Digital Legacy Market

Global Digital Legacy Market Forecast

• Global digital legacy market size will take a leap from US$12 Bn in 2022 to US$52 Bn by 2030-end
• Digital legacy market revenue set to witness a robust CAGR of 20% during 2023 - 2030

Quick Report Digest

1. The key trend anticipated to fuel the global digital legacy market growth is the increasing popularity of used smartphones.
2. The growing entertainment industry is driving the digital legacy market as individuals increasingly seek to preserve and transfer their digital media collections, such as movies, music, and photos, to ensure these assets continue to be enjoyed by future generations.
3. Up to 500 MB storage capacity captured the largest market share in the digital legacy market because it offers a practical balance between affordability and adequacy for most users' essential digital asset storage needs, making it the preferred and accessible choice for a wide range of individuals.
4. Individual end-users captured the largest market share in the digital legacy market because the concept of digital legacy planning is often a personal endeavor. Individuals across age groups recognise the importance of preserving their digital assets, driving widespread adoption of digital legacy solutions.
5. Entertainment applications captured the largest market share in the digital legacy market because they align with users' emotional attachment to multimedia content, such as photos, videos, and music, making it a central focus in preserving digital memories and assets.
6. North America captured the largest market share in the digital legacy market due to its tech-savvy population, robust digital infrastructure, and well-developed legal framework. These factors facilitate widespread adoption and innovation in digital legacy solutions, establishing the region as a market leader.
7. Asia Pacific is expected to demonstrate notable growth at the fastest estimated CAGR in terms of value on account of the rapidly growing major economies, expanding tech-savvy population, and growing cultural emphasis on heritage preservation, which collectively tend to drive demand for innovative digital legacy solutions.

A Look Back and a Look Forward - Comparative Analysis

The digital legacy market is growing due to increased awareness of the importance of managing one's digital presence after death. As more aspects of our lives become digital, individuals and families are seeking ways to preserve and pass on their online assets, memories, and wishes. This growing need has prompted the development of digital legacy services and platforms, driving the market's expansion.

The market witnessed staggered growth during the historical period 2018 - 2022. This is due to the substantial growth of the major end-use application sectors, such as entertainment and healthcare. The healthcare application in the digital legacy market is growing because individuals want to ensure the secure transfer of their medical records, advanced directives, and health-related information to trusted individuals or institutions, facilitating continuity of care and honoring their end-of-life healthcare preferences.

The future of the digital legacy market is promising as society continues to digitise various aspects of life. With an aging population and heightened awareness of digital inheritance, demand for solutions to manage and transfer digital assets, memories, and end-of-life preferences is expected to increase. The market will likely see technological advancements, innovative platforms, and evolving legal frameworks to accommodate this changing need.

Key Growth Factors

• Digital Footprint Expansion

Digital Footprint Expansion is a significant driver of the digital legacy market due to the ever-increasing amount of personal and valuable digital assets created by individuals. People are leading more of their lives online, from social media accounts to financial support and personal documents stored in the cloud.

The expansion of the digital footprint creates a pressing need for individuals to plan for the management and transfer of these assets after their passing.

Families and beneficiaries must navigate complex and often ambiguous processes to access and manage a deceased person's digital legacy. This challenge, coupled with the desire to preserve memories and ensure data security, has led to a growing demand for digital legacy solutions.

Entrepreneurs and tech companies are capitalizing on this demand by offering services that help individuals organise and securely transfer their digital assets and online identities, thereby driving the growth of the digital legacy market.

• Expanding Consumer Demographics from Tech-savvy Generations

Tech-savvy generations, such as Millennials and Generation Z, are driving the digital legacy market because they are more aware of the digital footprint they create and are proactive about managing it. They recognise the importance of preserving memories and ensuring the secure transfer of digital assets.

This demographic's comfort with technology and digital tools makes them early adopters of digital legacy solutions, fueling market growth as they seek user-friendly platforms to plan and manage their digital legacies efficiently and effectively.

• Rise in Data Privacy Concerns

Data privacy concerns are driving the digital legacy market as individuals become increasingly cautious about how their personal information is handled, even after their passing.

Many people want to ensure that their digital assets and sensitive information are transferred securely and in accordance with their wishes. This concern has led to a demand for trusted digital legacy solutions that prioritise data privacy and security, thereby fueling the growth of the market as individuals seek ways to protect their posthumous digital presence.

Major Growth Barriers

• Complex Legal Landscape

The complex legal landscape is a challenge in the digital legacy market because laws and regulations regarding digital assets and inheritance vary widely across countries and regions. This legal ambiguity creates uncertainty for users and service providers, making it difficult to establish clear guidelines for the management and transfer of digital legacies.

It necessitates extensive legal expertise and often results in costly legal processes. Harmonising and clarifying digital asset laws and regulations is crucial for the market to operate smoothly and gain broader acceptance.

• Evolving Technology Landscape

The rapidly changing technology landscape presents a challenge to the digital legacy market because digital assets, platforms, and formats constantly evolve. Ensuring the long-term accessibility and compatibility of digital legacies amid these changes is complex.

