain higher demand in the future. This involves the growing prominence of wearable technology, i.e., Internet of Things (IoT). The biggest challenge faced by users of online dating services is knowing what they want from a relationship. This can cause issues when being asked to input information about yourself and the kind of person the user would like to meet, which can then lead to poor matches. Thus, solution to this problem is to track the users’ everyday activities, hobbies, their daily expenditures from their wearable devices, and provide them the exact preferable match.
KEY BENEFITS FOR STAKEHOLDERS
– The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
– A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
– An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
– The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
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KEY MARKET SEGMENTS
– Social Dating
– Adult Dating
– Niche Dating
– Baby Boomer
– North America
o Rest of Europe
o Australia and New Zealand
o Rest of Asia-Pacific
o Latin America
o Middle East
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