Global Online Dating Services Market Expected To Reach $ 9,202.7
According to a new report released by Allied Market Research titled “Online Dating Services Market by Services, Subscription, and Demographics: Analysis of Global Opportunities and Industry Forecast, 2018 – 2025,” the size of the Global Dating Services Market online was valued at $ 6,400 million in 2017, and is expected to reach $ 9,202.7 million by 2025, with a CAGR of 4.7% from 2018 to 2025. In 2017, North America accounted for nearly 38.6% of online dating services market revenue.
The online dating service facilitates and creates platforms for its clients to find their partner based on various parameters that these service providers take into consideration. The global online dating services market is segmented into services, membership, demographics, and region.
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On the basis of services, the online dating services market is categorized into matchmaking, social dating, adult dating, and niche. Matching is a process in which the service provider facilitates the perfect match between two people, based on various factors such as personality, behavior and income status. Social gatherings are primarily a service targeting young people, where one can opt for a long-term relationship or any other type of non-monogamous relationship. Niche dating consists of seniors or single parents as target clients.
Based on subscription, the market is divided into annual, quarterly, monthly and weekly subscription. Among these subscription plans, the quarterly subscription is the most preferred and economical plan for its target customers.
Customers subscribe to these online dating sites for the purpose of accessing various lucrative offers and services provided by these sites. Due to the higher quarterly subscription rate among target customers, some large service providers are strategizing by offering lucrative deals and discounts.
In terms of demographics, the market is divided into Millennials and Baby Boomers for the online dating service industry.
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Majority of clients, especially in their twenties, are reluctant to enter a monogamous relationship in this phase of life as they consider various factors such as their career or any other extracurricular activity to be more important than entering a relationship. long-term. These types of clients find consensual and non-monogamous relationships more satisfying, both physically and psychologically.
Thus, online dating services provide an ideal platform for these clients, facilitating casual encounters with instant connections. This triggered the number of audiences for various online dating services. Thus, in 2017, the Millennium segment accounted for 70% of the global online dating services market share.
Providing services such as matchmaking, social dating or casual dating entices customers to register on social dating sites. However, some of the lucrative or personalized services are limited to customers who subscribe by paying a certain amount. For unpaid customers, these services are limited to some extent.
With the increase in internet penetration, an increase in the number of users has been observed on various social media sites. Some social media sites like Facebook, Twitter, YouTube, Instagram, Tumblr, Snapchat and others have seen a significant increase in the number of users around the world. Due to this critical factor, various product and service providers are developing strategies to promote their products and services on these social media platforms. Social media marketing is one of the main strategies adopted by various companies to market their service offerings to target customers on social media channels.
Some of the key companies described in the report are Badoo, eharmony, Inc., Grindr LLC, Love Group Global Ltd, Match Group, Inc., Spark Networks SE, The Meet Group Inc., Zoosk Inc. and rsvp.com. at Pty Ltd.
Some of the developments of the major market players are as follows:
In June 2018, Match Group purchased a controlling 51% stake in the dating app Hinge. This acquisition was made to gain a dominant position in the online dating market.
In May 2018, Badoo added a live video chat feature to its apps, giving users the ability to talk face to face with matches. This launch was made to improve its previous version.
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According to Shankar Bhandalkar, senior analyst, consumer goods at Allied Market Research, online dating service providers are investing heavily in innovation to make the various features introduced in the market easier to use and access. These factors are positively impacting the growth of the global online dating services market. Asia-Pacific countries such as China, India, Japan and others are potential markets for online dating services, due to the increase in the number of singles for the market forecast of online dating services.
Key Findings of the Online Dating Services Market:
In 2017, based on services, the social dating segment accounted for around 35% of the share, with a CAGR of 4.7% from 2018 to 2025.
The matchmaking segment accounted for approximately 34% of the share, growing at a CAGR of 4.9% from 2018 to 2025.
In 2017, on a subscription basis, the quarterly segment accounted for 34% of the market share and is expected to grow at the highest CAGR of 4.9%.
The monthly segment occupied around 31% of the market share and is expected to grow at the highest CAGR of 4.9%.
In 2017, based on demographics, the adult segment accounted for 70% of the share and is expected to grow at the highest CAGR of 4.9%.
In 2017, based on region, North America accounted for a significant market share and is expected to grow at a CAGR of 4.5% throughout the forecast period.
North America and Europe together accounted for around 71% of the total global online dating services market in 2018, with the former making up around 32%.
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Major players featured in this report include Badoo, eharmony, Inc., Grindr LLC, Love Group Global Ltd., Match Group, Inc., Spark Networks SE, The Meet Group Inc., Spice of Life, Zoosk Inc. and rsvp. com. to Pty Ltd.
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