A new intelligence report by Transparency Market Research (TMR) titled “Genealogy Products and Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” offers a comprehensive overview of the market. It focuses on the growth of the global genealogy products and services market across various geographical and application segments and the factors influencing it.
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Rapidly increasing interest towards genealogy is the primary driver of the global genealogy products and services market. Various studies suggest that nearly 95,000 new tests for genealogy are performed every year worldwide. The adoption of genealogy products and services is higher in western countries. However, the increasing adoption in developing countries is opening new avenues for service providers. Moreover, linking several genealogical services with social media such as Google plus and Facebook is likely to generate increased consumer interest towards genealogy testing. Furthermore, the continuous innovations in technology are equipping genealogy consumers with advanced tools for genealogical research. This factor is propelling the growth of the global market.
On the flip side, the most common concerns about genealogy products and services are regarding their cost and privacy. A genealogy test user has to spend as much as US$18,000 in a year to trace their family history or family tree. Moreover, several companies retain results and samples for their own use without any privacy agreement signed with subjects. Another factor hindering the growth of the market is the fact that various studies indicate that these services and products have an error margin up to 15%. Therefore, any discrepancies in the result can cause negative psychological impacts on consumers and their families.
Some of the analysis methods for the genealogy products and services are historical records, genetic analysis, and oral interviews. Geographically, North America dominated the market by value in 2015, followed by Europe. The growth of these regions can be attributed to the increasing affordability, rising awareness regarding the genealogy products and services, and the fact that most of the companies in the global market are domiciled in these regions. However, Asia Pacific will expand at the most promising CAGR from 2016 to 2014 owing to increasing consumer interest and business expansion of several multinational players in this region. Moreover, the presence of a large customer base in highly populated countries such as India, China, and Indonesia and increasing number of social media users are fuelling the growth of the region.
The report offers insights into the profiles of key players along with their business strategies, SWOT analysis, latest developments, and contact information. Some of the key players in the global genealogy products and services market are Ancestry.com, DNAPrint Genomics Inc., Family History Library, Familybuilder, Family Tree DNA, Genealogy.com, MyFamily.com, RootsWeb.com, Sorenson Molecular Genealogy Foundation, and WorldVitalRecords.