As multiple aspects of daily life migrate towards the virtual space, traditionalists still try to cling to the notion that love can be found by happenstance meeting or while out and about in public. We in the digital banking space know the truth to be something quite different from this.
Connecting desires and necessities. Online.
For one, online dating is not only displacing the traditional notion of “dating,” but also it is set to replace it entirely. And why not? Offering participants a more efficient and robust way of meeting their match, online dating is about more than quick meetups and transitory moments.
As one of the most successful ways of connecting two people in the modern era, online dating is also a huge business and one that depends on robust security and digital banking services.
We’re going to outline some general trends facing the online dating market and explain how this is impacting the explosive growth trajectory for this booming emerging market.
Growth rate approaching 10%
From $2.230 billion in 2019 to $3.592 billion by fiscal 2025, online dating is expected to grow by some 8.26% percent in the ensuing years. Further robust growth is expected as more and more youth outside of the traditional first-world nations embrace online services and gain access to devices like smartphones. In fact, some mobile-only plays are seeing some of the most impressive growth of all segments.
This is only expected to continue as access to new apps and even more advanced smartphones will likely grow at a quicker rate than desktop and laptop or traditional device market penetration. Going to where the market is, online dating will become just another integrated aspect of our lives that we access from our phones.
As it stands right now, the North American market is one of the largest and this is expected to continue for some time from a revenue standpoint even as spending in online banking becomes more diffuse among other regions.
While many more pessimistic analysts might point to the rise in hook-up culture as offering a distinctly separate service from that of matchmaker, the numbers how that the latter and not the former is expected to dominate growth moving forward. In fact, social networking and events-based social media apps are expected to increase in popularity as people embrace the social shift brought about by technology.
Apps will dominate this market and, interestingly enough, the most robust growth is expected in the 55 to 64-year-old age group as more people in industrialized countries retire and seek companionship in their golden years. In this regard, online dating could enjoy a boom similar to that expected for tourism and extended-stay properties.
Because of this, paid rather than free services are expected to post impressive growth numbers as this unique cohort transitions into the new way of doing things in the dating space. Ephemeral connections will still be facilitated by apps, but their advertising-based model is expected to fall short when compared to the pay-to-play dating services of the future.
Fintech enabling the industry.
Services operating predominantly in the online and the digital landscape, need and already have all the needed tools and solutions to easily process, secure, and execute payments so that the products or services know no boundaries. Global exponential growth is not a dream anymore.
Globalization and online payments services erase borders and geographical distances between individuals and service providers. The online dating industry is already successfully capitalizing on that and greater potential pools of matches are what is brought and keep clients more and more involved and addicted to such services. It is easy to use such services and there is a need established and market potential.
Many online dating platforms and businesses operating within the online dating space have already chosen Monneo’s reliable and flexible solutions in the digital payments industry over the conventional ones offered by traditional high street banking.
Contact us to learn more about how Monneo can help you with digital payment solutions or apply directly for your virtual IBAN on our website.