Latin America Eye Tracking Market

Latin America Eye Tracking Market Size (2023 to 2028)

The size of the eye-tracking market in Latin America is estimated to be growing at a promising CAGR from 2023 to 2028.

The Latin American eye-tracking market is expected to experience significant growth in the future, owing to increased investment in innovative and wearable technologies, disposable incomes increasing, and international tech industries in the region. In addition, there is increased adoption of eye-tracking technology in many other sectors, including the healthcare sector. Also, there is a constant demand for new technologies in the global AR and VR sector to make eye tracking more efficient in this region. According to the International Data Corporation, the total AR and VR expenditure in 2018 was recorded at over $ 10 billion and is expected to grow to $ 255 billion by 2025. Likewise, the growing demand for eye-tracking technology is attributed to its fast-paced reach across Latin American countries.

The growing ubiquity of cell phones is the primary driver of growth in the Latin American eye-tracking market. Furthermore, the adoption of 3D technology in smartphones will increase eye-tracking opportunities in the near future. Moreover, the adoption of smart sensors, the growing awareness of contactless biometric applications, increasingly used for diagnosis of some severe psychological disorders such as Autism, schizophrenia and others, business applications including website usability, stimulator creation, remote eye tracking is also used for ophthalmic research to detect the physiology of the patient's eye movements, increasing demand for better functions in the automobile sector in the years to come.

A significant part of this technology is incorporated into the medical field to improve existing clinical detection and diagnosis methods. According to Autism Speaks, about 32% of children had autism spectrum disorder (ASD) in 2019, which is expected to drive market growth. This is because eye-tracking, combined with biometric sensors, tracks the patient's eye movements and helps diagnose diseases with electro impulses. All these abovementioned factors are projected to drive the Latin American eye-tracking market during the forecast period.

However, this high-tech technology uses the latest devices based on gesture recognition and smart AR and VR programs. These are expensive and hence are not affordable for everyone. This limitation in the end consumers will negatively impact the market. Additionally, eye-tracking technology grows in conjugation with electronic advancements; lack of growth in one affects another sector. This is anticipated to be a restraining factor for the market and is expected to remain the same during the forecast period.

This research report on the Latin American Eye Tracking Market has been segmented & sub-segmented into the following categories.

By Component:

• Hardware
• Software

By Product Type:

• Remote Eye Tracking
• Mobile Eye Tracking

By Application:

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

By Vertical:

• Communication
• Marketing
• Entertainment
• Others

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Brazil was the most significant contributor to Latin American in 2022, with a share of around 40%, due to increased usage of mobile phones and increased demand for high-tech devices and wide application areas. More than the US $ 20 million of the projected demand in the region by 2027, will increase the revenues for the Latin American regional markets.

As Latin America's second-largest economy, Mexico is expected to have a growth potential of 9.5% over the forecast period. The market is anticipated to gain sales of around US $ 7.5 million in breeding opportunities to enter new products in the region due to the significant population needs.

In Peru, the eye-tracking market is estimated to showcase a noticeable trend during the forecast period. The steady market growth can be attributed to technological advancements, improved infrastructure, and increased small tech start-ups in the region.

KEY MARKET PLAYERS:

Tobii AB, SensoMotoric Instruments GmbH, SR Research Ltd., Seeing Machines, EyeTracking, Inc., PRS IN VIVO, Smart Eye AB, LC Technologies, Inc., Ergoneers GmbH, and EyeTech Digital Systems, Inc. are a few of the key players in the eye tracking market.