Dating Services Market Is Set Grow At A CAGR Of 5.2% And To Reach Revenue Of $9.9 Billion By 2026
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Dating services including both online and traditional are platforms/services whereby an individual can search, contact and meet each other over to arrange a date, usually with the intention of developing a romantic, personal, or casual relationship. The popularity of online dating has increased substantially since its inception. The dating services market has seen substantial growth owing to advancement of new technologies location-tracking virtual dating, machine leaning, artificial intelligence.
The overwhelming presence of technology will continue to optimize the process, improvise features and provide utmost convenience to the users. Machine Learning and AI are now being used to make better matches based on users' actions rather than solely relying on stated preferences. Furthermore, engaged players such as Oculusare are using VR tech and providing virtual dating lessons to help customers learn how to approach women.
Buoyed by the surge in user base and widespread acceptance of dating applications, social media platforms such as Facebook are now entering in the U.S. market to capitalize on growing opportunities in the industry. At the same time these companies also faces stiff competition from apps such as OKCupid, Tinder and Bumble.
While dating industry is flourishing with proliferation in niche segment, advancements in technologies and rendering unique experiences, the push come with its own sets of unique challenges. Fraudulent activities, dating scams and data privacy remains key challenges for engaged stakeholders in the market. Concerns over personal data security on online dating apps and sites remains one of the key challenge amongst users. Recent years have seen exponential increase in data breaches through dating and social media platforms. Notable examples includes hacking of credentials for more than 32 million registered Ashley Madison users, 20 million email addresses along with usernames of Russia-based dating site Topface and about a million users personal details including sexual preferences, income and home address of dating website Beautifulpeople.com.
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The global dating services market is segmented into type, service, demographics and region. Based on type, the global market is bifurcated into online and offline. Depending on service, the market is studied across matchmaking, social dating, adult dating and niche dating. Based on demographics, the global market is segmented into adults and generation X. Region wise, the dating services market growth is studied across North America, Europe, Asia-Pacific, and LAMEA
Key Findings of the Dating Services Market :
oThe online segments dominate the global market with more than 90% market share in 2018
oIn 2018, based on services, the matchmaking segment accounted for about one-third of the global dating services market trend. However, the social dating segments is expected to witness robust growth with a CAGR of 6.4%, during the forecast period.
oThe adult segment mainly comprising of millennials and Generation Z will continue to lead in terms of revenue generation during the analysis period.
oNorth America leads in terms of dating services market share and is expected to gain incremental opportunity of about $819 million during the dating services market forecast.
oIn 2018, based on region, Asia-Pacific is anticipated to grow with robust CAGR of 7.4% during the forecast period.
Some of the key players operating in the dating services market includes, Grindr LLC, Love Group Global Ltd., Badoo, eharmony, Inc., The Meet Group Inc., Spice of Life, Match Group, Inc., Spark Networks SE, Zoosk Inc., and rsvp.com.au Pty Ltd among others
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