Matchmaking - Iceland

Iceland

Highlights

Revenue in the Matchmaking market is projected to reach US$293.60k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.28%, resulting in a projected market volume of US$334.00k by 2028.
In the Matchmaking market, the number of users is expected to amount to 5.2k users by 2028.
User penetration will be 1.4% in 2024 and is expected to hit 1.5% by 2028.
The average revenue per user (ARPU) is expected to amount to US$61.19.
In global comparison, most revenue will be generated China (US$1.21bn in 2024).
With a projected rate of 3.8%, the user penetration in the Matchmaking market is highest South Korea.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Matchmaking market in Iceland has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: One of the main reasons for the development of the Matchmaking market in Iceland is the changing preferences of customers. In today's fast-paced and digital world, many people are finding it difficult to meet potential partners through traditional methods. As a result, they are turning to matchmaking services to help them find compatible partners. These services offer a convenient and efficient way to meet new people and increase the chances of finding a compatible match. Additionally, matchmaking services often use advanced algorithms and data analysis to match individuals based on their interests, values, and compatibility, which can lead to more successful and fulfilling relationships.

Trends in the market: One of the key trends in the Matchmaking market in Iceland is the increasing popularity of online matchmaking platforms. These platforms provide a convenient and accessible way for individuals to connect with potential partners. They offer a wide range of features and tools that allow users to create detailed profiles, search for compatible matches, and communicate with other members. The rise of smartphones and mobile internet has further fueled the growth of online matchmaking, as people can now access these platforms anytime and anywhere. Additionally, the COVID-19 pandemic has accelerated the adoption of online matchmaking services, as people are looking for alternative ways to meet new people while adhering to social distancing measures.

Local special circumstances: Iceland's small population size and geographic isolation are unique factors that contribute to the development of the Matchmaking market in the country. With a population of less than 400,000 people, it can be challenging for individuals to meet potential partners, especially in rural areas. Matchmaking services provide a solution to this problem by connecting individuals from different parts of the country and increasing the pool of potential matches. Furthermore, Iceland's geographic isolation makes it difficult for people to meet partners from other countries. Matchmaking services can bridge this gap by connecting Icelanders with individuals from around the world, expanding their dating options and increasing the likelihood of finding a compatible match.

Underlying macroeconomic factors: The Matchmaking market in Iceland is also influenced by underlying macroeconomic factors. Iceland has a high standard of living and a well-developed economy, which means that individuals have more disposable income to spend on dating and relationship services. Additionally, Iceland has a high level of gender equality, with women actively participating in the workforce and having equal access to education and opportunities. This has led to a shift in traditional gender roles and expectations, with individuals seeking partners who share their values and have similar goals and aspirations. Matchmaking services can cater to these changing dynamics by providing a platform for individuals to connect with like-minded individuals who are looking for long-term and meaningful relationships. In conclusion, the Matchmaking market in Iceland is developing due to changing customer preferences, the increasing popularity of online matchmaking platforms, local special circumstances such as Iceland's small population size and geographic isolation, and underlying macroeconomic factors such as a high standard of living and gender equality. These factors are driving the growth of the market and creating opportunities for matchmaking services to thrive in Iceland.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.