Future Market Insights (FMI) projects that the global contact tracing application market will be reflecting a notable compound annual growth rate (CAGR) of 15% over the forecast period of 2020-2030.
The contact tracing applications — such as the one co-developed by Apple and Google — gained popularity worldwide for its role in tracing infection as well as disease control programs, particularly after COVID pandemic. Moreover, the adoption scope of this application soared after recommendations from key regulatory bodies such as WHO to control the outbreaks.
The FMI report further states that digital technologies’ role in controlling the infectious disease as well as several sectors such as healthcare and public information distribution is projected to foresee sturdy growth over the years to come.
“Functional benefits of contact tracing applications are effective tracking and monitoring of larger numbers of people, superior data quality, real-time analysis, and the substantial improvements to coordination and management of manual contact tracing teams,” says the research group.
Key points of the FMI report include:
- In terms of connectivity, the Bluetooth based connectivity has gained traction in contrast to GPS based connectivity.
- Based on the operating system, although iOS phones hold about 20% of all smartphone sales, android phones are highly adopted to contact tracing applications.
- Rising smartphone users have prompted the success of contract tracing applications which further plays an important part of market growth.
- Increasing confidentiality concerns have prompted tech giants to voluntarily participate in resolving data confidentiality and short term data storage.
- The market is highly dependent on the community engagement, through public health agencies and application developers, to boost awareness and market growth.