Eye Tracking Market

Global Eye Tracking Market Size (2022 to 2027)

The global Eye Tracking Market size is estimated to grow at a remarkable CAGR of 27.4% during the forecast period.

In research institutes, this eye tracking is used on the visual system as an input device to provide interaction between the human and computer. In the commercial sector, eye tracking has excellent deals, advertisements, sponsorships, and others. Artificial intelligence plays a vital role in representing recorded data graphically. The first eye tracker is a special type of contact lens with an embedded mirror or magnetic field sensor attached to the eye.

An increase in the use of eye-tracking technology in the military and aerospace sectors fuel the growth of the global Eye Tracking Market. Growing adoption of artificial intelligence, virtual reality, and augmented reality in consumer electronics & other commercial utilization areas are poised to help the market profit tremendous momentum over the coming years. The North American region ruled the market in 2018 and is supposed to retain its dominance over the forecast period.

MARKET DRIVERS:

The fast growth of eye tracking in new pertinence such as lie-detecting systems, video gaming industry, cognitive testing, aeronautics industries, and R&D in augmented reality, virtual reality, and others are propelled to drive the global eye tracking market.

A rise in capital income in both developed and developing countries is likely to outshine the market demand. Growth opportunities for the market lie in the adoption of eye trackers in assisting communication applications. Increasing demand for eye trackers, especially from the aviation industry, is bolstering the growth of the global eye tracking market.

Increasing demand for transportation along with the rising population is majorly propelling the demand of the market. The rise in disposable income in urbanized areas is driving the growth of the market to the extent. Also, the increase in the sales of the products through advertisement accelerates the development of the market.

The global eye tracking market has recently experienced dramatic growth due to the increasing adoption of visual capture technology in the commercial sector, especially in industries and areas. These industries include retail, healthcare, research, automotive, consumer electronics, government and defense, security, and surveillance. The demand for contactless biometrics is expected to play an essential role in business development is expected to fuel the growth of the global eye tracking market. Biometric systems are primarily used for prison management systems and security purposes in the defense sector. Defense organizations and police are deploying iris biometric scanners to identify individuals and enhance security measures.

MARKET RESTRAINTS:

However, the high cost for manufacturing final products due to fluctuating raw materials prices is slowly restraining the market demand. Rapid changes in economic strategies are also impeding the need of the market. The lack of skilled persons in monitoring the systems efficiently limits the growth of the global eye tracking market. Further, the growth in automation and active acceptance of robotics technology across the industry verticals restrain the eye-tracking market growth.

Impact of COVID-19 on the global eye tracking market:

Many countries have implemented or continue to implement lockdowns to stop the spread of COVID-19. The supply chain of different markets, including the eye-tracking industry, has been affected as a result. Data from eye-tracking can be obtained using a remote or an eye sensor mounted on the head and attached to a computer. It includes monitoring behaviors such as blinking, staring, ignoring, and the pupil's visible response to various stimuli. The main demand drivers in the eye-tracking market are retail stores, marketing agencies, and research labs. These are currently non-operational in several countries, reducing demand for eye-tracking technology-based products and services. Eye-tracking systems are used in the defense and military sectors and the medical and government sectors. It has a broad range of applications in intelligent and security systems. COVID-19 has disrupted the production process of the eye-tracking industry, preventing the manufacturing and selling of eye-tracking devices. The eye-tracking business is expected to have grown after these issues are resolved.

REPORT COVERAGE:

This research report on the global eye tracking market has been segmented and sub-segmented based on the component, product, type, application, vertical, and region.

Eye Tracking Market - By Component:

• Hardware
• Software

Based on components, the Hardware segment is leading with the highest shares of the market. Rise investments in the healthcare centers with the latest equipment from private and public organizations are fueling the market's growth.

Eye Tracking Market Analysis – By Product Type:

• Remote Eye Tracking
• Mobile Eye Tracking

Based on product type, the Remote eye tracking type is growing faster over the past few years. The emergence of cloud-based technology in every application is lavishing the growth of the market.

Eye Tracking Market Analysis - By Application:

• Human-Computer Interface (HCI)
• Medical
• Virtual Reality
• Research & Development

Eye Tracking Market Analysis – By Vertical:

• Communication
• Marketing
• Entertainment
• Others

Eye Tracking Market Analysis - By Region:

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia-Pacific
  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Rest of APAC
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America
• Middle East
• Africa

Regionally, North America is accounted for holding the largest shares of the global eye tracking market due to the quick adoption of advanced technology and the launch of specific applications in favor of the end-users. The North American region ruled the market with a revenue share of just over 48% in 2018. It is supposed to retain its dominance over the forecast period. The U.S. is the largest revenue contributor in the region, owing to driving the adoption of smart sensors and contactless biometric systems.

The Asia Pacific is following North America is leading with dominant shares of the market with the rise in the scale of automotive industries and also increasing the consumption rate of the electronic goods. Europe is to have a significant growth rate in foreseen years by raising awareness over artificial intelligence in real-time applications. The Middle East and Africa are inclined to have substantial growth opportunities in the coming years.

A bulk of prominent industry players are based in the U.S., Germany, and China, and most of the developments are occurring in these regions.

KEY MARKET PLAYERS:

Some of the noteworthy participants dominating the global eye tracking market profiled in this report are Tobii AB (Sweden), SensoMotoric Instruments GmbH (Germany), SR Research Ltd. (Canada), Seeing Machines (Australia), EyeTracking, Inc. (the US), PRS IN VIVO (US), Smart Eye AB (Sweden), LC Technologies, Inc. (the US), Ergoneers GmbH (Germany) and EyeTech Digital Systems, Inc. (the US).

MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• In January 2017, Eye Tech Digital Systems, Inc., in partnership with Quantum Rehab, launched a visually controlled wheelchair. It is useful for individuals who cannot use a manual control system. Vision Tracker technology is mounted directly on a tablet or desktop computer and is integrated into the wheelchair, allowing the user to control the wheelchair-using visual movements.
• The Washington DC Maine Correctional Service implemented iris scanning, which is a contactless technology that is much faster than fingerprint scanning. This technology is used to track prison inmates, verify their identity before granting access to restricted locations, and verify visitors' identities.