Digital Legacy Market Share, Development, Trends and Forecast 2030

The global digital legacy market is poised for extraordinary growth, with revenues projected to surge from US$12 billion in 2022 to a staggering US$52 billion by the end of 2030. This robust expansion is expected to be driven by several key factors, including the ever-expanding digital footprint, the rising prominence of tech-savvy generations, and a growing awareness of the importance of managing one's digital presence after death. These insights are part of a comprehensive analysis provided by Fairfield Market Research in their latest report, "Global Digital Legacy Market Snapshot, 2018 - 2030.

Key Growth Factors

  • Digital Footprint Expansion: The continuous growth of personal and valuable digital assets created by individuals is a significant driver of the digital legacy market. As more aspects of people's lives move online, from social media accounts to financial documents stored in the cloud, the need for planning the management and transfer of these assets after one's passing becomes increasingly pressing.
  • Expanding Consumer Demographics from Tech-Savvy Generations: Tech-savvy generations, including Millennials and Generation Z, are actively driving the digital legacy market. Their heightened awareness of the digital footprint they create, combined with their comfort with technology and digital tools, makes them early adopters of digital legacy solutions.
  • Rise in Data Privacy Concerns: Data privacy concerns are also propelling market growth, as individuals seek secure ways to transfer their digital assets and sensitive information in accordance with their wishes. This heightened concern has led to a demand for trusted digital legacy solutions that prioritize data privacy and security.

Major Growth Barriers

  • Complex Legal Landscape: The complex legal landscape surrounding digital assets and inheritance is a significant challenge for the digital legacy market. Varying laws and regulations across countries and regions create uncertainty for users and service providers, necessitating extensive legal expertise and often resulting in costly legal processes.
  • Evolving Technology Landscape: The rapidly changing technology landscape presents another challenge, as digital assets, platforms, and formats constantly evolve. Users need assurance that their legacy solutions will remain relevant and functional over time, requiring providers to adapt to new technologies and formats.

Key Trends and Opportunities

  • Blockchain for Digital Wills: Leveraging blockchain's decentralization and immutability, digital wills are emerging as a promising technology trend in the digital legacy market. They ensure the tamper-proof transfer of digital assets and directives, providing a trusted and verifiable way to manage digital legacies.
  • AI-driven Asset Identification: Artificial intelligence is being used to automatically identify and catalog digital assets, simplifying the process of managing and transferring digital legacies. This technology streamlines legacy planning by making it easier for users to recognize and account for their digital assets.
  • Biometric Authentication: Biometric information, such as fingerprints or face recognition, is being utilized to confirm the identity of users in digital legacy platforms, enhancing security and reducing the risk of unauthorized access.

Regulatory Scenario

The regulatory landscape significantly influences the digital legacy market, dealing with sensitive personal data and inheritance-related matters. Regulations like GDPR in Europe and data privacy laws in the United States impact how digital legacy service providers handle users' personal information and digital assets. Estate planning laws and regulations also play a crucial role in shaping the market by determining how digital assets are legally transferred after an individual's passing. As the regulatory environment evolves, it may affect the development and adoption of emerging technologies in the digital legacy market.

Top Segments

  • Up to 500 MB Storage Capacity Preferred: Up to 500 MB storage capacity is the dominant choice among consumers, striking a balance between practicality and affordability. It provides sufficient space for critical digital assets while remaining accessible and user-friendly.
  • Individuals Category Surges Ahead: Individual end-users capture the largest market share because digital legacy planning is often a personal endeavor. People of all ages recognize the importance of preserving their digital assets, memories, and preferences for their loved ones.
  • Application in Entertainment Sector: Entertainment applications lead the market due to their ability to engage users emotionally. People highly value preserving and passing on their favorite media, such as movies, music, and photos, to future generations.

Regional Frontrunners

  • North America: North America is at the forefront of the digital legacy market due to its highly digitized population, robust tech industry, and well-developed legal framework.

  • Asia Pacific: Asia Pacific is experiencing rapid growth, driven by expanding economies, increasing internet penetration, and a tech-savvy young population.

Leaders in the Global Digital Legacy Market

Several key players are shaping the global digital legacy market, including Everplans, SafeBeyond, Dead Social, Afternote, PartingWishes, Eterniam, LifeSite, Fairwill, Digital Beyond, Your Digital File, MyWonderfullife, SecureSafe, VirtualEternity, Postumous, and Eter9. 


Global digital legacy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Storage Capacity Coverage, By End User Coverage, By Application Coverage, By Functions Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/digital-legacy-market

 

Our Related Report:

Digital Legacy Market

https://www.linkedin.com/pulse/digital-legacy-market-trends-size-analysis-forecast-chhavi-rajawat-nmr6f

 

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

 

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