Contact tracing applications market set to grow 15% CAGR through 2030

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According to a study by Future Market Insights, the contact tracing applications market is set to grow 15% CAGR through 2030.

“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 Future Market Insights.

Key highlights noted in the report include that the market for contact tracking 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; and Europe is expected to be a prominent market, with East Asia showing lucrative growth prospects on the back of mandatory use in China.

COVID-19’s impact on the contact tracing applications market

The COVID-19 pandemic has played a role in the contact tracking application market’s growth: according to the study, the pandemic has been the primary driver for the development, deployment and adoption of contact tracing applications. Government initiatives toward social distancing and patient tracking has influenced the industry’s growth, as well.

The study also has projected an increase in disease control applications as a result of the COVID-19 pandemic.

According to the study, 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.

Despite the market’s growth, 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.

“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,” the report said.

This report analyzed various strategies employed by major companies operating in the contact tracing applications market. Some of the participants operating in the contact tracing applications market include IBM, Oracle, Microsoft, Apple, T-Systems, SAP SE, Salesforce.com, Siemens AG and ServiceNow.