Eye Tracking Market Overview:
Eye Tracking Market size is expected to reach USD 8.33 Billion by 2030 from a worth of USD 640 Million in 2021, registering a CAGR of 33% during the forecast period (2022-2030).
Eye tracking technology translates eye activities into a data stream that comprises the measurement of eye activities, pupil positions, and gaze (staring) points via various technologies. Eye tracking system interprets eye movements and translates them into understandings that can be used in a varied range of applications. Moreover, this technology promotes touchless interactions which have been progressively encouraged during the recent and ongoing pandemic.
With the growing adoption of Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) in consumer electronics and other commercial applications the eye-tracking market is expected to grow at a significant rate. In recent years, the increased knowledge and availability of eye-tracking technologies have contributed to a great deal of demand in the commercial sector. Applications include web usability, package design advertising, sponsorship, and automotive engineering. Eye tracking technology is used in many other sectors such as automotive, security, defense aerospace due to its wide application in them. In the context of region, North America is expected to hold the dominant share in the eye tracking market owing to the increased use of advanced technology in the research and healthcare sector for a better understanding of human behavior.
The growing demand for recent eye-tracking technology in aerospace and military drives the growth of eye tracking market. Moreover increasing use of these systems in smart wearable and communication devices has fueled the market trend. Furthermore, these systems are used in many other industries such as the video gaming industry, aviation industry, and R&D that have been accelerating the growth of the market globally.
Furthermore, these technologies are used to keep sight of consumer behavior at a retail store. Thus, in recent years there has been a demand for these technologies in the retail industries to increase sales in the sector.
However, the technology of vision capturing is relatively new. As a result, only a few reputable companies provide integrated vision-capturing solutions. Therefore the limited knowledge and accessibility of the technology to the general public hinders the market growth.
Several advantages offered by eye-tracking technologies such as improvement of image quality, the ability to offer an enhanced experience to the consumers, help to increase focus, and being user-friendly create several opportunities for the market adoption. For instance, gaze instance technology helps people with disabilities to use and navigate computer systems with the help of their eyes. It made the life of people with disabilities easier in terms of connecting with the world.
The eye-tracking industry witnessed a significant decline during the initial phases of the COVID-19 pandemic spread across multiple parts of the world. The factors such as shutdowns of organizations, retail stores, advertisement companies and research labs due to strict government restrictions are the major impacts of COVID-19 that hampered the market growth. Furthermore, the supply chain also experienced a decline in the volume of trade due to the closures of the manufacturing facilities. Post-COVID-19 circumstances, the industry witnessed significant growth due to the increased spending by major industry players on the integration of emerging technology including eye tracking.
Eye tracking Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||8.33 Billion|
|CAGR (2022-2030)||33 %|
|By Type||Eye attached, Optical, Electrooculography.|
|By Application||Assistive communication, Education Research, Consumer Behavior, Usability testing|
|By End-user||Retail, Automotive, Healthcare, Military & Defense, and Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa|
|Key Players||Tobii AB, SR Research Ltd., iMotions a/s, Gazepoint Research Inc., Eye Tracking, Inc., Mirametrix Inc., Seeing Machines Ltd., Smart Eye AB, LC Technologies, Inc|
The type segment is trifurcated Eye attached, Optical, and Electrooculography. The optical segment is expected to contribute the largest share of over 59% in terms of value during the forecast period. Increased demand for these technologies in market research such as web marketing, digital media, and analyzing advertisements in print is projected to support the contribution of optical tracking in global eye tracking market growth. As it allows the trackers to record the slightest eye movement. For instance, Tobii Pro launched an online tone-service platform, Sticky, used for advertising experimenters and marketing that combines emotion recognition and webcam eye shadowing with online check questions that make advanced quantitative exploration simple.
The application segment is separated into assistive communication, education research, consumer behavior, and usability testing. Assistive communication is anticipated to contribute the largest revenue share to the eye tracking market growth. The increasing demand for gaze interaction technologies for people who are physically impaired is anticipated to drive the market growth of this segment. Additionally, in recent years, scientists and researchers also discovered eye tracking to control robotic arms] and powered wheelchairs. Furthermore, the consumer behavior segment is also expected to register the fastest CAGR growth during the forecast future. Business success often depends upon customer behavior due to which the manufacturer tries to design a product that gains the attention of the customer. So to understand consumer attention and rational processes eye tracking technologies are often used.
The end user segment is separated into retail, automotive, healthcare, military & defense, and others. The healthcare segment is anticipated to contribute the largest share in terms of volume over 26% to the industry growth during the projected period. Medical professionals can collect data like temporal eye positions, blinks, pupil size, and other information more discreetly to test any brain-related abnormalities with eye-tracking that is estimated to support the growth of the automotive segment. Additionally, the automotive segment is also expected to register the fastest CAGR growth during the forecast period. Eye tracking is becoming increasingly popular as the demand for automobiles and AI applications in the automotive industry rise.
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. North America, especially the U.S. is estimated to contribute the largest share to the market growth during the forecast period. The factors such as the early adoption of smart sensors and contactless biometric technologies are anticipated to accelerate the industry growth in the U.S. region.
Europe is expected to register the fastest growth in terms of revenue and volume during the forecast period. The factors such as the presence of established market players along with early adoption of advanced technologies such as AI and VR are estimated to fuel the market growth in the European region
Eye Tracking Market Competitive Landscape:
The report aims at evaluating the competitive landscape by assessing the company profiles of leading industry players and the adoptions of business strategies combined with major acquisitions. Furthermore, the eye-tracking industry provides lucrative opportunities to emerging market players in terms of product launches and innovative business strategies due to the large adoption by multiple growing sectors such as energy, electronics, and consumer goods industries. The leading market players lists comprises of the following-
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