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Social Credit Market (Components - Sensors, Cameras, Biometrics, and Computer Vision; Software - Machine Learning, Data Analytics, and APIs; Application - Surveillance, Public Safety, Security, Customer Relationship Management, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2020

  • Rep Id : ICT1415

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the social credit market provides an in-depth analysis of segments and sub-segments in the global as well as regional social credit market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional social credit market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global social credit market. According to the report, the global social credit market is projected to grow at a CAGR of 10.7% over the forecast period of 2020-2026.

 

Market Insight

Social credit systems involve processes to identify people and track their activities in order to rate their behaviors and giving them a “social credit” score. The social credit score determines the public benefits and amenities an individual can get. The objectives and metrics of the social credit system majorly influence the scoring methodology. Socially acceptable behavior is the core aspect of most of the social credit systems. Government, companies, and society together determine “good”, “bad”, and “marginal” behavior within the social credit market. This presents both a challenge and an opportunity for the market. So far, only China has adopted a nationwide social credit system while a number of insurance and financial firms in several countries have adopted such systems.

 

The higher adoption of the social credit system in public safety and homeland security is the major factor driving the growth of the social credit market. Several government agencies and local governments have adopted social credit systems for public safety and homeland security. Through such systems the government can identify suspicious people and prevent any type of felony or misconduct from happening. Government agencies can track the activities of people with a negative social credit score in order to prevent them from committing any sort of misconduct. This helps in maintaining law and order in society and keeps social peace intact. Moreover, the increasing number of smart city projects, particularly in developing regions is anticipated to further boost the growth of the market. Such smart cities adopt digital systems at every level including public transit, rationing, bill payment, healthcare facilities, and others. In order to maintain order and prevention of misconduct in public digital systems, the local bodies in smart cities adopt social credit systems. This, in turn, boosts the demand for Social Credit around the world. However, the abuse of social credit systems for political issues is one of the major concerns restraining the growth of the market.

 

Additionally, the current concerns over the outbreak of coronavirus are expected to influence negatively the growth of the social credit market in the short term. Governments are trying to contain the pandemic by enforcing social distancing among the population by shutting down the nations. Due to such shut-down, the economy in these countries had slowed down, resulting in the loss of revenues in several organizations as well as government incomes. This led government of the countries to curb the tax penalties, which consequently limits the use of social credit systems. On the other hand, by using social credit systems government can encourage people to stay at home, abide by the lockdown orders, and stop the spread of COVID19. The governments are also introducing several economic packages and relief programs for the people affected coronavirus and lockdowns. The related government bodies can use social credit systems for the effective distribution of such packages and assistance. This, in turn, is anticipated to augment the demand for social credit systems in the future.

 

Among the geographies, the Asia Pacific region is expected to hold the largest share in the global social credit market as China is the major user of the system. The country was the first to implement the nationwide social credit system. Started in 2008 as a pilot program in selected regions, the social credit system later became the nationwide program in 2014. The motive of the government to regulate social behavior, and improve the trustworthiness among its people is the major factor influencing the adoption of the social credit system in China. Moreover, many insurance and financial firms from other countries in the Asia Pacific have implemented the social credit system to ensure the recovery of loans and credits. Many countries in Europe including Russia, Germany, and the UK use a credit scoring system to categorize individuals. While the credit systems in these countries aren’t stringent and obligatory like China, they still work on a similar concept of scoring individuals on the basis of their behavior. The growing implementation of such systems across various industries around the world is expected to boost the growth of the market.

 

Segment Covered

The report on the global social credit market covers segments such as components, software, and application. On the basis of components, the sub-markets include sensors, cameras, biometrics, and computer vision. On the basis of software, the sub-markets include machine learning, data analytics, and APIs. On the basis of application, the sub-markets include surveillance, public safety, security, customer relationship management, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as ACTi Corporation, Analog Devices, Inc., Baidu, Inc., Bosch Security Systems, China Rapid Finance, Cisco Systems, Inc., Deep Vision AI, Inc., Tencent Holdings Ltd., Neurotechnology, and Omron Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of social credit market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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