Many Online Dating Apps have transcended the heights of popularity through the current times. Tinder Match Group is included among them. Social Networks are today the driving force behind numerous romantic relationships from across the world. If the Online Dating Market will experience growth, it will be because of them.
Another driving force for the growth of the industry which cannot be undermined is the use of smartphones for online dating. Smartphones offer room for even greater market penetration.
Online Dating Services Market Outlook – 2030
Nowadays, people have become very particular about finding the right partner. They take a look into matters such as how their partner perceives life. In many cases, it is a like-minded partner that people are seeking. The beneficiary of this development is the Online Dating Market.
In 2021, the valuation of the Online Dating Market size stood at USD 7.55 Billion. By 2030, the figure is expected to reach USD 12.65 Billion. From 2023 to 2030, it will grow at a CAGR of 6.01%.
Key Companies & Market Share Insights
The online dating industry puts forth a range of exciting partners in the singles’ search for like-minded partners. This increases the rate of adoption.
On the same coin, Online Dating Companies are also attempting to ensure that they meet up to the consumers’ expectations. They guarantee this by utilizing their innovative services that boost the end consumer experience.
Online Dating is characterized by its ease and convenience. The service operates fast and only calls for a little effort. Another catchy feature of the services is that Online Dating Platforms often limit the number of people who can contact a user.
Notably, in the fourth quarter of 2020, Tinder had 6.7 million average subscribers. Every day, even more users are found on Tinder, Grindr, Bumble, etc. This way, the overall market grows.
During the times of the pandemic, even more users from all across the world turned to Online Dating. This used to be a time when governments worldwide laid restrictions on flying. Shops were closed, and so were cafes and malls. The popularity of Online Dating Sites scaled higher milestones by default. Bumble users were nearly 1,150 thousand in 2020, a marked increase from 2019 when the figure stood at over 850 thousand.
Interestingly, several companies launched new features on their online dating websites in light of the pandemic. These features included chat gamification, video calls, and vaccinated person batch.
The target market for the Online Dating Industry can be subdivide into web portals and applications. Interestingly, the apps segment commanded a vast majority of the market share of over 80% in 2021. The key reason behind this development is that young people worldwide use mobile apps. When Online Dating giants like Tinder, Badoo, and Bumble become more popular, the industry benefits overall. Another interesting point is that the number of internet users will keep growing through this time. From only 7.9 million subscribers in 2018, Tinder had 10.4 million subscribers in 2020. Tinder is expected to grow at a CAGR of 6.2% between 2023 and 2030.
Online Dating Industry is becoming more advanced by the day. New Consumer Interest Tracking Tools are coming into the picture. Website advertising tools will also bring more success to the industry.
Trends in Online Dating Industry
Collaborations and partnerships have become the norm in the online dating industry. Bumble and Cosmopolitan are now in a partnership as of May 2020. They are together looking to enhance awareness regarding virtual dating offerings.
Let us take a look at the top product Launches and Product Expansions in the Online Dating Industry:
- Plenty of Fish announced the first Member Pod from across the industry, a Dating App, on February 2020. As an advisory council, real users comprise this Member Pod. This Member Pod will drive innovation by getting feedback from diverse users. Plenty of Fish experience will henceforth enhance.
- Tinder Inc., in March 2020, announced the recording of over 3 billion swipes. This worked towards growing the online dating company.
With each passing year, we see that the number of singles is only increasing worldwide. The development of dating website will directly affect the Online Dating Market because the target customers are more.
This is a positive development for investors and dating website developers, wherein both can mutually benefit from a business partnership.