The global casual dating services market size is estimated to reach USD 3.78 billion by 2028 and is expected to expand at a CAGR of 8.5% from 2021 to 2028, according to a new report by Million Insights. The key growth factors of the market include the growing users of online dating mobile applications among the young population across the globe. Moreover, the growing usage of smartphone users coupled with the significant rise in internet penetration are other factors that are propelling the growth of the market during the forecast period. However, the rising number of online scams increases data privacy and security concerns, which, in turn, is projected to hinder the market growth during the forecast period.
The market experienced significant growth in the overall revenue owing to the rising popularity of online dating applications due to COVID-19 restrictions and lockdown. In addition, under the lockdown restrictions imposed in some countries owing to the pandemic, many people preferred online dating platforms in their free time. For instance, as per the Chinese dating app Tantan, the average time spent on the app increased by more than 30% during the pandemic as compared to the pre-pandemic levels. The application segment is forecasted to register the highest growth rate over the forecast period. The market is mainly driven by the advancements in technologies and rising usage of the internet & smartphones across different socio-economic classes.
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Furthermore, the COVID-19 pandemic thrust decade of growth in a single year as numerous people opted for online dating platforms portals due to restrictions. Europe is estimated to hold a significant market share by 2028. Well-developed countries, such as Germany, the U.K., and France, are positively contributing to the market revenue. The high market share can be credited to the strong presence of the young population and casual dating providers in the region, and the long-existing demand for online casual dating apps. In addition, higher GDP, per capita income, and per capita spending on such platforms in the European countries altogether result in a strong user base and increased adoption of these services.
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Casual Dating Services Market Report Highlights
• Europe accounted for the second-largest share of the global market revenue in 2020
• The strong presence of key players and long-standing demand for online dating services owing to high spending is responsible for the high market share of the region
• Asia Pacific is expected to register the fastest CAGR of more than 9% during the forecast period
• Key countries, such as China and India, are positively contributing to the growth of the APAC regional market
• The application segment is projected to register the fastest CAGR during the forecast period
• A significant rise in the use of smartphones and easy internet access, coupled with developments in online dating apps, drive the segment growth
Casual Dating Services Market Segmentation
Million Insights has segmented the global casual dating services market on the basis of platform and region:
List of Key Players of Casual Dating Services Market
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About Million Insights
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
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