Contact Tracing Applications Market Set to Grow at 15% CAGR: FMI Study
Contact tracing applications are being used to leverage the widespread global penetration of smartphone devices in controlling infectious disease outbreaks. According to Future Market Insights’ latest research, the market is set to grow at 15% CAGR through 2030.
Contact Tracing Application Market
A recent market study published by Future Market Insights on the contact tracing applicati...
Also, Future Market Insights has projected substantial scope of increasing applications in disease control even after the conclusion of the ongoing covid-19 pandemic.
The coronavirus outbreak which emerged out of China in late 2019, has been the primary driver for the development, deployment, and adoption of contact tracing applications.
Favorable government initiatives towards social distancing and patient tracking has also positively influenced the industry. Innovations in terms of GPS, Bluetooth and ultrasonic technologies is improving growth prospects for the industry.
App developers are pushing for the development of decentralized data collection approaches via device-based databases to keep up with strong demand for data privacy standards.
Contact tracing applications initially found use during the Ebola outbreak in the Congo. The application was developed by Global Outbreak Alert and Response Network in collaboration with WHO.
The industry has witnessed an upsurge in the development of contact tracing applications after the advent of the coronavirus pandemic in China, owing to greater financially feasibility in the scope of adoption during the crisis period.
Growing efforts by public health agencies towards community engagement will positively influence the industry. Contact tracing applications can either be run on centralized or decentralized platforms, for smartphones using iOS or Android operating systems. These programs make use of Bluetooth or GPS technologies to track potential patients, and their proximity to other users. However, developers are still challenged by issues of misinformation, cybersecurity and data privacy.
- The market for contact tracing applications is projected to display exponential growth through the forecast period on the back of the ongoing coronavirus crisis
- Decentralized, Bluetooth based applications are likely to gain strong traction as a result of data privacy concerns
- Android platforms are likely to contribute significantly to adoption owing through higher penetration of associated smartphone models
- Europe is expected to be a prominent market, with East Asia showing lucrative growth prospects on the back of mandatory use in China.
“Functional advantages of contact tracing applications include superior data quality, easier tracking and monitoring of larger numbers of people in a time effective manner, the ability of real time analysis, and the significant improvements to management and coordination of manual contact tracing teams,” said a lead analyst at FMI.
Covid-19 Impact on Contact Tracing Applications Market
Although contact tracing processes can be implemented for covid-19 control by public health authorities without the use of contact tracing applications, these programs have proven useful in large scale operations, set up by governments in many countries around the world.
Countries such as Ireland and South Korea have been able to use contact tracing applications to gain promising results towards breaking chains of coronavirus patients, limiting the risks of community transmission.
Demand for these applications has been limited to countries with high rates of smartphone penetration. In addition, ethical problems in terms of transparency, privacy, and accountability have restrained adoption during this period. Also, developer costs for user support, training, software, and hardware are limiting factors.
However, prospects for contact tracing applications remain positive for the post-pandemic era, owing to potential for use in controlling other infectious disease outbreaks worldwide, albeit at a smaller scale.
Who is Winning?
In its report, FMI has analyzed the various strategies employed by major companies operating in the contact tracing applications market. Market leaders have been observed focusing on strategic collaborations within the industry towards application development efforts for multiplatform compatibility features. In addition, developers are also pushing for contracts to push their offerings through government channels to expand regional footprint and user base.
Some of the participants operating in the contact tracing applications market include IBM Corporation, Oracle Corporation, Microsoft Corporation, Apple Inc., T-Systems, SAP SE, Salesforce.com Inc., Siemens AG, and ServiceNow.
To Know More About Contact Tracing Applications Market:
A new market research report published by Future Market Insights (FMI) on the global contact tracing applications market report offers detailed insights into the market demand trends and analysis of opportunities over the projection period, 2020-2030. The report examines the contact tracing applications market through three unique segments – connectivity, operating system and region. The market report also provides detailed assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the development of contact tracing applications and product adoption across several regions.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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