CHICAGO, June 3, 2020 /PRNewswire/ -- According to the new market research report "COVID-19 Impact on 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", published by MarketsandMarkets™, the global Facial Recognition Market is projected 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.
COVID-19 impact on enterprises and economies is transforming the way businesses are operated and delivered worldwide. Public and private sector organizations are taking drastic measures to mitigate the impact of COVID-19 pandemic on regular business conditions, such as remote work culture, ensuring the safety of their workforce through social distancing within the premises.
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The gig economy way of conducting businesses through permanent and contract employees have become the new normal during this crisis period. Factors such as a rise in government spending on security and public safety, along with the increase in demand for contactless identity verification systems, are driving the demand for facial recognition solutions and services. The increasing need for security and maintaining privacy has impacted the facial recognition market.
The government and defense vertical is projected to witness the maximum growth rate during the forecast period
Governments are relying on ubiquitous sensors and powerful analytics algorithms, instead of the physical presence of a human. In the war against COVID-19, several governments have implemented these new surveillance devices in healthcare, public safety, and surveillance applications. There are some major surveillance and authentication use cases of facial recognition to fight against COVID-19.
Governments of all the COVID-19-affected nations have allocated special budgets to fight the epidemic. Different countries are also using digital technology to tackle the pandemic by strict monitoring with Closed-Circuit Television (CCTV) cameras and using smart city services, such as smart transportation, smart parking, and smart citizen services for their citizens. People are advised to use delivery apps for essential items required. Maps are used to locate the real-time availability of essential items with confirmation from local people over the app. Digital banking transactions are also promoted to avoid touch and flow of contaminated cash.
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By region, Asia Pacific is projected to grow at the highest CAGR during the forecast period
The widespread effect of 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. China has also implemented a facial recognition system with a temperature indicator in buses, which will help to identify COVID-19 affected individuals instantly and alert driver in such situations.
The use of these technologies is also seen in the banking sector. The digital channels provide banks with data quickly and securely from the customers. Hong Kong, Singapore, South Korea are among the countries that already have digital banking licenses. Several banks in Asia are implementing new technologies. For example, Seven Bank of Japan is using facial recognition technology in its ATMs so that the customers can open their accounts directly from the machines for which it is not required to visit banks. According to McKinsey, it is found that 55% to 80% of people preferred accessing their accounts digitally.
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