Online Dating - Cyprus

Cyprus

Highlights

Revenue in the Online Dating market is projected to reach US$1.05m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.69%, resulting in a projected market volume of US$1.32m by 2029.
In the Online Dating market, the number of users is expected to amount to 100.9k users by 2029.
User penetration will be 6.3% in 2024 and is expected to hit 7.7% by 2029.
The average revenue per user (ARPU) is expected to amount to US$13.07.
In global comparison, most revenue will be generated United States (US$1.39bn in 2024).
With a projected rate of 17.7%, the user penetration in the Online Dating market is highest United States.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Matchmaking market in Cyprus has been experiencing significant growth in recent years, driven by changing customer preferences and the emergence of new trends in the market. Customer preferences in the Matchmaking market in Cyprus have shifted towards online platforms and mobile applications, as individuals increasingly turn to technology to find their perfect match. This shift can be attributed to the convenience and accessibility offered by online platforms, allowing users to search for potential partners from the comfort of their own homes. Additionally, the anonymity provided by these platforms appeals to individuals who may be hesitant to approach potential partners in person. Trends in the Matchmaking market in Cyprus reflect global patterns, with an increasing emphasis on personalized matchmaking services. Customers are seeking out services that go beyond simply providing a platform for connecting individuals, and instead offer a more tailored approach to finding compatible partners. This may include personality assessments, compatibility matching algorithms, and personalized coaching or advice. The rise of these trends can be attributed to the desire for a more efficient and effective matchmaking process, as customers look for services that can provide them with higher quality matches. Local special circumstances in Cyprus also play a role in the development of the Matchmaking market. The country has a relatively small population compared to other European countries, which can make it more challenging for individuals to find compatible partners through traditional methods. As a result, many individuals are turning to matchmaking services to expand their options and increase their chances of finding a suitable match. Additionally, cultural and religious factors may influence customer preferences and the types of matchmaking services that are in demand in Cyprus. Underlying macroeconomic factors also contribute to the growth of the Matchmaking market in Cyprus. As the country's economy continues to recover from the financial crisis, individuals may have more disposable income to spend on matchmaking services. This increased financial stability allows individuals to invest in their personal lives and prioritize finding a compatible partner. Additionally, as the country becomes more connected to the global market, individuals may be exposed to new ideas and trends in matchmaking, further driving the growth of the industry. In conclusion, the Matchmaking market in Cyprus is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As individuals increasingly turn to technology to find their perfect match, online platforms and personalized matchmaking services are becoming more popular. The small population size and cultural factors in Cyprus also contribute to the demand for matchmaking services. Overall, the growth of the Matchmaking market in Cyprus is driven by a combination of local and global factors, creating opportunities for businesses in the industry.

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.