Global Eye Tracking Market Grows Steadily at a CAGR of 33.34%

Introduction

Measuring eye movement in relation to the head or the point of gaze (the direction in which an individual is looking) are both important aspects of the eye tracking business. A device used to measure the location of the eye as well as the movement of the eye is called an eye tracker. The many actions that take place, including as determining where to gaze, what to ignore, when to blink, and how the pupil responds to a variety of stimuli.

The expansion of eye tracking technology's application in the aerospace and defence industries is a primary factor driving the expansion of the worldwide eye tracking market. In addition, the rise in spending on smart and wearable technologies across all industry verticals, as well as the rise in demand for assistive communication devices, are all factors that contribute to the expansion of the eye tracking market.

Market Dynamics

Increasing use of eye tracking technology in advertising and market research

The use of eye-tracking technology in market research operations has gained significant traction in recent years. Eye-tracking technology is becoming more in-demand in the retail industry, particularly in the fast-moving consumer goods (FMCG) sector, in order to boost overall sales income. At order to get insights into the behaviour of customers shopping in a retail establishment, eye-tracking sensors and the associated algorithms are being deployed. These devices and algorithms assist in determining the amount of time a customer spends exploring a product, the optimal product arrangement in a shop to encourage a client to make a purchase, and the type of packaging that offers the most beneficial product information to the customer.

The market for eye tracking systems is predicted to develop as a result of falling prices and technological advancements

Eye tracking systems are also used to analyse the performance of players by measuring the linkages between a player's gaze, focus, hand-eye coordination, visual search techniques, and calculations of their trajectory while they are playing a game. Because it helps to improve training and maximise player performance, an eye tracking system is a great tool for coaches and trainers.

The expansion of this element would also enhance the growth of the eye tracking solutions market. Additionally, the eye tracking solutions are simple to set up since the user only has to join the tracker with the system by utilising cables, then change the angle of the tracker, and then begin calibrating the system.

The market is getting bigger because of more industrial verticals using eye tracking systems

Eye tracking software may be combined with a variety of input devices like the keyboard, touchpad, and others. This allows the user to manage the computer system with their eyes rather to having to physically utilise the keyboard, mouse, or other input devices. As a result, individuals with physical or cognitive limitations are able to benefit from an improved user machine interface thanks to the eye tracking system.

So, one of the important elements that will drive expansion in the market for eye tracking solutions over the course of the forthcoming time. In addition to this, the solutions for eye tracking are also being included into the systems of automobiles. The use of eye tracking technology into vehicles is becoming increasingly common among automakers as they seek to enhance the driving experience while also enhancing safety.

Eye-tracking technology's use in AR/VR devices

The increasing demand for augmented reality (AR) and virtual reality (VR) devices may be attributed to a number of causes, including the capacity to provide consumers with a better experience, increase picture quality, and assist in reducing eye strain and improving focus. Eye-tracking technology may be incorporated into augmented reality (AR) and virtual reality (VR) devices, such as headgears and personal computers. This presents prospects for the expansion of eye-tracking technology.

Regional Overview of Eye Tracking Market

With a revenue of more than 48 percent in 2021, the North American region It has led the market and is supposed to continue to do so throughout the projected period. The growing use of cutting-edge technology in the healthcare industry and research activities to better understand human behaviour are two of the main causes of North America's rapid development.

Over the projection period, the regional market in Asia-Pacific is anticipated to see the quickest CAGR. The markets for consumer electronics in India, China, and Japan are expected to experience considerable growth because of rising vision tracing adoption.

Key Highlights

• The global eye tracking market was valued at USD 631 million in 2021 and is expected to reach USD 3560.84 million in 2030 expanding at a compound annual growth rate (CAGR) of 33.34% from 2022 to 2030.
• Increasing use of eye tracking technology in advertising and market research is driving the market.
• The market for eye tracking systems is predicted to develop because of falling prices and technological advancements.
• The market is getting bigger because of more industrial verticals using eye tracking systems.
• On type basis the market is divided into Optical, Eye Attached Tracking and Electrooculography. With 52% and more market share in terms of revenue in 2021, the optical tracking category held the top spot.
• On application basis the market is divided into Healthcare, Consumer Electronics, Retail, Research and Automotive. In 2021, the healthcare sector controlled a revenue share of more than 25 percent of the market.
• On component basis the market is segmented into Hardware and Software. With a market share of 60.01 percent in terms of sales in 2021, the hardware sector led.
• On location basis the market is segmented into Remote and Mobile In 2021, with a revenue of more than 62 percent, the remote segment held the market's top position.
• With a revenue of more than 48 percent in 2021, the North American region It has led the market and is supposed to continue to do so throughout the projected period.

Competitive Players

Competitors in Eye Tracking Market

• Tobii (Sweden),
• SR Research (Canada),
• Seeing Machine (Australia),
• Smart Eye (Sweden),
• EyeTech Digital Systems (US),
• EyeTracking (US)

Recent Developments

Recent Development by key Players

Tobii Pro, a division of Tobii (Sweden), announced the release of Tobii Pro Glasses 3 in June 2020. This wearable eye tracker is the company's third version and is designed to measure attentiveness in any real-world situation.

Tobii Dynavox, a division of Tobii (Sweden), announced the release of the I-Series, a next-generation communication device with integrated eye tracking, in May 2020. People with impairments including cerebral palsy and amyotrophic lateral sclerosis are the target audience for the new I-Series (ALS). It gives kids a voice so they may speak out for themselves and become more autonomous.

In order to provide the airlines with cutting-edge eye and gaze monitoring capabilities utilising its Crew Training System, Seeing Machines (Australia) teamed up with Alaska Airlines (US), the fifth-largest airline in North America, in October 2019.

Segmentation

Segmentation of Eye Tracking Market

By Type

• Optical
• Eye Attached Tracking
• Electrooculography

By Application

• Healthcare
• Consumer Electronics
• Retail
• Research
• Automotive

By Component

• Hardware
• Software

By Location

• Remote
• Mobile

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East