The increase in the demand for the isolation of infected individuals is providing new opportunities to the contract tracing technology market.
Covid-19 Impact & Market Status
Due to COVID-19, various infectious cases led various companies to stop their work. The lockdown situation forced the companies to pause their work due to the unavailability of infrastructure, labourers, transportation, and many other facilities. With this, the market value of these companies dropped and their revenue generation capability declined. Despite all these situations, the contract tracing technology market experienced growth and progress because of an increase in the number of affected people, there was an urgent need to track and isolate them so that other people could be saved.
The size of the global market for Contract Tracing Technology is expected to reach USD 26.71 Billion by 2027, expanding at a compound annual growth rate (CAGR) of 17.5%.
This helped the contract tracing technology market to increase its market value and its revenue generation capability increased. With financial support from the government, various organizations started the development of contract tracing devices.
GPS technology is highly supportive for a medium range contract tracing device development.
Various potential companies are trying to design more compatible and user-friendly contract tracing devices. For this, various advanced tools and techniques are used by skilled developers, technicians, and testers. Every module requires high network connectivity and strong communication channels so that the connected interfaces can work properly. This can be achieved by using the cloud and other services available under the internet of things including GPS, NFC, and much more.
Among all the available services, GPS is most suitable when the communication and network range is upto a medium distance as compared to the geographical region under the scope of the project. This makes connectivity with other interfaces easier and supports various types of interfaces so that the device can perform multiple functions concurrently. This enhances the quality and efficiency of the device and captures highly reliable data that can be used for further processing. In this way, the tracking device does analysis, filtration, and various other tasks at the same time and provides highly precise output in the form of structured and unstructured data. This data is further mapped and processed to get the final output in the required format.
Advanced technologies including the internet of things and cloud computing are driving the global contract tracing technology market.
With the increase in the spread of various diseases including coronavirus, there is an emergent need to detect the infected people and isolate them so that healthy people can be saved from getting infected. Such cases increase the need of detecting the infected ones who might be unaware that they have been infected or are hiding purposely. In any case, they need to be identified so that they can be treated properly in time and their lives can be saved.
Every disease is not fatal but it can spread to others via physical contact or can be transmitted through air, water, etc. Due to these things, the situation can get worse and people won’t be able to step out of their house due to polluted and infected environment. To prevent this from happening, precautions should be taken at an early stage. That’s why various organizations are developing tracing devices and software platforms that could help the government track infected people and stop the spread of viruses.
The Compound Annual Growth Rate (CAGR) of the global contract tracing technology market is expected to be 18.25% with an increased market size of USD 45.36 Billion.
Various potential organizations are developing different devices controlled by software platforms that help in contract tracing so that people with infectious diseases can be tracked and isolated timely and this is done effectively so that the result generated is precise. For this, various tools and techniques are provided by the internet of things, machine learning, etc. to improve the quality of identification, filtering, and much more.
Apart from these technologies, the cloud platform provides sufficient storage for the unstructured data that is generated while data capturing of infected people. Also, the training and testing models work on a huge amount of data that needs to be processed, filtered, and then it can be used. It also helps in networking and communication of other platforms with the data volume so that data can be stored, retrieved, and processed accordingly.
For tracking a particular person or a particular location, based on the input provided, these devices use GPS to connect with the server and fetch the details accordingly. There are various advanced technologies like GPS, Wi-Fi, and much more are used so that the device can be designed according to the requirement. The major requirement is concerned with the range upto which connectivity is required. If the device is to be designed for a short range, NFC can be used and it will give precise results.
The contract tracing technology market is a trend for a very long time as it helps in tracking people and specific places. Previously, these devices have helped in the tracking of patients suffering from STDs, tuberculosis, and other fatal infections. Hence, they are used for a very long time and have evolved with technology transformation. Currently, available contract tracing devices are highly sophisticated and have many features including image capturing, digital analysis, matrix evaluation, and much more. This helps the technology industries to increase user experience and the compatibility of the device across various platforms and operating system so that its usage can be increased.
The government of various nations is heavily spending on the development and growth of the contract tracing technology market so that it can stop or minimize the spread of viruses to ensure the safety of its citizens. With its help, the health rate of a nation can be improved as people can be treated on time and other people can be saved from getting infected. In this way, it helps people by having a regular check over their societies and eliminating any unwanted risk. This is a crucial step when it comes to mass safety measures and development.
Despite all these features, the growth of the contractual tracking technology market is limited as it is expensive. The development, deployment, and maintenance of the contract tracing device requires expensive tools and highly skilled technicians which increases its production price. Also, its operation is complicated and without skilled technical support, the device cannot be operated with full efficiency.
The major players of the global contract tracing technology market ImageSoft Inc., Google, IBM, Apple, Salesforce, Microsoft, Facedrive, Polte Corporation, Everbridge, and Triax Technology.
Latest Innovations in the Global Contract Tracing Technology Market: a Snapshot
- Various potential companies like Apple, Microsoft, etc are trying their best to increase the CAGR of the contract tracing technology market by the end of the forecast period.
Contract Tracing Technology Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2027||USD 26.71 Billion|
|Growth Rate||CAGR of 17.5% during 2021-2027|
|Segment Covered||Database Management, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Apple, Google, Microsoft, Polte Corporation, Triax Technologies, Everbridge|
Key Segments of the Global Contract Tracing Technology Market
Technology Overview, 2018-2028 (USD Billion)
- Global Positioning System (GPS)
- Wireless Fidelity (Wi-Fi)
- Near Field Communication (NFC)
- Wireless Sensor Network Technology
- Radio Frequency Identification (RFID)
Devices Overview, 2018-2028 (USD Billion)
- Internet of Things
- Standalone Solutions
Database Management Overview, 2018-2028 (USD Billion)
- Mass Tested
- Self Reported
- Health Tracking Solutions
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa