The contact tracing application market is expected to generate US$ 142.8 million in sales in 2023, according to Future Market Insights’ recently released research report. By 2033, the market may potentially exceed a worth of US$ 199.5 million. Market participants could estimate a CAGR of 3.4% over the forecast period.
Contact tracing technology is able to stop the spread of an infectious virus or disease by proactively identifying those who are more vulnerable than others due to potential exposure, warning them, and isolating them if required. It is a tried-and-tested strategy, and using smartphones could help to make it even more beneficial.
The World Health Organization (WHO) and other international public health organizations are progressively using multifaceted strategies to manage and contain the COVID-19 epidemic. As a result, businesses are increasingly adopting digital technologies, which are extremely important in a variety of industries, including healthcare and information dissemination. As a result, the market for contact tracing applications is expanding.
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The main driver influencing the growth of the contact tracing application market is the countries’ growing digitalization, particularly those in emerging nations. The market has been proliferating rapidly since 2020 as a result of the significant increase in the implementation of this technology to stop the COVID-19 pandemic.
The government’s intensified efforts to combat social isolation have further fueled market expansion. The increasing use of decentralized data-gathering methods and manufacturers’ greater attention to GPS, Bluetooth, and ultrasonic technology improvements are likely to enhance demand for contact tracing applications.
Given the increasing demand for contact tracing applications and the recent COVID-19 pandemic, Europe dominates the global contact tracing application market. 20 nations have introduced smartphone applications to track and contain the COVID-19 pandemic, making Europe the region with the maximum demand for contact tracking tools.
Key Takeaways from the Contact Tracing Application Market Report:
- The market in Europe is anticipated to rise, exhibiting a CAGR of 3.4% through 2033.
- North America is expected to develop at a 2.7% CAGR during the forecast period.
- With a CAGR of 4.4% over the forecast period, East Asia is predicted to develop rapidly in the market.
- The market in South Asia & Pacific is expected to proliferate, registering a CAGR of 3.9% over the forecast period.
Competitive Landscape:
Key players in the contact tracing application market are Oracle Corporation, SAP SE, Siemens AG, ServiceNow, Apple Inc., Salesforce.com Inc., T-Systems, IBM Corporation, Microsoft Corporation, and others.
Manufacturers are actively developing and producing contact-tracing applications to meet the growing demand for efficient and reliable contact-tracing solutions. These applications employ advanced technologies, such as Bluetooth and GPS, to track and identify potential exposure to COVID-19. Additionally, manufacturers are collaborating with public health authorities to ensure seamless integration with existing contact tracing efforts.
Recent Development:
- In April 2020, Apple and Google collaborated with regard to COVID-19 contact tracing technology. Both businesses have made APIs available, enabling the use of public health agency apps on Android and iOS devices. These authorised applications are available for download from the relevant app stores.
- In April 2020, to monitor infections in Germany, SAP, and Deutsche Telecom developed a contact tracing tool. A municipal health department in southern Germany is reportedly adopting a cloud-based Web tool called Corona Warn App built by SAP to automate and expedite contact tracing if a COVID-19 case is confirmed.
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Contact Tracing Application Market Segmentation
By Connectivity:
- Bluetooth
- GPS
- Both
By Operating System:
- Android
- iOS
By Regional Outlook:
- North America (USA, Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, United Kingdom, France, Italy, Spain, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Pacific (India, Thailand, Malaysia, Indonesia, Oceania, Rest of South Asia & Pacific)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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