The European Eye Tracking Market size is estimated to be growing 19.68% CAGR between 2021 to 2026.
The increasing adoption of eye-tracking technologies in the consumer electronics vertical, the use of smart sensors for process control and decision making, and the demand for eye trackers in the healthcare vertical are primarily driving the growth of the European eye tracking market. On the other hand, the High demand for eye trackers for targeted ads and consumer testing purposes are a few other important factors driving the growth of the European eye tracking market. In research institutes, for consumer testing purposes, eye-tracking technology has been widely used. Eye-tracking technology is increasingly being used in retail, especially in the FMCG market, to increase sales revenue. In a department store, eye-tracking systems and associated algorithms are used to gain insights into customer behavior.
Increasing investment and funding by the government and private organizations in the developed countries such as Germany, UK, and France are encouraging market growth. An increase in the use of eye-tracking technology in the military and aerospace sectors drives the European eye-tracking devices market. Besides measuring visual focus, eye data may also be used to assess the subject's workload and cognitive status. Eye monitoring has applications ranging from automobile to medical and security. They use eye screening to ensure the participants' safety and well-being. The market players in Europe are focusing on partnerships, mergers & acquisitions, and expanding their R&D activities which are expected to augment the European eye tracking market growth.
The lack of robotics technologies present in the European region is majorly impeding the European eye tracking market. The scarcity of alternatives hampers market development. Furthermore, the increase in automation across industries in Europe could suppress market growth during the forecasted period. Despite such positive market opportunities, the market for eye-tracking systems is being hampered by their high cost. The increased usage of contact lenses is also slowing their adoption because they can interfere with eye-tracking systems.
Impact of covid-19 on the European eye-tracking market:
The World health organization announced COVID-19 is an emergence in the healthcare sectors. The world is facing a crisis during the pandemic period. Different sectors of the economy have been experienced a downfall in growth. The pandemic had negatively impacted the European eye-tracking market during the first half of 2020. The supply chain of various retail stores stopped, and advertisement companies and research labs had been partially disrupted. Due to the ban of transportation and stringent government guidelines, the manufacturing and distribution of eye-tracking devices had been postponed, negatively impacting the market growth. However, with the uplift of lockdown, the market has recorded significant market growth. The demand for eye-tracking devices has increased, and the manufacturers are producing the devices to meet the required demand. However, the European Eye Tracking Market is expected to witness healthy growth during the forecast period.
This research report on the Europe Eye Tracking Market has been segmented & sub-segmented into the following categories.
By Component:
By Product Type:
By Application:
By Vertical:
By Country:
Geographically, the European eye tracking market is predicted to occupy a significant share of the global eye-tracking market during the forecast period, and it is projected to grow at a healthy CAGR. During the forecast period, the European eye-tracking market for the automotive and transportation segment is expected to increase in this region. The primary reason for the high growth in the eye-tracking market is the increased deployment of eye-tracking technologies in the automobile and transportation market segments for incorporation in driver eye-tracking devices. Germany, UK, France, and Italy are the market contributors in the European region.
The German Eye Tracking Market is estimated to lead the European market during the forecast period. Germany is the leading revenue contributor in this region. The market growth is attributed to the rising aggressive adoption of smart sensors and contactless biometric systems. Also, the active participation of prominent industry players contributes to the country's largest market revenue. Mobile eye-tracking is expected to grow at the highest CAGR during the forecast period.
The UK Eye Tracking Market is another lucrative regional market in Europe and is predicted to register a promising CAGR during the forecast period. Mergers and acquisitions, technologically advanced eye-tracking devices are boosting the market growth. Rapidly increasing research and development in the field of the healthcare sector in the UK is likely to augment the market growth.
KEY MARKET PARTICIPANTS:
Tobii AB, SensoMotoric Instruments GmbH (Germany), SR Research Ltd., Seeing Machines, EyeTracking, Inc., PRS IN VIVO, Smart Eye AB (Sweden), LC Technologies, Inc., Ergoneers GmbH (Germany), and EyeTech Digital Systems, Inc. are some of the prominent companies operating in the European eye tracking market.
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