5.9% CAGR for Dating and Matchmaking Market to Gain US$ 12.8 Billion by 2032; Says Marketresearch.biz Research Study

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New York, May 10, 2023 (GLOBE NEWSWIRE) — According to Marketresearch.biz, the Dating and Matchmaking Market size is projected to surpass around US$ 12.8 billion by 2032 from USD 7.3 Billion in 2022 and it is poised to reach a CAGR of 5.9% from 2023 to 2032.

Dating and matchmaking services is a business that provides specific mechanisms for dating and matchmaking services through the use of internet connection with personal computers and smartphones. The people recognized that findings a suitable partner is a challenging process. These challenges are addressed through the invention increase in internet services. Online dating and matchmaking apps are getting more traction than in the past few years due to increasing internet services worldwide. These online platforms provide a broad social network, GPS locations, and friendly use for dating and matchmaking of the young population.

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Key Takeaway:

• By Service, the Social Dating segment has dominated the market, and it is growing at a CAGR of 31% over the forecast period 2023 to 2032.
• By Demographic, the Adult segment generated a revenue share of 52.0% in 2022.
• In 2022, North America dominated the market with the highest revenue share of 39.0%.
• Europe held a 25% revenue share in 2022.
• Asia-Pacific will grow at the highest CAGR from 2023-2032.

Factors affecting the growth of the Dating and Matchmaking Market?

• Increase in the geriatric population: Due to the increase in the number of singles, divorced, and young generations, there is also an increase in the demand for dating and matchmaking services in the market which will help to drive the market growth.
• Rising awareness: People become more aware of the online apps and sites where young people easily find same-minded people, which drives market growth.
• Advance Features: The advanced feature in existing sites with greater demand company offers various features to the customers who offer an enhanced customer base, greater convenience, and increased market growth.

Top Trends in Global Dating and Matchmaking Market:

Several industries launched new features by remembering the COVID-19 Pandemic situation. The companies launch advanced features, especially for online users, such as chat dating, video dating, chat gamification, etc. Grindr made some changes to the existing app with some advanced features. These advanced features involve video chat which is freely available to all customers.

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Market Growth:

The substantial growth in popular dating services is because of the trend of casual dating in the adult population. Also, increasing smartphone users coupled with the rising internet penetration all around the world are also supporting the development of the dating and matchmaking services market.

Regional Analysis:

On the basis of regions, the dating and matchmaking market is segmented into Asia Pacific, Europe, and the rest of the world. North America held the largest shares in dating and matchmaking services apps, with the highest CAGR during the forecast period. It is considered a mature market for the dating and matchmaking services market. It is due to the increasing number of people accounted for by the US population, which depends on the client base for the different suppliers of online dating site services worldwide. Asia Pacific has 2 billion active internet users, which is accounting 49% of the population. India, Japan, and China are some of the most dominant internet users in Asian Countries. The recent development of dating and matchmaking services using technology drives the growth of the market. For example, several companies adopted artificial intelligence to provide the best services to users.

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Scope of the Report

Market Drivers:

An increasing number of marriages and dating means an increase in the number of software and websites for dating and matchmaking that drive the growth of the dating and matchmaking process. Especially marriages and dating outside traditional social circles, and increasing rates of interracial marriage are even more responsible for the market development. The growing population means the rising use of Internet services, which also increases the visibility of several online platforms for dating and matchmaking services. The dating and matchmaking sites provide video dating, chat dating, and other dating features to drive market growth.

Market Restraints:

The dating and matchmaking service market demand is growing with the increasing demand of users. The increasing interest of many adult populations also rises in advanced technologies and free smartphone subscriptions. However, the rising trust problems in initiating the chat hinder the reputation of online dating and matchmaking apps.

Market Opportunities:

Online dating and matchmaking apps help people find the same-minded partners with the same characteristics. Due to several characteristics and the easy availability of particular people on online platforms, online dating, and matchmaking apps are in high demand. People in the world are looking for particular characteristics of a suitable partner. The characteristic involves similar mindedness, same interests, and others. The market is anticipated to witness the introduction of advanced features in the app, ethnicity, sexual orientation, and other metrics becoming more inclusive by allowing representation of all users. Online dating and matchmaking are easy to use, quick, and convenient, and it requires less effort. However, it limits the number of people who can contact them by using many available features.

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Report Segmentation of the Dating and Matchmaking Market

Service Insight:

On the basis of service type, the market is segmented into Social Dating, Adult Dating Matchmaking,  and Niche Dating. Social dating holds the largest shares in the market, with the highest revenue shares in the market. Due to an increase in the number of singles, a rise in per capita income, and an increase in customer preference for nonmonogamous relationships with the highest rate of subscription for online dating services. The increased use of Artificial Intelligence supports extending training from profile references for life instruction and relationships.

Nonmonogamous and instant hookups are responsible for the growth of the market. Social dating has two different types of business models, Which involves paid subscription and free subscription. The paid subscription provides profitable & advanced services and makes things easier with access to search the partners as per their interest. The accessibility of internet connectivity and smartphones supports the increase in the use of dating services helping the expansion of the market.

Demographics Insight:

On the basis of demographics, the market is segmented into Adults and Generation X. Most people find their partner through the online dating and matchmaking app sits. Young people focus on their goals and choose non-committed relationships instead of committed ones. After the pandemic, most adults’ interest transferred towards online dating and matchmaking services due to their comfort. The social dating apps such as Tinder serve as an ideal platform. It is the reason that most dating and matchmaking services are more popular among the above 18 aged people.

Subscription Insight:

On the basis of subscription, the market is segmented into annual, monthly, weekly, and quarterly. Quarterly subscriptions hold the largest revenue share of this market. Several business players focus on creating attractive deals and generating advanced features to increase the subscription base and market revenue. Such factors help the growth of the online dating and matchmaking market. The business player in the online market is coming up with attractive deals that increase the subscription base and revenue. Industries such as Tinder give offers with advanced features to the customers for getting the quarterly subscription after more than one repetition. Such types of strategies drive the growth of this segment.

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Market Segmentation

By Service

• Matchmaking
• Social Dating
• Adult Dating
• Niche Dating

 By Demographics

• Adult
• Generation X

By Subscription

• Annually
• Quarterly

By Geography

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include:

• Match Group, LLC
• Bumble Inc.
• Grindr LLC
• eHarmony, Inc.
• Spark Networks, Inc.
• The Meet Group, Inc.
• com.au Pty Ltd
• Coffee Meets Bagel
• Ruby Life Inc.
• Mobeze, Inc.
• C-Date
• Other key players

Recent Development of the Dating and Matchmaking Market

•  In September 2021: Tinder Inc. expanded its business around Constant with a Short Film. Tinder Inc. introduced a film title closure to navigate through the tricky terrain of consent all around the world of advanced dating and matchmaking services.
•  In March 2020: Tinder Inc. Declared that the business recorded greater than 3 billion which helps the advance of dating and matchmaking sites.
•  In May 2022: Bumble declared a partnership with Cosmopolitan to increase awareness of its virtual dating and matchmaking offer. The initiative was developed in the collaboration with JUMP, Partnerships Hub, and Havas Media Groups content.

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