The emergence of dating apps and websites has contributed significantly to the industry's spectacular growth over the past few years.
Technology developments and shifting attitudes regarding online dating will drive further market expansion in the years to come.
The global dating services market is anticipated to reach about 600 million members and generate R149-billion in revenue next year, according to data provided by OnlyAccounts.io.
The rising acceptance and popularity of online dating, particularly among younger generations, is one of the major drivers fuelling the expansion of this market.
Dating websites and apps have made it simpler than ever for people to meet possible mates thanks to their accessibility and ease, which has resulted in significant user growth.
Over 220 million new users of dating services have emerged in the previous five years, increasing the total number of users to 573.9 million by 2023, according to Statista Digital Market Outlook.
In 2024, Statista projects that an additional 25 million people will give dating apps and websites a try, bringing the total number of users to 598.9 million. The global dating market is anticipated to have more than 672 million users by 2027.
In 2023, The Business of Apps - the leading B2B media and information brand for the global app industry - estimates that 384 million people, or almost 66% of all users, will favour online dating apps and websites.
Next year, this number is expected to increase to 398 million. With 119.7 million and 177.5 million users, respectively, matchmaking and casual dating services will have less than half that number of users by 2024.
The market, as a whole, has seen a 66% growth in revenue over the last five years, from R96.3-billion in 2028 to R144.9-billion in 2023, thanks to this enormous user base.
In 2024, according to Statista, revenues will increase by a further 3.4% to R149-billion, with matchmaking websites and apps accounting for half of that sum.
Despite having the most users, online dating apps will generate R57.9-billion in revenue next year, 22% less than matchmaking services. Then comes casual dating, with R17.2-billion in revenue the following year.
Only a few companies now control the majority of the dating services market in the US, with Match Group being the largest of these after several significant mergers in recent years.
Tinder, Match.com, Meetic, OkCupid, Hinge, PlentyOfFish, and OurTime are just a few of the dating websites owned and run by the Dallas-based corporation, which also owns and manages the largest global portfolio of dating websites, reports Jastra Kranjec for OnlyAccounts.io
According to statistics, Match Group dominates the global dating services market with a 25% market share, while eHarmony comes in second with a share of less than 14%.
The most popular dating app on the market, Tinder, is preferred by almost 16% of all users, according to Statista research.
Last year, Bumble came in second with a 9% share. With 5% each, Badoo, Hinge, and Tantan are in second place.