The latest report on Social Credit Market by Infinium Global Research gives complete coverage of the Social Credit Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2020 to 2026. In addition, the study covers deep dive into key product and applications trends in the regional markets of Social Credit such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report Shall be Revised to 2020-2026. The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.
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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
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.
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Demand for Social Credit Systems in the Future
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.
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- Comprehensive analysis of global as well as regional markets of the Social Credit.
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