LONDON--(BUSINESS WIRE)--The online dating services market is expected to grow by USD 2.01 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Online dating services offer a convenient and hassle-free way of finding a match as these programs suggest matches in line with one’s preferences. One of the primary ways to do that is by asking the user to answer a questionnaire. These questions pertain to the user’s character traits and interests, along with what they are looking for. This increases the probability of accurate matches and enhances the efficiency of the service. These services also allow people to search for matches without meeting them personally. Thus, low hassle in finding a partner will boost the demand for online dating services market during the forecast period.
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As per Technavio, the increasing number of subscribers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Online Dating Services Market: Increasing Number of Subscribers
Online dating services primarily operate through a freemium model where users can register and use it for free until they request for added benefits offered under subscription models. Freemium users are hence, at a disadvantage with limited number of potential matches. This also makes probability for a match low. As a result, a large number of users opt for subscription models. With the steady revenue stream generated from subscription users, vendors are in a position to optimize their matchmaking algorithms, which would help to ensure better results and outcomes. Online dating service providers are also using smart AI which would increase the chances of an accurate match. Thus, the increasing number of paid subscriptions is expected to drive the growth of the market during the forecast period.
“Increasing number of videos being uploaded, and easy search criterion based on individual interests will have a positive impact on the growth of the online dating services market value during the forecast period,” says a senior analyst at Technavio.
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Online Dating Services Market: Segmentation Analysis
This market research report segments the online dating services market by type (casual, socialize and marriage), revenue (advertising and subscription), and geography (North America, APAC, Europe, South America and MEA).
The North American region led the online dating services market in 2019, followed by APAC, Europe, South America and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing smartphone and internet penetration in the region and the concept of casual meetings.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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