Genealogy Products and Services Market Investment Strategies and Forecast Analysis to 2024 | Geneanet, WikiTree, FindmyPast, GenealogyBank, Living DNA, Billion Graves, and Family Tree DNA

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.

Browse Full Report, visit at https://www.factmr.com/report/3083/genealogy-products-services-market

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.

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.

Request a Report Sample to Gain Valuable Insights at https://www.factmr.com/connectus/sample?flag=S&rep_id=3083

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.

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.

For More Detailed Information about Methodology at https://www.factmr.com/connectus/sample?flag=RM&rep_id=3083

According to the Fact.MR study, concerns surrounding the misuse of genealogy products and services are creating clamor for imposing strict regulations on market functioning. Use of genealogy products and 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 Fact.MR report tracks the genealogy products and services market for the period 2018-2024. According to the report, the genealogy products and services market is projected to grow at 11.4% CAGR through 2024.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.factmr.com/connectus/sample?flag=AE&rep_id=3083

 

Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: sales@factmr.com

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates

About Fact.MR

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. We are headquartered in Dubai, and operate from our sales office in Dublin, Ireland. Reach out to us with your goals, and we’ll be an able research partner.

This release was published on openPR.