DUBLIN--(BUSINESS WIRE)--The "COVID-19 Impact on the Facial Recognition Market by Component (Software Tools and Services), Vertical (BFSI, Government & Defense, Retail & E-Commerce, Healthcare, Education, Automotive, and Others), and Region - Global Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.
The global facial recognition market size to grow from USD 3.8 billion in 2020 to USD 4.5 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
The major growth factors of the facial recognition industry include government and companies worldwide shifting their focus on facial recognition from touch-based biometrics.
Cloud facial recognition expected to attain substantial growth during the forecast period.
The demand for services is on a surge during the pandemic due to a rise in the tailored demands of customers. The requirement of innovative cloud-based facial recognition solutions, which are effectively coupled with big data, AI, security, and network connectivity, is on a surge in different verticals. The adoption of cloud-based facial recognition is expected to rise in the coming years, as regulatory authorities of various countries are majorly focused on monitoring the health, safety, and surveillance of their citizens.
The government and defense segment projected to exhibit the highest CAGR during the forecast period.
Governments across the world are using facial recognition solutions and other surveillance technology for contact tracing to limit the spread of coronavirus. Countries such as Singapore, Taiwan, South Korea, and even some parts of India used contact tracing across digital and physical space. When an individual is admitted with COVID-19 symptoms, the government retrieves the data spanning 14 days before his/her travel history, purchases, people who came in contact. These people have been tested and asked to home quarantine themselves. This was possible with the help of facial recognition and other technology implementation in public and private areas.
Asia Pacific projected to grow at the highest CAGR during the forecast period.
The widespread COVID-19 has changed the dynamic of many countries and their working cultures. Countries such as South Korea and Singapore have done better than Spain and Italy. Asian countries have used technologies, which can resist the pandemic. However, questions have been raised about violations of citizen's privacy in these countries. South Korea has designed an app called Corona 100m, which alerts the users if they come within a range of 100 meters of a corona affected person.
After returning from Italy, a family in Kerala tested positive for which the authority quickly detected the places they visited and the people they met by using facial recognition and CCTV footage with the help of which the administration listed 900 people that could have been in contact with the family. The government of Kerala has taken various steps along these lines. At Kochi airport, the incoming travelers are asked to download an application called MaaS360 developed by IBM, which will help the authorities to track them.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Impact on the Ecosystem and Extended Ecosystem
4.1 Facial Recognition Ecosystem Analysis, by Stakeholder
4.1.1 Technology Providers
4.2 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
4.2.1 Drivers and Opportunities
5 Business Implications of COVID-19 on the Facial Recognition Market
5.1 Implication on Technology Segments (Pessimistic, Pre-COVID, & Optimistic Scenarios)
5.1.1 Component Forecast, 2020-2021
5.1.1.1 Forecast, 2020-2021 (Optimistic/Pre-COVID/Pessimistic)
5.1.2 Services Forecast, 2020-2021
5.1.2.1 Forecast, 2020-2021 (Optimistic/Pre-COVID-19/Pessimistic)
6 COVID-19 Impact on Major Verticals with Use Cases and How Clients Are Responding to the Current Situation
6.1 Banking, Financial Services, and Insurance
6.2 Government and Defense
6.3 Retail and Ecommerce
6.4 Healthcare
6.5 Education
6.6 Automotive
6.7 Others
7 COVID-19 Impact on Regions
7.1 North America
7.2 Europe
7.3 Asia Pacific
7.4 Middle East & Africa
7.5 Latin America
8 COVID-19 Focused Profiles of Key Vendors
8.1 Introduction
9 Appendix
9.1 Knowledge Store: Subscription Portal
9.2 Author Details
Companies Mentioned
- Aimbraine (Biocatch)
- Aware
- Ayonix
- Cognitec
- Daon
- FaceFirst
- FacePhi
- Fulcrum Biometrics
- Gemalto
- Herta Security
- id3 Technologies
- Idemia
- Innovatrics
- Megvii {Face++}
- NEC
- Neurotechnology
- nVviso SA
- Sightcorp
- SmilePass
- Stereovision Imaging
For more information about this report visit https://www.researchandmarkets.com/r/x7ku22
