Online Dating Services Industry Continues to Boom Worldwide – Explore its Future Scope and Trends

20 Dec
2021

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Dating apps have become quite popular among millennials within a couple of decades. With over five thousand dating apps and websites worldwide including Tinder, Grindr, and Bumble, people are becoming more conscious and specific about embracing their partner’s likes or dislikes, hobbies or interests, personal or professional goals, perceptions towards life and others.

Benefits of online dating services:-

Undeniably, online dating is more economical and more convenient than offline dating. It gives the opportunity to meet hundreds of single people. The user need to answer all the questionnaires in the app which makes it easier to identify algorithm in order to find suitable matches. Online dating apps save a lot of money, whereas offline dating involves a lot of time and money to find a date that might not materialize at the end. While most of the dating apps are free, few of them charges a minimal amount for upgrading the membership.

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Future trends in technological advancements of online dating apps:-

In order to stay competitive in the market, companies need to enhance the dating experience for users through technological advancements.

Artificial Intelligence: AI and machine learning is expected to be helpful to identify better matches. By analyzing the profile viewed, time spent on app and each profile, response time and chat content, AI can detect an accurate and perfect match for singles. Tinder is looking forward to use AI assistants to find dates in the coming few years. In addition, with advancements in AI, instead of questionnaire filling, dating preferences will be identified through behavioral tracking, facial recognition, and signal analysis.
Virtual Reality: VR has benefited previously gained technological advances in developing online dating apps such as Tinder. There are few more companies like Oculus who use VR technology to help male users learn how to approach women. On the other hand, some apps like Bumble are enabling women to directly reach out to men.

Current market scenario of online dating service market:-

According to a report published by Allied Market Research, the online dating services market size is anticipated to reach $9,202 million with a considerable CAGR from 2018 to 2025. The main factor that is driving growth to the online dating service market is the rise in number of singles around the globe, especially in North America, Asia-Pacific and Europe.

Moreover, surge in internet penetration has offered lucrative opportunities for service providers to target their potential customers with customized features that can fulfill consumer’s expectation. For example, Tinder introduced Loops and Badoo implemented a live video chat feature. Likewise, eHarmony has announced an AI-enabled feature that suggest meeting date after they have been chatting for a while. Here, it is worth saying that adoption of advanced technologies such as location tracking, swiping & algorithms in dating apps is one of the most influential trends and is expected to help assemble huge prospects and steady growth for the online dating service market in the near future

Koyel Ghosh

Author’s Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing in miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest in creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last five years.

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