Online Dating Market Expected To Fuel Industry Growth With .4 Billion By 2030: Grand View Research Inc.

Posted by Mrudula Karmarkar on November 24th, 2022

The global online dating market size was estimated at USD 16.4 billion by 2030 and is expected to expand at a CAGR of 6.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The key growth factors of the market include the growing subscribers of online dating mobile applications such as Match Group, Bumble, and others coupled with the rising number of smartphones across the globe. The total subscriber of the Match group increased to 10.4 million in 2020. The Match Group operates various online dating apps such as Tinder, Hinge, and others that contributed significantly to the market growth. However, the rising number of online frauds across the globe is further projected to hamper the market growth during the forecast period.

The online dating market experienced a significant increase in the overall revenue of online dating platforms and apps owing to the rising trend of online dating applications due to COVID-19 restrictions and lockdown. Additionally, under the lockdown conditions imposed in some countries owing to the pandemic, many people prefer online dating platforms in their free time. For instance, one of the leading online dating service provider Bumble Inc accounted a significant increase in paying users to 2.5 million in 2020 as compared to 2.0 million paying users in 2022.

The count of singles across the globe has been increasing lately. These individuals have a defined set of characteristics that they are looking for, their other individual and online dating enable them to find people with such characteristics. Due to this, the adoption of online dating is increasing among these individuals and thus contributing to market expansion. Furthermore, various features are being added to online dating along with the integration of new technology which helps the service provider to enhance the user experience and meet customer expectations thus further driving the market growth.

The application segment of the platform is forecast to register the highest growth rate of 7.1% over the forecast period. The growth of the market is attributed to the advancements in smartphone-based online dating app security features. This has resulted in the widespread usage of smartphone-based online dating apps such as Tinder, Bumble app, Badoo app, and others across different socio-economic classes. Furthermore, the rising penetration of smartphone users coupled with growing internet availability in emerging economies is projected to provide significant growth opportunities in the near future.

Based on revenue generation, the market is segmented into subscriptions and advertisements. Subscription is anticipated to grow at a significant CAGR during the forecast period. Based on subscription, the online dating application market is further sub-segmented into age, gender, and type. Based on gender, the online dating application market is segmented into males and females. The women segment is expected to have a higher growth rate because women now feel much safer and less hesitant to use dating platforms. The primary reason for that change is the growing number of rules and regulations around safe dating for both men and women.

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Europe is estimated to hold a significant market share of more than 20% in 2021. Well-developed countries such as Germany, the U.K., and France positively contributed to the market revenue. The high market share can be credited to the strong presence of the young population and online dating platforms in the region, and the long-existing demand for online dating apps. Additionally, higher GDP, per capita income, and per capita spending on online dating platforms in European countries altogether result in a strong user base and increased adoption of online dating portals and apps across the region.

Online Dating Market Report Highlights

• North America dominated the online dating market with a revenue share of over 35% in 2021. This can be attributed to the presence of key and well-recognized players across the region.
• The application sub-segment of the platform segment is forecast to register the highest CAGR from 2022 to 2030. A significant rise in the use of smartphones and easy internet access, coupled with the significant development of online dating apps drives the application segment growth.
• By revenue generation, the subscription segment accounted for the largest revenue share of 63.1% in 2021. By subscription, the 26-34 years age group is expected to expand at the fastest CAGR during the forecast period. This is attributed to the growing young population inclined towards using dating applications and the increasing single population due to growing divorce rates in Europe and North America. According to Tinder statistics, the U.S. registered the highest number of users accounting for 7.8 million, followed by 5 million users from the U.K.
• The quarterly subscription accounted for the largest revenue share in 2021 and is anticipated to continue its dominance in upcoming years. The growth is attributed to the fact that quarterly subscriptions give the users the right time to decide whether they want to continue with premium and whether it is worth their time or money.
• The Asia Pacific is anticipated to witness the fastest growth owing rise in the number of online meetings, messaging, and marriages and increases in the number of users across the region. India and China are the dominating markets, as a growing trend of online dating coupled with changing lifestyles is driving the market growth in the region. Also, the pandemic has surged the usage of dating apps in India. Most youngsters rely on dating apps to find love and companionship by using video calls rather than meeting to get to know each other. As per industry analysis, in India, there was a 3X times increase in the user base across dating apps during Covid-19.
• Key players in the online dating market include Bumble Inc., Cupid Media Pty Ltd., Match Group, LLC (Tinder), Elite Singles, Grindr LLC, Spark Networks, Inc., eHarmony, Inc., rsvp.com.au Pty Ltd., The Meet Group, Inc, Coffee Meets Bagel, and The League App, Inc.

he number of single individuals has been increasing across the globe. Nowadays, individuals across the globe look for specific characteristics when it comes to finding their partner. Such characteristics include similar interests, like-mindedness, and others, and online dating helps them find people with the aforementioned characteristics, due to which adoption is increasing. Service providers of online dating also provide innovative services, and better experiences, in order to meet the expectations of the customers. Online dating is easy to use, convenient, quick, and requires less effort. Moreover, it enables one to limit the number of people who can contact them by using various available features. Hence it is highly adopted and propelling market growth.

The rising number of users of apps such as Tinder, Bumble, Grindr, and others is further projected to contribute to the market growth. Tinder has significant popularity having over 6.7 million average subscribers as of the fourth quarter of 2020.

The COVID-19 outbreak has further increased the number of users of online dating platforms across the globe. The restrictions by the governments of several countries on traveling and the closure of shops, malls, and cafes further encouraged its adoption across the globe. This has led to substantial growth in subscriptions on various online dating platforms worldwide. For instance, Bumble users increased to 1,142.1 thousand in 2020 from 855.6 thousand in 2022. Therefore, the significant increase in the users of online dating platforms across the globe during the pandemic further accelerated the market growth.

List of Key Players in the Online Dating Market

• 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.