Online Dating Market Prognosticated For A Ravishing Growth By 2028 | by Match Group, LLC (Tinder), Bumble Inc

New Jersey, United States - Analysis of Online Dating Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The size of the worldwide online dating market was estimated at USD 3.7 billion in 2021, and from 2022 to 2028, it is anticipated to increase at a compound annual growth rate (CAGR) of 6.9%. One of the key reasons driving the market expansion during the projection period is the huge increase in use of online dating applications, such as Tinder Match Group and others, among the youthful population. Online dating applications and portals are increasingly popular as social networking sites play an increasingly important role in navigating and tracking romantic interactions among people. Additionally, the increasing number of smartphone users and the widespread usage of the internet create a wealth of opportunities for market expansion. However, as internet fraud and data breaches via dating apps increase it is projected to hinder the market growth.

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All around the world, there are more and more single people. Nowadays, people all around the world search for specific qualities in a relationship. Online dating makes it easier for individuals to locate others who share the aforementioned qualities, which is why it is becoming more and more popular. These characteristics include shared interests, like-mindedness, and others. Online dating service companies also offer cutting-edge features, superior interactions, and satisfy client expectations. Online dating is quick, handy, easy to use, and needs less work. Additionally, it permits one to restrict the range of contacts by utilising the capabilities that are offered. As a result, it is widely used and is driving the market's expansion. It is also anticipated that the growing number of people using online dating services like Tinder, Bumble, Grindr, and others would support industry expansion. As of the fourth quarter of 2020, Tinder had more than 6.7 million average customers, making it one of the most well-known online dating services.

Division segment:

The worldwide online dating market is further divided into web portals and applications based on the platform. In 2021, the application segment's share of the market was over 80%. The significant use of mobile apps for online dating by young people contributes to the global market share. Additionally, the market share was boosted by the rising global popularity of numerous dating applications like Tinder, Bumble, Badoo, and others. For instance, Tinder saw an average rise in users from 7.9 million in 2018 to 10.4 million in 2020.

As a result, the increasing number of members demonstrates the growing popularity of such online dating applications, which also helped to drive the greatest market share.
During the forecast period, the web portals market is expected to grow at a substantial CAGR of 6.2%. The industry is expanding as a result of the increasing number of internet users and widespread use of online dating services. Websites for online dating are made to pair together people who have similar interests. For instance, one of the most popular online dating platforms, eHarmony, has almost 15 million matches. Additionally, there have been considerable improvements in consumer interest tracing and internet advertising capabilities and consumer interest tracing tools are further projected to contribute to market growth.

Regional analysis:

From 2022 to 2028, Asia Pacific is predicted to see the greatest CAGR of 7.7%. India and China are helping the market expand in a favourable way. One of the main drivers of market expansion in the region is the increasing popularity of online dating services and mobile dating applications among young people in developing nations. Additionally, the industry is being driven forward by a significant increase in smartphone adoption as well as rising digitization in China and India. Additionally, it is anticipated that the industry would have plenty of opportunities due to the rising number of users of online dating services in China, India, and other emerging nations.
In 2021, North America is anticipated to account for a significant market share of more than 35%. The U.S. is helping the market revenue to increase in a favourable way. One of the factors fueling market expansion is the availability of reputable online dating services like Tinder, Bumble, Badoo, and others. For instance, in North America, Match Group's online dating service providers had an average of 4.1 million users in 2018; this number rose to 4.9 million by 2020. Online dating services like Tinder, Hinge, BLK, and Chispa were mostly responsible for the increase in average users in North America.

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Competitive analysis:
Some of the prominent players in the global online dating market include:
• Match Group, LLC (Tinder)
• Bumble Inc.
• Grindr LLC
• eHarmony, Inc.
• Spark Networks, Inc.
• The Meet Group, Inc
• rsvp.com.au Pty Ltd.
• Coffee Meets Bagel
• Cupid Media Pty Ltd.
• Elite Singles
• The League App, Inc.

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This release was published on openPR.