Genealogy Products and Services Market Size, Share, Trends and Competition

Posted by Arslan on February 6th, 2020

The Fact.MR report tracks the genealogy products & services market for the period 2018-2024. According to the report, the genealogy products & services market is projected to grow at 11.4% CAGR through 2024. According to a recent Fact.MR study, the genealogy products and services market is likely to be valued at over US$ 3 billion in 2019. The market is likely to continue its bullish run with a myriad of factors influencing the strategy of key players. Surging demand for genetic and DNA testing in an assortment of industries, coupled with the growing awareness about genealogy are some of the vital factors bolstering market growth. Technological advancement also remains a key influencer, as efficient data storage and retrieval become key priorities for genealogy products and services market players.

The genealogy products and services market report highlights the following players:

• Familysearch
• Family Tree DNA
• GenealogyBank
• Living DNA
• Others

The genealogy products and services market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.

Demand for genealogy in tracing lineage and creating family trees is on the rise with service providers using aggressive marketing techniques to draw in new consumers. Commercials promoting self-discovery through lineage tracing are increasingly finding greater appeal as they resonate with the human psychology of tracing their heritage in order to gain a sense of wider connection. Additionally, the concept is being popularized by an array of television programs such as “Who Do You Think You Are?” and features providing information about the ancestry of famous personalities and linking it to their career and life.

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According to the study, in addition to curiosity about culture and heritage, lack of formal records is also promoting the growth of the market. For instance, demand for tracing lineages in China is on the rise with a significant percentage of population eager to trace their genealogy owing to the lack of records that were destroyed during wars in China and the Cultural Revolution. The Fact.MR study finds that the family records segment is one of the largest in the genealogy products and services market, accounting for nearly 45% of total share.