A new report from Adroit Market Research predicts that the online dating services market will reach USD $12.89 billion by 2028, up from USD $8.34 billion currently. Some reasons for this growth include the growing use of technology and significant cultural changes.
The report shares that the projected growth of singles around the world will boost the market’s expansion, as dating platforms will have a large user base. Cultural changes, such as growing rates of interracial marriage, and marriage outside of conventional social circles, are another factor.
Other positive features of the industry include the convenience and practicality of online dating in general. The ability to look for like-minded partners in an easy way will contribute to this expected growth, the report shares.
North America is expected to represent over 40% of the online dating market. This is due to widespread use of dating platforms in the region, building on the 43 million active users that currently use these services. But usage in Asia-Pacific is expected to rise significantly with growing adult populations and expanding smartphone usage.
However, it highlights some challenges facing the industry, including false dating profiles and declining trust in starting a conversation, which in turn hurt the reputations of dating platforms.