Global Contact Tracing Application Market – Overview
The global public health agencies such as the World Health Organization (WHO) are increasingly adopting multipronged approaches to handle and control the COVID-19 crisis. Thus, the organizations are inclined to adopt digital technologies, which are giving utmost importance in various sectors including healthcare and information distribution. Thus, the market for contact tracing application is gaining traction.
Global Contact Tracing Application Market – Notable Developments
The market for contact tracing applications has become competitive as large players are increasingly entering the market. Currently, the key players such as Google Inc. and Apple Inc. dominate the market. The players are majorly focused on pandemic control and monitoring by tracing contacts; in order to achieve this, they are increasingly developing their applications and offering several features based on different technologies. Hence, the key players are entering into strategic collaborations and partnerships.
Some of the key players identified in the contact tracing application market are Google Inc., Apple Inc., SAP SE, ServiceNow, Siemens AG, Oracle Corporation, and IBM Corporation.
- In 2020, Siemens AG has also played its role by developing a manual contact-testing feature for workers in China in collaboration with Salesforce.com to identify and limit the spread of COVID-19. Such initiatives fuelled the adoption of contact tracing application and benefited the market growth.
- Additionally, SAP SE developed the Corona-Warn-App in collaboration with Telekom, which is the open-source application developed based on the Google-Apple platform.
- In addition, recently, Saudi Arabia introduced the contact tracing application to restrict outbreak of the deadly virus in the region.
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Global Contact Tracing Application Market – Drivers and Restraints
Earlier, the contact tracing applications were based on gathering data regarding contact history and user health. However, the increasing adoption of newer technologies is increasing the trust in the contact tracing application and in turn driving the growth of the global contact tracing application market.
On the other side, the data and privacy concerns among people are major push back for the growth of the market. Thus, some of the governments are introducing decentralized applications, which restrict accessing private data in order to gain trust in contact tracing applications. These efforts and robust use of smartphones are offering newer and lucrative opportunities for growth of the market in the coming years.
Additionally, the increasing government support to deploy the applications and several trust-building efforts are boosting the adoption of the contact tracing applications, which in turn fuelling the market growth. This factor is estimated to remain the same for the next few years until the war against COVID-19 is finally won globally.
The contact tracing applications offer the benefits of issuing warnings against scalable contagion by tracking the contact and reducing the burden on healthcare professionals. Thus, the adoption of contact tracing applications is witnessed significantly in short term. Furthermore, the increasing innovations regarding short-term data storage and voluntary participation set higher standards of confidentiality are further encouraging the adoption of contact tracing application and support the growth.
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Global Contact Tracing Application Market – Geographical Outlook
Europe is one of the key dominant in the contact tracing application market owing to the increasing need for contact tracing applications and the most recent outbreak of COVID-19. Europe region is the major consumer for the contact tracing applications with 20 countries introducing smartphone applications aiming to track and limit the outbreak of COVID-19. The government funding and collaborations with major companies to improve their service and issue a timely warning to potential infections and carrier is encouraging other countries to adopt these applications as well. This is a key factor driving the growth of the global contact tracing application market.
The applications are playing a vital role in limiting the coronavirus outbreak in North America as well. However, the number of states adopting these applications is limited, which is restraining the growth of the market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.