Market Insights Digital eServices Dating Services

Matchmaking - Nigeria

Nigeria

Revenue in the Matchmaking market is projected to reach €13.87m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.10%, resulting in a projected market volume of €15.07m by 2028.
In the Matchmaking market, the number of users is expected to amount to 1,542.0k users by 2028.
User penetration will be 0.5% in 2024 and is expected to hit 0.6% by 2028.
The average revenue per user (ARPU) is expected to amount to €12.73.
In global comparison, most revenue will be generated in China (€1,111.00m in 2024).
With a projected rate of 3.8%, the user penetration in the Matchmaking market is highest in South Korea.

Key regions: India, South Korea, China, Asia, United States

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Analyst Opinion

The Matchmaking market in Nigeria has seen significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the matchmaking market have shifted towards online platforms and apps, as more Nigerians are embracing technology and the convenience it offers. With the increasing use of smartphones and internet penetration, online matchmaking platforms have become popular among the younger generation who are looking for love and companionship. These platforms provide a convenient and efficient way to connect with potential partners, allowing users to browse through profiles and communicate with matches from the comfort of their own homes. Trends in the market also indicate a growing demand for personalized matchmaking services. While online platforms provide a wide pool of potential partners, some Nigerians prefer the guidance and expertise of professional matchmakers who can help them find their ideal match. These matchmakers offer personalized services, taking into account factors such as personality traits, values, and compatibility to ensure a successful match. This trend towards personalized matchmaking services is driven by the desire for more meaningful connections and long-term relationships, as opposed to casual dating. Local special circumstances in Nigeria also contribute to the development of the matchmaking market. Nigeria is a diverse country with over 250 ethnic groups, each with its own unique cultural practices and traditions. This diversity creates a need for specialized matchmaking services that cater to specific cultural and religious preferences. Matchmaking services that understand and respect these cultural nuances are in high demand, as Nigerians seek partners who share their values and beliefs. Underlying macroeconomic factors such as population growth and urbanization also play a role in the development of the matchmaking market. Nigeria has a large and rapidly growing population, with a significant portion of the population being young and single. As more Nigerians move to urban areas for education and employment opportunities, they often find themselves disconnected from their traditional social networks and face challenges in meeting potential partners. This creates a demand for matchmaking services that can bridge this gap and help individuals find compatible partners in their new urban environments. In conclusion, the matchmaking market in Nigeria is experiencing growth due to changing customer preferences towards online platforms, a demand for personalized matchmaking services, local special circumstances that require specialized services, and underlying macroeconomic factors such as population growth and urbanization. As technology continues to advance and societal norms evolve, the matchmaking market in Nigeria is likely to continue its upward trajectory.

Methodology

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.