COVID-19 Impact on Facial Recognition Market

Key players adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches further to expand their presence in the COVID-19 Impact on the Facial Recognition Market

MarketsandMarkets forecasts 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 for the facial recognition market include the focus of the government and companies on facial recognition rather than touch-based biometrics. As a result, the demand for facial recognition in monitoring and tracking of people's movement, identity verification, security measures, patient identification, is expected to increase, which, in turn, would result in the adoption of facial recognition technology by Q4 2021.

The major vendors profiled in the global facial recognition market include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), Nvviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), Herta Security (Spain), Megvii {Face++} (China), FaceFirst (US), Sightcorp (Netherlands), FacePhi (Spain), and SmilePass (UK), Aimbraine {Biocatch} (London), Fulcrum Biometrics (Texas).

These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches further to expand their presence in the global facial recognition market. Partnerships, new product launches, acquisitions, and product enhancements have also been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them innovate their offerings and broaden their customer base.

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NEC partnered with software developers in New Zealand to develop NEC iQuarantine, a facial recognition mobile app, which people can be used for location tracking, identity verification through biometrics, symptom monitoring of COVID-19, triage, case escalation, and case intervention. It offers self-assessment to the citizens and guides them on daily monitoring, capturing, and update of the centralized system. In March 2020, Mark Ikeno, CEO, NEC Corporation of America, announced that the health of his firm’s customers, partners, employees, and their families is important. Hence, NEC would adopt guidance from the US Center for Disease Control. NEC reduced staff strength in the Bay Area, and only business-critical functions were allowed.

Moreover, the majority of the employees are suggested to work remotely. Similarly, in Europe, NEC implemented several precaution measures in accordance with guidance by the government and the World Health Organization (WHO) to protect employees, customers, partners, and businesses in the region. NEC, partnered with VeriTrans, to provide facial recognition technology for a cashless payment trial for 7-Eleven Japan. In Japan, NEC has also implemented facial recognition solutions for its employees, and employees can now even havemasks and sunglasses on while entering or exiting the premise.

Related Reports:

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

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Report Code
TC 7674
RI Published ON
6/2/2020
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