Users need assurance that their legacy solutions will remain relevant and functional over time. Providers must adapt to new technologies and formats, necessitating continuous updates and investments. Balancing innovation with legacy preservation is an ongoing challenge in this dynamic market.

Key Trends and Opportunities to Look at

1. Blockchain for Digital Wills

Blockchain for digital wills is a technology trend in the digital legacy market that leverages blockchain's decentralised and immutable ledger to create secure and transparent digital wills. It ensures the tamper-proof transfer of digital assets and directives, providing a trusted and verifiable way to manage digital legacies.

Blockchain's transparency and security features make it a promising tool for preserving and transferring digital assets in accordance with individuals' end-of-life preferences.

2. AI-driven Asset Identification

AI-driven asset identification is a technology trend in the digital legacy market where artificial intelligence is used to identify and catalog digital assets automatically. AI algorithms scan and classify files, photos, documents, and other digital content, simplifying the process of managing and transferring digital legacies.

This technology streamlines legacy planning by making it easier for users to recognise and account for their digital assets, ensuring they are properly included in their digital inheritance plans.

3. Biometric Authentication

The use of biometric information, such as fingerprints, face recognition, or iris scans, to confirm the identity of users using digital legacy platforms is known as biometric authentication in the market for digital legacy technology.

By guaranteeing that only persons with the proper permissions may handle or inherit digital assets, this technology improves security. Sensitive digital legacies gain an extra degree of security via biometric verification, which lowers the possibility of unauthorised access or manipulation.

How Does the Regulatory Scenario Shape this Industry?

The regulatory scenario significantly influences the digital legacy market as it deals with sensitive personal data and inheritance-related matters. However, the regulatory landscape varies across regions and is often evolving. Firstly, data privacy and protection regulations, such as the General Data Protection Regulation (GDPR) in Europe and various data privacy laws in the United States, impact how digital legacy service providers handle and store users' personal information and digital assets.

Compliance with these regulations is paramount to ensure users' data security and privacy. Secondly, estate planning laws and regulations play a crucial role in shaping the digital legacy market. These laws determine how digital assets are legally transferred after an individual's passing.

In many cases, existing laws may not comprehensively address digital inheritance, leading to a need for legal updates and clarifications. This can create uncertainty and legal challenges in managing digital legacies. Lastly, the regulatory environment may also affect the development and adoption of emerging technologies in the digital legacy market, such as blockchain-based solutions for digital wills and asset transfer.

To guarantee the legality and security of these technologies, regulatory organisations may need to develop rules and standards. Overall, the regulatory environment is still changing, and how it affects the market for digital legacy products will rely on the legal frameworks put in place to handle the particular problems and possibilities that digital inheritance and asset management provide.

Fairfield’s Ranking Board

Top Segments

1. Up to 500 MB Storage Capacity Preferred over 5 GB to 10 GB Segments

Up to 500 MB storage capacity captures the largest market share in the Digital Legacy Market because it strikes a balance between practicality and affordability. It provides sufficient space to store critical digital assets, documents, photos, and videos without overwhelming users with excessive costs or complexity.

This capacity meets the needs of the majority of individuals for preserving essential digital legacies while remaining accessible and user-friendly, making it the preferred choice among consumers and driving its dominance in the market.

The storage capacity range of 5 GB to 10 GB will experience the fastest CAGR in the digital legacy market because it accommodates the evolving nature of digital assets. With the increasing size and complexity of multimedia files and the growing importance of preserving rich media content, users are seeking larger storage options.

This particular capacity range allows for more extensive and diverse digital legacies, driving its rapid adoption as users prioritise comprehensive and media-rich digital inheritance planning.

2. The Individuals Category will Surge Ahead

Individual end users capture the largest market share in the digital legacy market because the concept of digital legacy planning is often a personal and individualised endeavour. Many people, irrespective of age or profession, recognise the importance of preserving their digital assets, memories, and preferences for their loved ones.

The market caters to a broad demographic, offering user-friendly solutions that empower individuals to manage their digital inheritances, making it the dominant segment as people increasingly prioritise securing their digital legacies.

Group end users are likely to be experiencing the fastest value CAGR during the forecast period because of the rising interest in collaborative legacy planning. Families, friends, and organisations are recognising the benefits of collectively managing and preserving their digital legacies.

This collaborative approach ensures comprehensive legacy planning, shared access to assets, and coordinated efforts in maintaining digital memorials. As awareness grows, more groups are embracing digital legacy solutions, driving their rapid adoption and contributing to the market's accelerated growth.

3. Application in Entertainment Sector Maximum

Entertainment applications capture the largest market share in the digital legacy market due to their ability to engage and resonate emotionally with users. People often place high value on preserving and passing on their favourite media, such as movies, music, and photos, to future generations.

These applications facilitate the easy transfer of such content, making them a central part of digital legacy planning. Their widespread appeal and the emotional significance of entertainment content ensure their dominance in the market.

Healthcare applications are poised to witness the fastest CAGR in terms of value because of the increasing importance of preserving and transferring medical records, advanced directives, and health-related information.

