Global Digital Legacy Market 2024–2033

Source: According to Our World in Data

The Digital Legacy Market encompasses services and solutions focused on managing an individual’s digital assets, online presence, and digital footprints after their passing. It involves planning, securing access to online accounts, and preserving digital data for inheritance or personal wishes.

The market operates in the digital realm, utilizing technology to handle and safeguard sensitive digital information. It involves digital estate planning, data encryption, privacy protection, and personalized solutions to cater to individual preferences.

Key trends include increased awareness and demand for digital legacy services, integration with estate planning offerings, emphasis on data security and privacy, and the rise of tech-savvy generations driving the need for personalized and efficient digital legacy management solutions.

Digital Legacy Market – Significant Growth Factors

The Digital Legacy Market presents significant growth opportunities due to several factors:

• Increasing Digital Footprint: The widespread adoption of digital technologies and social media has resulted in a significant digital footprint for individuals. This has driven the need for managing and preserving digital legacies, including personal data, online accounts, and digital assets.

• Growing Awareness and Education: As awareness about the importance of digital legacy management increases, more individuals and businesses are seeking solutions to address their digital assets and online presence after their passing. This awareness has fuelled the demand for digital legacy services.

• Legal and Regulatory Developments: The evolving legal landscape around digital assets and inheritance has become a driving force in the market. Governments and authorities worldwide are recognizing the significance of digital legacies and are formulating laws and regulations to address these aspects.

• Data Security and Privacy Concerns: With the rising emphasis on data security and privacy, individuals and businesses are seeking secure solutions for managing their digital legacies. Service providers that offer robust encryption and privacy measures gain a competitive advantage in the market.

• Innovative Service Offerings: There is ample scope for developing innovative digital legacy services that cater to diverse customer needs. Personalized solutions, user-friendly interfaces, and seamless synchronization across devices present significant opportunities.

• Integration with Estate Planning Services: The integration of digital legacy management with traditional estate planning services presents a lucrative opportunity. Comprehensive estate planning firms can offer holistic solutions to address both physical and digital assets.

• Catering to Tech-Savvy Generations: Younger generations, being more digitally native, present a growing opportunity for service providers to tailor solutions that align with their preferences and values for managing their digital legacies.

• Global Market Expansion: As the awareness of digital legacy management spreads globally, there is ample potential for service providers to enter and expand their offerings in untapped markets, creating a wider customer base and diversifying revenue streams.

Digital Legacy Market – Mergers and Acquisitions

The Digital Legacy Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Digital Legacy Market include:

• In 2018, LegacyArmour, a digital legacy management platform, formed a partnership with Legal & General America, a leading life insurance provider. The collaboration aimed to offer enhanced digital legacy planning and protection services to policyholders, ensuring a seamless integration of digital assets and beneficiary information.

• In 2019, Everplans, a digital estate planning platform, partnered with AARP (American Association of Retired Persons) to provide its members with access to comprehensive digital legacy planning tools. The collaboration sought to empower AARP’s members to efficiently manage their digital assets and online presence for future generations.

• In 2020, Legacy Armour was acquired by Vivos, a provider of digital memorialization services. The acquisition aimed to combine Legacy Armour’s expertise in digital legacy management with Vivos’ memorialization solutions, offering customers a seamless experience for preserving their digital legacies.

• In 2021, Everplans was acquired by 1-800-FLOWERS.COM Inc., a leading gifting and floral company. The acquisition allowed 1-800-FLOWERS.COM to expand its services into the digital legacy market, offering customers a comprehensive platform for both gifting and legacy planning.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Digital Legacy Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Digital Legacy Market – Significant Threats

The Digital Legacy Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Data Privacy and Security Risks: The Digital Legacy Market faces significant threats concerning data privacy and security. Managing sensitive digital information after someone’s passing requires robust security measures to safeguard against data breaches and unauthorized access, as mishandling such data could have severe consequences for individuals and their families.

• Legal and Regulatory Challenges: The evolving legal landscape around digital assets and inheritance poses a significant threat to the market. Varying laws and regulations across different jurisdictions can create complexities in managing digital legacies, leading to legal disputes and uncertainties for service providers and customers.

• Lack of Awareness and Adoption: Despite increasing awareness, the Digital Legacy Market still faces challenges in reaching a wider audience. Many individuals and businesses are not fully aware of the importance of digital legacy planning, leading to limited adoption of services, and inhibiting market growth.

• Rapid Technological Changes: The fast-paced nature of technology can pose a threat to digital legacy solutions. As new digital platforms and services emerge, service providers need to continuously adapt to ensure compatibility with evolving digital environments, maintaining the accessibility and integrity of clients’ digital legacies over time.

Report Scope

Category-Wise Insights

By Storage Capacity:

• Up to 500 MB: This category typically includes small-sized digital assets such as documents, images, and basic media files, which can be efficiently managed using basic cloud storage solutions and file-sharing platforms.

• 500 MB to 5 GB: Digital assets in this range encompass more substantial files, like videos and high-resolution images, necessitating more robust cloud storage options with enhanced security features and seamless synchronization across devices.

• 5 GB to 10 GB: This category covers larger data files, including extensive media libraries and documents, requiring advanced cloud storage and organization solutions that offer scalable capacities, efficient data management, and data encryption for added protection.

• Up to 30 GB: Digital assets in this range are extensive and may involve complex data sets or multimedia archives, demanding specialized cloud storage services with comprehensive data backup, easy retrieval, and reliable data retention to ensure seamless access and management of these valuable assets.

