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Emerging Trends to Reshape the Digital Legacy Market: Blockchain-Enabled Platforms Ensure Safe And Tamper-Resistant Digital Inheritance as a Key Influencer
Digital Legacy Market
How Large Will the Digital Legacy Market Size By 2025?
In recent years, the size of the digital legacy market has expanded drastically. The market is predicted to increase from $18.62 billion in 2024 to $21.86 billion in 2025, with a compound annual growth rate (CAGR) of 17.4%. The historic growth can be ascribed to factors such as the rising use of social media platforms, increased internet usage across various global regions, the growing utilization of smartphones for both personal and professional communication, the expansion of online banking and financial accounts, as well as the escalated dependency on cloud storage for personal data.
How Big Is the Digital Legacy Market Size Expected to Grow by 2029?
The market size for digital legacy is anticipated to experience significant expansion in the coming years, with projections estimating it to reach $41.00 billion by 2029 with a compound annual growth rate (CAGR) of 17.0%. The anticipated growth over the forecast period can be accredited to the escalating demand for planning of digital inheritance, heightened awareness about data ownership rights, mounting focus on regulations for consumer data protection, the increasing significance of safeguarding digital financial assets, and the burgeoning necessity for structured transition of digital identities. Some key trends to watch for during the forecast period include the progressive employment of artificial intelligence for managing digital assets automatically, the increasing use of blockchain for authenticated digital legacy security, the growth of biometric security integration in legacy access, the burgeoning use of smart contracts for automating inheritance, and the escalating adoption of cloud-based platforms for the central management of digital estate.
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Which Key Market Drivers Powering Digital Legacy Market Expansion and Growth?
The growth in the market is being propelled by the increasing adoption of cloud storage solutions, owing to improved data security, accessibility, and backup competencies.
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What Long-Term Trends Will Define the Future of the Digital Legacy Market?
Notable businesses in the digital legacy industry are concentrating on creating innovative technologies like decentralized digital inheritance systems, designed to facilitate secure preservation and transfer of digital assets down generations. Decentralized digital inheritance systems use blockchain to permit individuals and organizations to arrange, secure, and designate access to their digital assets for future benefactors. In September 2024, SafeTech Labs, a Belgium-based company specializing in blockchain technology and security engineering, unveiled Inheriti 2.0. Users can utilize it to develop secure, enduring decentralized digital inheritance strategies to bequeath digital assets ranging from social media accounts and cryptocurrency to confidential family recipes. Inheriti 2.0 includes progressive encryption protocols, backup plan features, multi-interface access for both blockchain and non-blockchain users, and is in alignment with international privacy laws. The product's importance lies in its ability to offer a robust, tamper-proof structure for digital inheritance that includes a range of asset types, from digital currencies to personal and professional digital documents.
What Are the Emerging Segments in the Digital Legacy Market?
The digital legacy market covered in this report is segmented
1) By Type: Social Media Account Management, Digital Asset Management, Online Memorial Services, Digital Estate Planning
2) By Platform: Web-Based Solutions, Mobile Applications
3) By Storage Capacity: Up To 500 MB, 500 MB To 5 GB, 5 GB To 10 GB, Up To 30 GB, Other Storage Capacities
4) By Offering Type: One-Time Services, Subscription Services, Custom Solutions
5) By End-User: Media And Entertainment, Healthcare, Banking Financial Services And Insurance (BFSI), Retail, Other End-Users
Subsegments:
1) By Social Media Account Management: Account Deactivation Services, Account Memorialization Services, Profile Content Preservation, Multi-Platform Account Monitoring, Legacy Contact Management
2) By Digital Asset Management: Personal Data Archiving, Multimedia Content Preservation, Cloud Storage Management, Password And Credential Management, Digital Inheritance Transfer
3) By Online Memorial Services: Virtual Memorial Pages, Tribute Video Creation, Guestbook And Condolence Management, Memorial Event Streaming, Collaborative Storytelling Platforms
4) By Digital Estate Planning: Will And Trust Integration, Digital Asset Inventory Creation, Executor Access Management, Secure Data Vaults, Automated Asset Transfer Systems
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Who Are the Global Leaders in the Digital Legacy Market?
Major companies operating in the digital legacy market are Trust & Will Inc., PartingWishes Inc., MEGA International, SafeBeyond Ltd., SecureSafe AG, pCloud International AG, Everlasting Studios, Forever Inc., FutureVault Inc., DGLegacy Inc., GoodTrust Inc., My Life and Wishes Inc., memoresa GmbH, Legado Technologies Limited, Directive Communication Systems, Remento Inc., IronClad Family Inc., DeadSocial Ltd., Inheriti Ltd., Final Security LLC, Meminto Inc.
Which are the Top Profitable Regional Markets for the Digital Legacy Industry?
North America was the largest region in the digital legacy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in digital legacy report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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