Genealogy Products and Services Market Impacts Higher Demand Due to Increasing Contribution by Major Players during 2016-2024
May 16, 2019 by alok
Genealogy, which is also referred as family history is the study and tracing of the lineages and history of an individual’s family. In genealogy, various service providers utilize various analysis methods, such as oral interviews, genetic analysis, historical records, and various other records to obtain essential information about an individual’s family. This information helps the genealogists to describe the individual’s family relationships and lineage of its members.
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Genealogy is gaining much popularity in various parts of the world. Many people around the world are ready to spend as much as USD 18,000 per year to know their family tree or family history. Various products and services are gaining importance in this genealogy market such as, DNA tests (e.g. Y-DNA and mt-DNA tests), where each test can cost up to USD 400. According to the market estimates around 95,000 new tests are being performed each year worldwide.
Thus, these DNA tests are providing a lucrative market to the Genealogy Products and Services. There are many other driving factors for the growth of this market, which include continuous innovations in technology, rapidly increasing interest towards genealogy, and increasing usage of social networking sites worldwide. Recent technological advancements have equipped the genealogy consumers with most up-to-date tools for genealogical research, which will further help the growth of this market.
Presently, most of the western nations are efficiently using the genealogical research, but increasing interest of other developing regions towards this research will further fuel the growth of this market. Various genealogical services have now been connected to the social media such as facebook, google plus and others will also result in the generation of increased interest towards genealogy. Thus, most of the above factors will help in the growth of genealogy products and services market.
Geographically, North America dominates the genealogy products and services market followed by the European market. Major factors responsible for their dominance in this market were high awareness, interest as well as affordability for various tests and other services of the genealogy market. Also, most of the players operating in the genealogy products and services market are domiciled in these regions, which further helped them grow over past few years in the global market space.
However, Asia-Pacific is the most lucrative market due to rapid growth during past few years. Increasing penetration of various global players into the region, along with increasing interest of the people of these regions for genealogical research will also contribute towards the growth of this region in future. Highly populated regions like China, India, Indonesia etc. having a large customer base, who are increasingly using various social networking sites like facebook will also contribute towards the growth of genealogy in the region.
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Various other region nations from LATAM and Middle-East, such as Brazil, Mexico, UAE, Turkey and others have recently shown increased interests towards genealogical research. This will fuel the growth of various genealogical products and services market in these regions as well. Thus, overall market is set to experience a rapid growth in future.
Some of the major players operating in the genealogical products and services market are DNAPrint Genomics, Inc., Familybuilder, Family History Library, Family Tree DNA, Sorenson Molecular Genealogy Foundation, Ancestry.com, Genealogy.com, MyFamily.com, RootsWeb.com and WorldVitalRecords.
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