Companies after COVID-19 Impact on Facial Recognition Market | MarketsandMarkets

According to a 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 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.

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