The Rise of the Online Dating Industry
Earlier, young couples used to meet in restaurants, movie theatres, parties, and other places to find someone with whom they can build long-term relationships.
However, over the years as the pace of our lives quickened, it became difficult for many to meet their mates in traditional ways.
The huge demand for finding matches in a non-traditional way that did not take too much time led to the development and expansion of online dating services.
Many traditional societies were earlier hesitant in accepting the idea of couples meeting in the virtual world.
However, the explosive growth of dating apps in recent times shows that they have come around to the view that this is a terrific way to find the best match in a very convenient way.
In the present times, it is more likely that you will meet your partner online rather than in a social get together or in some public place.
Here we will like to give you a brief snapshot of the exponential rise of the online dating industry and its future trends.
Online Dating – Past, Present, and Future
Technology has played the part of a midwife in the creation and the continued growth of the online dating industry.
As technology evolved over the years, the online dating space also changed for the better as platforms and applications became more engaging.
If you want to study the rise of the online dating industry, then it can be broken down into three segments based on the timeline – Past, present, and future.
When it all started
Many researchers had published papers on how to use algorithms to match individuals based on certain criteria.
Gary Kremen was the first to see the immense business potential in these studies and created Match.com, the very first online dating portal in 1995.
From there, this pioneering company went from strength to strength and is now one of the most popular dating portals globally with a presence in 24 countries.
In the beginning, the online dating portal was very simple with few choices and an algorithm that was in its nascent stage.
However, over the years, online dating services changed beyond recognition with highly customized services, a large number of features, and algorithms that are more precise to match people.
How it is cruising along
The online dating industry has matured considerably over the years and now there are innumerable dating websites and apps that cater to a variety of people having myriad preferences.
The online dating market was calculated to be around $6.55 billion in 2018 and it was growing at a rate of 4.62 percent annually.
It has been observed that people are using online dating apps in increasing numbers to find their match.
Dating apps provide a highly personalized service that a web portal will find hard to match.
As a large number of people use their smartphones to browse the internet, a dating app is an ideal tool for them to find the right match online.
At present, the dating service has become highly specialized wherein the algorithm can find your match from its database based on your preference.
The niche dating service is now very popular among those who want to find someone who shares their particular interests or have a similar sexual orientation.
Some of the most popular online dating apps at present are the following.
- Coffee Meets Bagel.
- Plenty of Fish.
The future trends
As technology evolves even further and people’s preferences change, we will see that more and more people will look at online dating apps as a means for instant gratification.
By 2024, the number of users who are likely to use online dating apps to find their true match will cross the 441.8 million mark and the size of this industry will grow to more than $9 billion.
The online dating industry will continue to offer highly customized services to the subscribers both for instant hook-ups as well as for finding a match for a long-term relationship.
The algorithms will be refined even further that will help people to find the right matches (mostly based on locations).
While the growth trends in the USA and Western Europe will remain healthy, the real growth will come from the untapped markets in Asia, Latin America, and Africa.
Online dating is here to stay, and in the future, it will become the dominant way through which people will find their matches without much hassle.
Only those companies that will be able to offer an affordable, convenient, highly customized, and easy to use service to its subscribers will be able to flourish in this industry.
Additionally, you will find that the dating apps will increasingly rely on AI and virtual reality to provide a more engaging service to their subscribers to win their loyalty and attract new users of their app.
Therefore, when we think about the future of the online dating industry, then the sky’s the limit.
The success of online dating will continue because it gives a viable option for people who are short of time and want to meet their match conveniently.
And what way is more convenient than looking at innumerable profiles based on different matching criteria that are tailor-made for you on your smartphone.
Therefore, if you are an entrepreneur looking for a safe place to invest your money and earn a tidy profit, then you can look at the online dating industry as a viable investment option.
Lastly, even though a wide number of dating apps have launched in the market , no one is able to reach a position like Tinder. It is known as the king of dating apps.
Hence, you can also create a dating app like tinder. To know more, you can refer to this guide on how to make a tinder like app.
By thoroughly following the guide and the latest dating app trends, you will not only be able to develop & launch your app, but also make it successful.