Dating Services Market Size To Touch $15.2 Billion By 2028 Driven By Growing Trend Towards Online Dating Applications And Rising Smartphone Users | Million Insights

Dating Services Market Size To Touch $15.2 Billion By 2028 Driven By Growing Trend Towards Online Dating Applications And Rising Smartphone Users | Million Insights

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According to new report available with Million Insights, the global dating service industry report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.

The global Dating Services Market size is expected to reach at USD 15.2 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 7.7% from 2021 to 2028. The major growth factors of the market include the growing trend towards online dating applications coupled with the rising young population across the globe. Moreover, the growing popularity of online dating apps further provides significant growth to the market. The Match group operates through various dating services apps such as Tinder, Hinge, and others that contributed significantly to the market. However, the rising number of online frauds across the globe is projected to hamper market growth during the forecast period.

The market practiced a significant increase in the overall revenue of the dating services platforms and apps owing to the rising trend of dating services applications due to Covid-19 restrictions and lockdown. Additionally, under the lockdown conditions imposed in some countries owing to the pandemic, many people prefer dating services platforms in their free time. Bumble Inc., is one of the leading service providers of dating services accounted for a significant increase in paying users to 2.5 million in 2020 as compared to 2.0 million paying users in 2019.

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                      U.S. Dating Services Market size, by type, 2018 - 2028, (USD Million)                  

The online dating segment dominated the market and accounted for the largest revenue share of over 40.0% in 2020. The growing popularity of the various online dating apps such as Tinder, Bumble, Badoo, and others are driving the segment. The growing penetration of advanced internet services and the urge in humans to form meet new people is driving demand for such online dating applications. These applications provide a user-friendly interface, broad social network to subscribers. The growing number of subscribers shows the rising popularity of online dating apps, which is further contributing to segment growth.

The casual dating segment is expected to witness a significant CAGR of 8.1% in the market for dating services over the forecast period. The growing trend towards hookups and casual relationships among the young population across the globe contributes to segment growth. Additionally, the growing number of users of casual dating applications and websites across the globe further propels segment growth. For instance, Adult Friend Finder is one of the leading casual dating service providers with around 80.0 million users. The increasing number of users of such dating service providers is significantly contributing to segment growth.

North America held the largest revenue share of more than 35.0% in 2020. The U.S. is positively contributing to the growth of the market. The presence of well-established dating services providers such as Match Group; Bumble Inc.; eHarmony is one of the driving factors for market growth. For instance, in North America, the average number of subscribers of Match Group, an online dating service provider, was 4.1 million in 2018 that further increased to 4.9 million in 2020. Growth in North America’s average subscribers to dating services was primarily driven by Tinder, Hinge, BLK, and Chispa. Moreover, the significant trend of modern lifestyles that include casual hookups and dating further contributed to market share.    

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                     Global Dating Services Market share, by type, 2020 (%)   

Dating Services Market Report Highlights:

• Europe accounted for revenue share of more than 20.0% in 2020. The strong and wide presence of the key players and long-standing demand for dating services among the young population are accountable for high market share contribution

• North America dominated the market and accounted for the largest revenue share in 2020

• The matchmaking segment is expected to register a CAGR of 7.8% from 2021 to 2028. A significant rise in the use of dating apps for serious relationships coupled with the significant development of dating services apps drives segment growth.

Dating Services Market Segmentation

Million Insights has segmented the global dating services market on the basis of type and region:

Dating Services Type Outlook (Revenue, USD Million, 2017 – 2028)

  • Casual Dating
  • Online Dating
  • Matchmaking

Dating Services Regional Outlook (Revenue, USD Million, 2017 – 2028)

  • North America
    • U.S.
  • Europe
    • Germany
    • France
    • U.K.
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa
    • South Africa

List of Key Players of Dating Services Market

  • Match Group, LLC
  • Bumble Inc.
  • Grindr LLC
  • eHarmony, Inc.
  • Spark Networks, Inc.
  • The Meet Group, Inc
  • Pty Ltd.
  • Coffee Meets Bagel
  • Ruby Life Inc. (Ashley Madison)
  • Mobeze, Inc. (Online Booty Call)
  • C-Date

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