The Global Face Mask Detection Market Anticipated to Generate a Revenue of $3,040.9 Million, Growing at a CAGR of 10.9% from 2021 to 2028Download Sample Reports Overview
The global face mask detection market is estimated to be valued at $3,040.9 million by 2028, surging from $1,191.6 million in 2020, at a noteworthy CAGR of 10.9%.
Impact Analysis of COVID-19 on the Face Mask Detection Market
The COVID-19 epidemic has caused damage to the worldwide industrial sector and material and product supply chains. International borders closed, economies decimated, and billions of people were quarantined or secluded in their own homes. The World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) advised social separation and use of sanitizers & face mask as important strategies for containment till vaccination reaches most of the population. Owing to such pandemic situation, the demand for face mask detection increased in last couple of years and is anticipated to grow over the forecast period.
Global Face Mask Detection Market Analysis
Due to the worldwide COVID-19 corona virus outbreak, the wearing of face masks in public is becoming more mandatory. COVID- 19 infected almost five million people in 188 countries in less than six months. The virus is propagated by close contact particularly in congested and overcrowded environments. With the use of modern technologies like artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML), spread of virus can be mitigated in the short term. Many countries have regulations requiring people to wear face masks in public. In public spaces, however, monitoring big gatherings of individuals is getting more challenging. Owing to this, face mask detection solutions in conjunction with surveillance cameras have helped to prevent COVID-19 transmission by detecting people who aren't wearing face masks. Moreover, increasing need to mitigate the spread of the new variants of coronavirus, use of face masks, and its detection in public for monitoring will lead to market growth across the world.
Precision in face mask detection and privacy & security concerns among public are likely impede the growth of the market.
However, use of computer vision and machine learning techniques in detection of face masks for enhanced accuracy will present new opportunities for the vendors in the market.
Global Face Mask Detection Market, Segmentation
The global face mask detection market is segmented based on component, end-use, and region.
The component segment is further divided into hardware and software. The software sub-segment of the global face mask detection market is projected to have the fastest growth and surpass $1,731.5 million by 2028. The growth can be attributed to the various face mask detection software inbuilt with novel technologies such as artificial intelligence and machine learning are being developed. Moreover, there has been growing demand of face mask detection software to be incorporated in the existing camera or CCTV infrastructure.
Based on end-use, the face mask detection market has been divided into retail, corporate infrastructure, airports, hospitality, and others of which the retail sub-segment is projected to generate the revenue of $452.3 million by 2028, with the fastest compound annual growth rate of 11.9% during the forecast period. With the development of public spaces such as retail stores, malls, and restaurants, as well as the tightening of limitations on public mobility, the monitoring of persons wearing masks has become imperative. Face mask detection market is expected to rise because of the increase in the number of in-store customers and growing worries about the rising number of coronavirus infections.
The face mask detection market for the Europe region is projected to witness a rapid growth. This market generated a revenue of $255.5 million in 2020 and is further projected to reach up to $696.4 million by 2028. Various European countries such as Germany, France, and Poland, among others have made wearing of face masks compulsory in public places such as public transport, religious facilities, commercial facilities, and market places, among others. Moreover, rising cases of other variants of coronavirus such as Delta and Omicron have increased the need for public monitoring wearing face masks. Therefore, the region is likely to witness substantial market growth in the coming years.
Key Players in the Global Face Mask Detection Market
Face mask detection market share has been accounted by key players like
- Trident Info
- Accubits Technologies
- Intelligent Security Systems
- Sensource Inc,
- NEC Corporation, among others.
Moreover, the market is fragmented owing to the presence of large number of manufacturers.
Along with company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Face Mask Detection Market:
- Bargaining Power of Suppliers: There is a scarcity of software professionals with experienced deploying artificial intelligence and machine learning. AI and ML technology being at nascent stage, organizations will have to bear exorbitant cost in recruiting talented professionals.
Thus, the bargaining power of the suppliers is high.
- Bargaining Power of Buyers: Because there are few industry competitors in the face mask detection market, purchasers have little bargaining power. However, buyers' switching costs are cheap, and enterprises' product differentiation is limited, reducing vendors' bargaining leverage.
Thus, the bargaining power of the buyers is moderate.
- Threat of New Entrants: Because of low capital investment and economies of scale, the information technology industry has few entry barriers, allowing new entrants to start their own business. However, the technologically advanced items offered by the major manufacturers may make it more difficult for new entrepreneurs to enter the market.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: The deployment of CCTV and manual monitoring by authorities is the time-consuming activity in terms of competition. Furthermore, because the technology is new, there is no comparable substitute on the market.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: With a large number of small businesses, the market is inherently fragmented. Competition competitiveness in the market is projected to rise over the projection period due to price differential, low capital investment, and low entry barriers.
Therefore, the competitive rivalry in the market is moderate.
Mr. Abhishek Paliwal
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