As per the report published by Kings Research, the global Online Dating Market was valued at USD 7,806.8 million in 2022. The market is projected to reach USD 11,702.8 million by 2030, growing at a CAGR of 5.30% from 2023 to 2030.
The increasing popularity of online dating apps such as Tinder and Match Group among the young population represents a major factor driving growth in the industry during the forecast period. Moreover, social networking sites have taken on an important role in documenting and facilitating romantic relationships, thus driving the use of online dating apps and portals.
There is a global rise in the number of single individuals who are looking to find a partner with specific traits. These characteristics, such as similar interests and like-mindedness, can be easily found through online dating platforms, which has led to an increase in the adoption of these services.
Key Insights
- Based on the services, the social dating segment held the largest market share in 2022 accounting for 44.19% of the segment's revenue
- Based on the membership plan, the quarterly segment generated the highest revenue of USD 3,231.6 million in 2022 and is estimated to grow at the fastest rate of 6.18% during 2023 - 2030
- Based on age group, the adult segment dominated the market share of USD 6,931.6 million in 2022
- On the basis of region, North America accounted largest market share in 2022 accounting for 38.30% of the global revenue
Acquisition of Hyperconnect by the Match Group
June 2021 – Match Group acquired Hyperconnect, a company providing services in video tech and social discovery services. The aim of the acquisition was to expand the business lines to Asia Pacific along with the integration of AR, AI, and real-time VC technology provided by Hyperconnect.
Increasing IoT and Smartphone Penetration and Changing Social Trends to Offer Opportunities
The global online dating market is poised for growth attributed to rising internet and smartphone usage. Companies operating in the market are increasingly expanding their reach and improving their offerings by developing advanced matchmaking algorithms, bolstering security features, and introducing new services to attract a larger customer base.
Additionally, emerging trends such as niche dating services catering to specific interests and preferences are expected to offer significant growth opportunities. Considering the aforementioned factors, it is anticipated that the online dating market will witness substantial growth, thereby presenting a promising landscape for increased expansion and profitability.
High Adoption of Online Dating Services by Young Adults to Drive the Market Growth
Young adults belonging to the millennial generation exhibit a more calculated approach when choosing a romantic partner, prioritizing shared interests, values, goals, and intellect.
- For instance, dating apps like OkCupid offer users the ability to answer a wide range of personality and lifestyle questions to find compatible matches based on mutual preferences.
Similarly, online dating services like eHarmony utilize personality tests to assess compatibility and offer personalized recommendations based on shared values and interests. Millennials' focus on finding meaningful connections highlights the importance of compatibility over superficial qualities such as physical appearance or material possessions.
Changing Social Trends and Penetration of Smartphones to Drive the Market in North America
North America held the largest share accruing USD 2,989.7 million in 2022, and is estimated to reach record revenue of USD 4,568.7 million by 2030 at a growth rate of 5.54% during 2023-2030. Several factors have contributed to the growth of the online dating market in North America.
Increased internet penetration and smartphone usage have made it easier for people to access and use dating apps from anywhere. Younger generations like millennials and Gen Z prioritize shared interests, goals, and values, and they have turned to dating apps that cater to specific demographics or interests. These factors have propelled significant market value in the region.
Europe to Experience Steady Growth During 2023 - 2030
In recent years, Europe has experienced steady growth and is anticipated to reach a market value of USD 1,909.1 million in 2022 with a CAGR of 4.99%. The increasing number of internet and smartphone users, along with the growing trend of online matchmaking and dating services, is driving the growth of the online dating market in the region.
Increasing Focus On Strategic Mergers and Acquisitions for Sustainable Growth
The market is fragmented with significant players, such as Match Group, Bumble, Grindr LLC, eharmony Inc., Coffee Meets Bagel, Crescere Technologies Pvt. Ltd., Parship, GetOnce.com, The League, The Meet Group, and others. These players are concentrating on expanding their business through collaboration and partnership strategies.