By End User

• Individual: Individual end users in the Digital Legacy Market refer to single individuals who seek to manage their digital assets and online presence for their own personal legacy. Trends include a growing awareness of the need for digital legacy planning, increased adoption of user-friendly digital legacy platforms, and a focus on personalized solutions.

• Group: Group end users represent organizations or associations with shared interests, such as clubs or professional networks. The trend involves partnerships with digital legacy service providers to offer customized solutions to group members, ensuring efficient management of their collective digital legacies.

• Family: Family end users encompass multiple individuals from the same family unit. Trends include a rise in family-oriented digital legacy platforms that enable the secure sharing and preservation of family memories, documents, and digital assets, fostering a sense of digital heritage and continuity.

By Application

• Media: In the Digital Legacy Market, media companies focus on managing digital assets like photos, videos, and creative content. Trends include personalized digital archives, secure access for designated beneficiaries, and integration with media management platforms for seamless preservation and sharing.

• Entertainment: In this application, digital legacy services cater to artists, musicians, and performers. Trends include digital rights management, legacy planning for intellectual property, and secure storage of unreleased works, ensuring their preservation and controlled distribution after the artist’s passing.

• Healthcare: In the healthcare sector, digital legacy solutions involve managing sensitive medical records, advance directives, and end-of-life wishes. Trends include secure healthcare data storage, encrypted access for authorized parties, and integration with electronic health record systems to streamline legacy planning.

• Others: Beyond the mentioned applications, the Digital Legacy Market addresses diverse needs like business data management, educational assets, and charity-related legacies. Trends include customizable legacy planning for specific use cases, secure data sharing with designated beneficiaries, and innovative solutions to accommodate various digital assets and preferences.

Digital Legacy Market – Regional Analysis

The Digital Legacy Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

• North America: In North America, the Digital Legacy Market trends include a strong emphasis on data privacy and security due to stringent regulations. Personalized and comprehensive digital legacy planning services are on the rise, addressing diverse assets and preferences. Additionally, the integration of digital legacy management with estate planning services is gaining traction, providing holistic solutions for individuals and businesses. Some dominating market players in North America are LegacyArmour, Everplans, and Rocket Lawyer. These companies offer innovative digital legacy solutions, with a focus on data security, user-friendly interfaces, and seamless integration with estate planning services.

• Europe: In Europe, the Digital Legacy Market trends include the growing adoption of digital legacy planning among tech-savvy populations. Data privacy and compliance with GDPR (General Data Protection Regulation) are crucial considerations, leading to the development of secure and privacy-focused solutions. Moreover, collaborations with legal and financial institutions for estate planning integration are becoming prominent. In Europe, significant market players include Arken Legal a provider of digital estate planning software, and Perpetu, a UK-based digital legacy platform. These companies offer reliable solutions, incorporating legal compliance and personalized digital asset management.

• Asia-Pacific: In the Asia-Pacific region, the Digital Legacy Market is witnessing increased awareness about digital legacy planning. Growing tech adoption among younger generations is driving demand for innovative digital legacy services. Solutions that accommodate diverse cultural preferences and multilingual interfaces are gaining traction in this region. Key market players in the Asia-Pacific region include GoodTrust, a digital legacy management company, and Vivos, a provider of digital memorialization services. These companies cater to the region’s unique needs, offering personalized solutions and secure data management.

• LAMEA (Latin America, Middle East, and Africa): In LAMEA, the Digital Legacy Market is evolving gradually, with a focus on raising awareness about the importance of digital legacy planning. Digital memorialization and preserving cultural heritage are gaining significance. Moreover, partnerships with financial institutions and governments are being explored to promote adoption. While the market is still developing in LAMEA, LegacyArmour and Legacy Angel are among the notable players offering digital legacy services in the region. They are working to expand their presence and cater to the specific needs of this diverse and growing market.

Competitive Landscape – Digital Legacy Market

The Digital Legacy Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• pCloud
• Tresorit
• Mega
• SpiderOak
• Boxcryptor
• Mega.nz
• Tutanota
• Google Drive
• Dropbox
• Microsoft OneDrive
• Apple iCloud
• Amazon Drive
• Sync.com
• Backblaze
• Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, in 2021, LegacyAngel, a prominent digital legacy management platform, formed a major partnership with a leading financial institution to offer its customers enhanced estate planning and digital legacy services. The collaboration aimed to provide a seamless and comprehensive solution for managing clients’ digital assets and online presence after their passing.

In recent years, several new players have entered the Digital Legacy Market, adopting innovation and development to establish their presence. These emerging companies focus on cutting-edge technology, user-friendly interfaces, and personalized solutions to address diverse customer needs. They leverage advancements like blockchain for secure data management, AI for personalized asset curation, and mobile apps for seamless accessibility. These new entrants aim to disrupt the market by offering novel approaches and expanding the scope of digital legacy planning services.

Among the key players dominating the Digital Legacy Market are LegacyArmour, Everplans, and LegacyAngel. These companies have established a strong foothold through their comprehensive and reliable digital legacy solutions. They prioritize data security, ensuring encrypted and privacy-focused services. Additionally, these market leaders offer seamless integration with estate planning, legal compliance, and user-friendly interfaces. Their well-established reputation, extensive customer base, and constant innovation make them dominant forces shaping the growth and development of the Digital Legacy Market.

The Digital Legacy Market is segmented as follows:

By Storage Capacity

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

By End Users

• Individual
• Group
• Family

By Application

• Media
• Entertainment
• Healthcare
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America