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Global Facial Recognition Market Report, 2016: 3M Cogent, Cognitec Systems, NEC & Safran Dominate the Industry
Date:12/2/2013

DUBLIN, December 2, 2013 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/lshjw8/global_facial) has announced the addition of the "Global Facial Recognition Market Report, 2016" report to their offering.

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The analysts forecast the Global Facial Recognition market to grow at a CAGR of 24.5 percent over the period 2012-2016.

One of the drivers in this market is the growing need for high-level security in the Government sector. Government departments such as Intelligence, Defense, Finance, and Military are the major adopters and users of facial recognition technology. In recent years, the Government sector has been the major revenue contributor to the market.

The Global Facial Recognition market is witnessing an increasing number of mergers and acquisitions, and this trend is expected to continue during the forecast period. The existing vendors and new entrants are taking the acquisitive route to either enter the market or broaden their portfolio of offerings. For instance, the French defense company Safran Group completed the acquisition of biometric solution provider L-1 Identity Solutions in July 2011 for US$1.09 billion. The acquisition helped Safran become a leading player in the Global Facial Recognition market. Similarly, 3M completed the acquisition of Cogent Inc. in December 2010 for US$943 million. In addition, Google acquired Ukrainian augmented and facial recognition start-up Viewdle for approximately US$30 million in 2012.

Further, the report states that one of the major challenges in this market is the lack of accuracy in facial recognition sys
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