Global Genealogy Products and Services Market to Record Robust CAGR of 11.36%, Reaching USD 8.84 Bn by 2030, Boosted by Ongoing Technological Developments, Projects Kings Research
The global genealogy products and services market is likely to experience substantial growth to be worth USD 8.84 Bn by 2030. Key factors contributing to this growth include ongoing technological advancements, increasing demand for DNA testing, and easy accessibility to various genealogical tests and services.
Dubai, UAE, Nov. 06, 2023 (GLOBE NEWSWIRE) — As per the recent report released by Kings Research, the global Genealogy Products and Services Market size was recorded at USD 3.78 Bn in 2022 and is estimated to grow to USD 8.84 Bn by 2030, exhibiting 11.36% CAGR through the forecast period of 2023-2030. Continuous technological advancements and the rising use of social networking sites globally are projected to have a positive impact on market growth. Additionally, there has been a steadily rising interest in genealogy noted throughout the globe, which is anticipated to favor the market in the near future.
Genealogy, synonymous with family history, involves tracing ancestral roots and studying familial connections through historical research and documentation. Numerous service providers in the field of genealogy employ a variety of analysis techniques, including oral interviews, genetic analysis, historical records, and others to obtain important data about the family in question. Genealogists can determine a person’s family history and relationships with its members by using the information they have obtained. The global market for genealogy products and services is expected to expand as a result of the recent increase in awareness about this sector around the world.
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Leading players in the global genealogy products and services market are focusing on acquisition as their primary growth strategy to promote innovation in the industry. For instance, Ancestry, a U.S.-based genealogy corporation, announced a deal to acquire Geneanet in November 2022. Both businesses provide similar products and services, such as hosting family trees, researching various genealogical collections, and offering genealogy services based on DNA testing. This acquisition was anticipated to expand the variety of genealogical data that is available to users around the world and to encourage innovation and expansion in the genealogy sector.
Prominent participants in the global genealogy products and services market are:
- 23andMe, Inc.
- NewsBank, Inc.
- MyHeritage Ltd.
- Illumina, Inc.
- Intellectual Reserve, Inc.
- Gene by Gene, Ltd.
- Living DNA Ltd.
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Trending Now: Anticipating FamilySearch and Family Tree App’s Offerings for Latter-day Saints in 2023
FamilySearch has offered a preview of what Latter-day Saints might anticipate in the coming year for those who have made New Year’s resolutions focused on family history research and locating the names of departed ancestors to bring to the temple.
According to a news release, FamilySearch users may look forward to free access to more global genealogy records in addition to RootsTech 2023, new search capabilities, other technology advancements, and new Family Tree app features.
The global Genealogy Products and Services Market is segmented as:
Genealogical Studies Performed by Institutions to Promote Market Expansion
Based on application, the institution segment dominated the global genealogy products and services market in 2022 and is anticipated to continue to grow at a robust CAGR of 11.68% through the forecast period. Genealogy, encompassing both experts and enthusiasts, finds employment in software development and content creation sectors. Tracing family histories necessitates in-depth knowledge of historical regulations, geopolitical limits, migration trends, and socioeconomic and religious contexts. Consequently, the institutional segment is expected to dominate the market over the review timeframe.
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- Family Records and Family Tree
- Blog Links
- DNA Testing
Family Records and Family Tree Tool to Gain Traction for Detecting Possible Health Risks
Based on the product, the family records and family tree segment is projected to experience significant growth in the near future, accounting for a revenue of USD 5.41 billion by 2030. Hereditary health issues can be prevalent within families as a result of the widespread phenomena of inheritance of diseases through genetics.
By tracking inherited genes and looking for early warning signs, a family tree can be a useful tool in spotting such possible health risks. By permitting early treatment and management, it can enhance the individual’s prognosis considerably. In order to detect familial health issues related to one’s genetic makeup and ancestry, people can find them by creating a family tree.
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Genealogy Products and Services Market Set to Expand as DNA Testing Demand Surges
Fundamental genetic information included in DNA determines how living things develop, function, and reproduce. DNA testing is done to find any variations in the DNA sequence, which helps in figuring out the genetic risks for certain medical disorders. This knowledge makes it easier to make well-informed decisions about lifestyle modifications required to meet health and wellness objectives. DNA testing can offer individualized insights into a person’s health since each person has a distinct set of genetic variants.
Furthermore, DNA testing has important forensic uses that help identify suspects in criminal investigations. Laboratory professionals can confirm the identity of the culprit with a high degree of accuracy by taking samples of blood, hair, or tissue from the crime scene. The tool has evolved into a critical part of the justice system’s capacity to administer justice, with courts typically accepting the results of DNA testing as trustworthy and reliable evidence.
Easy Accessibility to Various Geneology Tests and Services in North America to Boost Product Sales
North America is estimated to contribute significantly to the growth of the genealogy products and services market, accounting for the largest share of USD 4.51 billion by 2030. This growth can be attributed mainly to the region’s rising awareness, growing interest, and easy accessibility to various genealogy tests and services. Moreover, the market has attained an advantage as it houses key market participants, granting them a strategic vantage point to benefit from these trends, which is likely to spur market expansion through the projected duration.
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Major Points from TOC:
Chapter 1 Introduction of the Global Genealogy Products And Services Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Genealogy Products And Services Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Genealogy Products And Services Market, By Application
Chapter 7 Global Genealogy Products And Services Market, By Product
Chapter 8 Global Genealogy Products And Services Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia-Pacific
Chapter 12 Middle East & Africa
Chapter 14 Global Genealogy Products And Services Market Competitive Landscape
Chapter 15 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/genealogy-products-and-services-market-29
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