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 market players.
The keyword market study outlines the key regions – Latin America, North America, MEA, Japan, Europe and APEJ – along with the countries contributing the most in the respective regions. The report presents detailed insights about each market player, including SWOT analysis, main market information, market share, revenue, pricing and gross margin. Prominent players covered in this research are Family Tree DNA, Billion Graves, Living DNA, GenealogyBank, MyHeritage, and many others.
The keyword market report offers a plethora of insights which include:
- Changing consumption pattern among individuals globally.
- Historical and future progress of the global keyword market.
- Region-wise and country-wise segmentation of the keyword market to understand the revenue, and growth lookout in these areas.
- Accurate Year-on-Year growth of the global keyword market.
- Important trends, including proprietary technologies, ecological conservation, and globalization affecting the global keyword market.
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.
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According to the Fact.MR study, concerns surrounding the misuse of genealogy products & services are creating clamor for imposing strict regulations on market functioning. Use of genealogy products & services has been linked to the creation of predictive criminal profiles which can potentially influence policing decisions. Additionally, increasing instances of police departments basing their decision on the analysis of the DNA databases created using direct-to-consumer genetic testing data is raising concerns about the system in place. These factors could potentially restrain market growth with consumers becoming increasingly aware of the drawbacks of participating in genetic testing.
The substantial reduction in the costs of DNA sequencing technology is also aiding genealogy products & services companies to find an extensive consumer base. Reduction in the size of DNA testing kits and the convenience it offers to consumers is another key cause behind the surge in demand for genealogy products & services.
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DNA Testing Finding Greater Penetration in Forensics
DNA and genetic testing is gradually gaining traction in the field of forensics with sophisticated technology and sequencing techniques enabling efficient investigation. Advancement in genetic testing is allowing forensics departments to identify suspects using smaller and mixed DNA samples which, in turn, can aid in solving complex crimes. These factors are boosting the adoption of genealogy products and services in the forensics domain.
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