Major portion of adult population accounts for single or unmarried demographic segments, multiple options facilitated by online dating services to higher rate of subscription, and majority of the customers look for non-monogamous relations drive the growth of the global dating service market.
PORTLAND, Oregon, Dec. 16, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Dating Services Market by Type (Online and Traditional), Service (Matchmaking, Social Dating, Adult Dating, Niche Dating), and Demographics (Adult and Generation X): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global dating services industry accounted for $6.7 billion in 2018 and is expected to reach $9.9 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
Incentives for market growth
The factors such as major portion of adult population that accounts for single or unmarried demographic segments, multiple options facilitated by online dating services to higher rate of subscription, and majority of the customers look for non-monogamous relations drive the growth of the global dating services market. However, fraudulent accounts resulting in apprehension among its customers and unpaid customers hamper the market growth. On the contrary, rise in social media marketing and rise in number of millennial populations are expected to create lucrative opportunities in the near future.
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Online segment to manifest the fastest growth
The online segment is expected to register the fastest CAGR of 5.4% during the forecast period, owing to higher rate of subscription on various dating services apps and sites and increase in penetration. Moreover, the segment dominated the global dating services market in 2018, contributing to around 93% of the market. The report includes an analysis of the traditional segment.
Social Dating segment dominated the market
By end use, the social dating segment held the largest share in 2018, accounting for nearly two-fifths of the global dating services market, as social sites are created for millennials who look for casual dating and non-monogamous relationships. Moreover, the segment is projected to register the fastest CAGR of 6.4% during the forecast period. The report includes a detailed analysis of other segments such as matchmaking, adult dating, and niche dating.
North America held the largest share
The global dating services market across North America held the largest share in 2018, accounting for nearly two-fifths of the market, owing to higher rate of smartphone usage in the U.S. and Canada and increase in investment of key players in mobile technologies. However, the market across Asia-Pacific is anticipated to manifest the fastest CAGR of 7.4% during the forecast period, due to presence of both domestic and international players in the region.
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Major market players
- Grindr LLC
- eharmony, Inc.
- Match Group, Inc.
- Love Group Global Ltd.
- The Meet Group Inc.
- Spark Networks SE
- Zoosk Inc.
- Spice of Life
- rsvp.com.au Pty Ltd.
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