With healthcare becoming more digital, individuals and families seek secure ways to ensure the seamless transfer of critical healthcare data and preferences to trusted parties, particularly in emergencies. The growing recognition of the significance of healthcare-related digital legacies is propelling the rapid adoption of healthcare applications in the market.

Regional Frontrunners

North America at the Forefront

North America is poised to capture the largest market share in the digital legacy market due to several key factors. The region boasts a highly digitised and tech-savvy population, with a significant portion of its residents using digital platforms extensively for various purposes.

North America has a robust tech industry, home to many digital legacy service providers and startups, driving innovation and accessibility. The region also has a well-developed legal and regulatory framework, providing clarity and support for digital legacy planning and asset transfer.

The cultural emphasis on individualism and personal expression aligns with the desire to preserve one's digital legacy, contributing to the region's leadership in the market.

Asia Pacific Grows Lucrative

Asia Pacific’s digital legacy market thrives on the back of several factors. Rapidly growing economies, increasing internet penetration, and a young and tech-savvy population are driving demand for digital legacy solutions.

Additionally, cultural values, such as the importance of family and ancestral heritage, promote the adoption of digital legacy planning. As awareness grows and access to technology expands, Asia Pacific is emerging as a hotbed for digital legacy innovation and adoption, contributing to its rapid market growth.

Fairfield’s Competitive Landscape Analysis

The global digital legacy market is a consolidated market with fewer major players present globally. The key players are introducing new products and working on the distribution channels to enhance their worldwide presence. Moreover, Fairfield Market Research expects more consolidation over the coming years.

Who are the Leaders in the Global Digital Legacy Market space?

• Everplans
• SafeBeyond
• Dead Social
• Afternote
• PartingWishes
• Eterniam
• LifeSite
• Fairwill
• Digital Beyond
• Your Digital File
• MyWonderfullife
• SecureSafe
• VirtualEternity
• Postumous
• Eter9

Significant Company Developments

New Product Launches

• May 2022: Phixman has collaborated with Detel to offer refurbished premium smartphones at an affordable cost, complete with a warranty and all accompanying accessories. Moreover, it delivers cost-effective services across all its PAN India centres.
• April 2022: Samsung's Renewed online store now includes the Galaxy S21 series in its pre-owned selection, allowing customers to purchase these previously owned and refurbished devices. The renewed store features attractive offers on relatively recent Samsung products. This initiative provides an opportunity for users who initially found the S21 range's high prices prohibitive to acquire these devices at a more budget-friendly cost, with Samsung offering them at just US$225.

Distribution Agreement

• March 2022: Apple has recently added the iPhone 12 and iPhone 12 Pro models to its official Certified Refurbished store. When you buy from Apple's Certified Refurbished store, you'll receive a brand-new battery, a fresh outer shell, and, if required, authentic Apple parts replacements. Additionally, these devices come with a comprehensive one-year warranty for added peace of mind.

An Expert’s Eye

Demand and Future Growth

As per Fairfield’s Analysis, growth in healthcare is driving the market. The market demand for Digital Legacy solutions is on the rise as individuals seek ways to secure and transfer their digital assets and memories to loved ones seamlessly. With the increasing digitisation of life, the need for comprehensive and user-friendly platforms for digital inheritance is growing.

The future of this market holds continued expansion, driven by evolving technology trends, changing consumer preferences, and a deepening understanding of the importance of preserving one's digital legacy, making it a promising and dynamic sector with substantial growth potential.

Supply Side of the Market

Leading countries in the digital legacy market include the United States, where high digital adoption rates and tech innovation drive the industry. European nations like the United Kingdom, Germany, and France are also key players, with a focus on data protection and privacy.

In Asia, countries like India, and China are emerging markets, given their growing digital-savvy populations. Australia, and Canada also contribute significantly to the global digital legacy landscape. These nations collectively shape the industry's growth and direction.

The digital legacy market primarily relies on software development, data storage solutions, and cloud computing infrastructure rather than traditional raw materials. These elements include hardware components like servers, data centres, and storage devices.

Major suppliers of such hardware and infrastructure retain technology giants like Amazon Web Services (AWS), Microsoft Azure, Google Cloud, and hardware manufacturers like Dell, HP, and Cisco. These suppliers play a pivotal role in providing the necessary infrastructure and tools for digital legacy service providers to create and maintain their platforms securely and efficiently.

Global Global Digital Legacy Market is Segmented as Below:

By Storage Capacity:

• Up to 500 MB
• 500 MB to 5 GB
• 5 GB to 10 GB
• Up to 30 GB

By End User:

• Individual
• Group
• Family

By Application:

• Social Media
• Email
• Bank Accounts/Online Payment
• Media & Entertainment
• Miscellaneous

By Geographic Coverage:

• North America 
  • U.S.
  • Canada 
• Europe 
  • Germany
  • U.K.
  • France
  • Italy
  • Russia
  • Rest of Europe 
• Asia Pacific 
  • China
  • Japan
  • South Korea
  • India
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America 
  • Brazil 
  • Mexico 
  • Rest of Latin America 
• Middle East & Africa  
  • GCC 
  • South Africa
  • Rest of the Middle East & Africa