Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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 firms 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 governments 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.
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.
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.
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 the social credit
market. Moreover, the study highlights current market trends and provides
forecasts 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.
Please Choose One of them.