Online Dating Services Market to Witness High Demand with Growth Rate of 4.7%

"Online dating service providers are investing heavily on innovation in the view of facilitating easy use and accessibility of various features introduced in the market. This is factors has a positive impact on the global online dating services market growth. Asia-Pacific countries such as China, India, Japan, and others serve as the potential markets for the online dating services, owing to rise in number of singles for online dating services market forecast"

The global online dating services market was valued at $6,400.0 million in 2017, and is projected to reach $9,202 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025.

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Majority of the customers, especially in their 20s, are reluctant to get into monogamous relationship in this phase of life, since they consider various factors such their career or any other extracurricular activities more important than getting into a long-term relationship. These kind of customers find consensual, nonmonogamous relationship more satisfying, both physically and psychologically. Thus, online dating services serve as an ideal platform for these customers, facilitating casual dating to instant hookups. This has triggered the number of audiences for various online dating services. Hence, in 2017, the millennial segment accounted for 70% of the share in the global online dating services market.

Provision of services such as matchmaking, social dating, or casual dating drives customers to sign up to social dating sites. However, some of the lucrative or customized services are limited to customers who subscribe by paying certain amount. For unpaid customers, such services are restricted to certain extend.

On the basis of services, the online dating services market is categorized into matchmaking, social dating, adult dating, and niche. Matchmaking is a process where the services provider facilitates the perfect match between two individuals, based on various factors such as personality, behavior, and earning status. Social dating is predominantly a service targeting the youth, where one can opt to get into long term or any kind of nonmonogamous relationship. Niche dating consists of senior citizens or single parents as their target customers.

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Based on subscription, the market is segregated into annually, quarterly, monthly, and weekly subscription. Among these subscription plans, quarterly subscription is most preferred and economical plan for its target customers. Customers subscribe these online dating sites in the view of getting access to various lucrative offers and services that are being provided by these sites. Owing to higher rate of quarterly subscription among target customers, some major service providers strategize by coming up with lucrative offers and discounts.

The key players profiled in the online dating services market includes 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.au Pty Ltd.

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Source: https://globenewswire.com/news-release/2019/05/16/1826344/0/en/Online-Dating-Services-Market-Is-Expected-to-Hit-9-2-Bn-by-2025-Says-AMR.html

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