Eye Tracking Market Overview:
The Eye Tracking Market is expected to cross the mark of $1432 Million USD by the end of 2023. The CAGR for the Eye Tracking Market is 29% for the forecast years 2017 to 2023.
The Eye Tracking Market Research Overview states that this technology is one of the most crucial inventions of all time. It is a technique that has some sort of measuring potential around the areas people look at. It is also known as the point of gaze. All of such measurements are carried out by a device called, eye tracker. Hence, it is useful for recording the eye positions and the movements that they are or about to make. With this technology, near-infrared light is projected towards the pupil of the eyes, which produces detectable reflections in both cornea and pupil. And, these reflections are then tracked down by the infrared camera. Hence, it is known as the optical tracking solution of the corneal reflections.
The potential of eye tracking device to gather data quickly and efficiently, and that is what has contributed to evolving its demand in the market. Not just that, but this technology is also cost-effective to help drive more attention of people towards it. It supports the implementation of visual processing aspects for collectively enhancing the demand for Virtual Reality technology as well. The key players across the globe are putting in their immense efforts in pursuit to help grow the eye-tracking market on a larger scale. Today, the integration of Eye-Tracking Software is passed onto laptops, desktop monitors, and mobile phones.
This Eye Tracking Market Study focuses on the overall growth and potential of the global industry. Along with that, it also highlights the key market segmentation based upon different areas to put clarity on how the industry operates. The regional classification is what gives complete exposure to how the market is functioning around the globe. The Global Eye Tracking Market Size was larger in the previous period and broke the revenue records. But, with the demands multiplying in the present forecast period,
Global Eye Tracking Market:COVID 19 Analysis:
Eye-Tracking Technology Market was demanding all the time, even with the COVID impacts. It is because people were more at home and were keen to use smart devices. Therefore, the demand scale for the eye-tracking technology and device was larger even with COVID impacting across the globe.
The only problem that the industry faced was the slower manufacturing or production process. With the world in a complete lockdown situation, the production workforce was lowered, and the key players had to restrict their work time. But, with the COVID pandemic taking a down track now, the production pace is normalized, and the demands are met by an ample amount of supply.
Major Drivers of The Market
Significant Opportunities for The Market:
- Cost-effectiveness is one of the crucial market driving potentials of the Global Eye Tracking Industry. Smart device manufacturers do not have to spend a lot to include this technology and device in their products. As a result, it doesn’t contribute to hiking the prices of the end-products.
- Apart from that, the rising demand in the field of healthcare and medicine and increase in the number of eBook readers is possibly the latest driver of the market and is also considering the Eye Tracking Market Trend.
- The increased use of mobile phones, laptops, and desktops is possibly a productive opportunity for the market of Eye Tracking. The communication segment is the richest demanding section for the global market. Hence, the Eye Tracking Market Growth potential within this area is impeccable.
- The demand for eye-tracking technology in the virtual reality software and hardware aspects for the gaming sector is yet another significant opportunity for the market to boom. The visual real-time processing technological aspects are what helps serve this purpose.
Market Growth Challenges
- The possible downfall of the Global Eye Tracking Market is because people are more frequently using contact lenses. The use of contact lenses possibly hampers the functionality of the tracking devices.
- The reflections cannot reach the pupil, and the working potential deteriorates. Therefore, the sales are also lowering down for this impact. But, the key players are trying to evolve their technology to attend this restraint on priority.
Cumulative Growth Analysis
- COVID did put some sort of challenges upon the Global Eye Tracking Market. It suppressed the production pace, and the industry experienced a big down toll. But even with low manpower, the key players and the collective market tried to meet the demands with maximum potential.
- As the COVID effect is lowering, the growth aspects of the Global Eye Tracking Market are increasing exponentially. But, the fact is that the industry will have to lower the prices now, in order to make more sales. Therefore, maintaining profit and giving out quality technology at affordable pricing is a challenge.
- The Global Eye Tracking Market is now offering its products and technology to entertainment, advertising, packaging, and web design companies as well. This has expanded the area of sales for the global market.
- And with this Market Analysis, the growth rate is recorded to be at around 29% for the present forecast years. With it, the predicted market size is also expected to grow over $1432 Million USD by the end of 2023.
- Based on the Type Segmentation, the Global Eye Tracking Market is categorized into mobile type, remote type, and others. Different types of devices demand different technologies, and the key players were ready for it.
- The mobile type eye-tracking technology was way more demanding than any other type. The key players were keen to work more on it.
- Based on the application segmentation, the Global Eye Tracking Market is meant to serve different applications to highlight its potential.
- The applications that the industry focused on are human-computer interaction, research, virtual reality, and others. These applications explain the weightage and value of this technology across diverse sectors.
- Based on the verticals segmentation, the Global Eye Tracking Market is adapted by different sectors. These sectors are aerospace, automotive, retail, defense & government, and others.
- All of these sectors are actively making use of eye-tracking technology for diverse purposes. They are leveraging upon the potential of it for their business or non-profit benefits.
The regional classification of the Eye Tracking Market is widely spread across various regions that include North America, Asia Pacific, Europe, and other parts of the world.
North America is considered as one of the leading regions for the market and holds the highest market Share. It helped generate the highest revenue in the previous forecast years. And with immense Eye Tracking Market Demand, the expectations are even higher in the present period.
The Key Players to the market of Eye Tracking are:
- Facebook Inc. (US)
- Seeing Machines Ltd. (Australia)
- Ergoneers GmbH (Germany)
- Tobii AB (Sweden)
- SR Research Ltd (Canada)
- PRS IN VIVO (US)
- Apple Inc. (US)
- Smart Eye AB (Swedens)
- Eye Tech Digital Systems (US)
- Lumen Research Ltd. (UK), and others.
All the key players have contributed to the amazing growth of the Global Eye Tracking Market. But, Facebook Inc. is one of the companies that have taken this market to the next level. It has proposed its own eye-tracking start-up named Eye Tribe to leverage upon the rising demands of it. Google is yet another one to pick its own eye-tracking start-up named, EyeFluence.
- Tobii Pro, a business unit of Tobii in Sweden, announced the launch of Tobii Pro Glasses 3 in June 2020. It is a wearable eye-tracker meant to measure the attention of real-world scenarios.
- Tobii Dynavox, a business unit of Tobii in Sweden, announced the launch of the I-Series in May 2020. It is the next-gen communication device that consists of a built-in eye tracking device and technology. It is meant for people with disabilities such as Amyotrophic Lateral Sclerosis and Cerebral Palsy.
- Seeing Machines (Australia) partnered with Alaska Airlines (US) in October 2019 for delivering eye and gaze tracking potential to airlines for a high-end crew training system.
The Global Eye Tracking Market Outlook or Overview is as follows:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Segment Overview
- Regional Analysis
- Competitive Landscape
- Recent Developments
The Report Focuses on the overall market classification in different aspects. It covers the market overview, dynamics, segmentation, and regional analysis to showcase clarity upon how the market functions. The report also puts light upon the recent developments within the industry.
The Market Segmentation Highlights for the Global Eye Tracking Market are as follows:
- Human-Computer Interaction
- Virtual Reality
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- Government & Defence
Frequently Asked Questions (FAQ) :
A detailed regional and country-level analysis of the following segments are present in the report – North America, Asia-pacific, Europe, and Rest of the World.
Increasing innovations in the market are poised to catapult APAC market on upward trajectory.
The rising popularity of AR and VR is supposed to drive market growth in North America.
The market is anticipated to mark a stellar CAGR of 29%.
The market is anticipated to be worth USD 1432 Mn by 2023.