USD 638.8 million
Report ID: SQMIG45I2118 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 90 | Figures: 76
Eye Tracking Market size was valued at USD 638.8 million in 2021 and is poised to grow from USD 852.16 million in 2022 to USD 11400.48 million by 2030, growing at a CAGR of 33.4% in the forecast period (2023-2030).
The market is anticipated to grow significantly as a result of the rising demand for contactless biometrics, the use of smart sensors for process control and decision-making, and the adoption of artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) in consumer electronics and other commercial application areas. Due to the growing use of vision-capturing technology in commercial settings, notably in sectors and industries like retail, healthcare, research, automotive, consumer electronics, government & defense, and security & surveillance, the market has been gaining significance.
The most often used kind of vision capture technology among users is the optical tracking system, sometimes referred to as the video-based eye-tracker. It makes use of trackers to constantly document the sight movement and location of the person being tracked. Market research, web marketing, and the analysis of advertisements in print and digital media all make extensive use of eye-tracking technologies.
For instance, in June 2021 Tobii Pro introduced Sticky, a self-service online platform for marketing and advertising researchers that blends webcam eye tracking and emotion identification with online survey questions to simplify sophisticated quantitative research.
The growing demand for contactless biometrics is a major market growth driver. The biometric technology is mostly utilized in the defense industry and jail management systems for security purposes. In order to increase security, defense organizations and police forces use iris biometric scanners to identify people. For instance, iris scanning technology, which is contactless and far quicker than fingerprint scanning technology, has been adopted by the Maine Department of Corrections in Washington, D.C. The technology is being used to keep track of the prisoners, confirm visitors' identities, and validate their identities before allowing them access to restricted areas.
But visual capture is a rather recent technological development. As a result, there aren't many well-known companies providing integrated vision-capturing solutions. These players prioritize forming strategic alliances, mergers and acquisitions, and increasing their R&D endeavors.
US Eye Tracking Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 638.8 million
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The global eye tracking market is segmented based on type, component, application, and region. Based on type, the eye tracking market is segmented into optical tracking and eye-attached tracking. Based on components, the eye tracking market is segmented into hardware and software. Based on application, the eye tracking market is segmented into retail, automotive, healthcare, military & aerospace, and others. Based on region, the global eye tracking market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Eye Tracking Market Analysis by Type
In 2021, the optical tracking segment accounted for more than 52.0% of market revenue. Optical tracking devices are in high demand in virtual reality and augmented reality because they can detect both active and passive body motions, providing VR with additional information about the participant's movement. No physical link between the monitored object and the actual environment is required. Optical tracking may concurrently track several objects at the same time. These are some of the factors driving the demand for the eye-tracking market during the forecast period.
Eye-attached tracking is anticipated to register the fastest growth during the analysis period. Eye-attached capturing devices are comparable to contact lenses equipped with magnetic or mirror sensors that can follow vision regardless of head movement. It monitors horizontal, vertical, and torsional visual movement. An eye-attached vision capturing system is suitable for application in healthcare, research, retail, and consumer electronics since vision capture continues even when the user moves his head or begins to move are some of the factors that propel the eye tracking market throughout the forecast period.
Eye Tracking Market Analysis by Application
In 2021, healthcare accounted for more than 25% market share. First, gaze capture was implemented as a computer interface for those with mobility and communication difficulties. Technology is becoming more prevalent in consumer electronics and gaming devices. The government and military employ vision tracking systems. Eye-tracking is assisting the automobile sector. With the proliferation of automobiles and AI applications, eye tracking is in high demand. Eye-tracking has replaced traditional DMS techniques since it analyses eyelid movement and gaze direction. The Lexus brand of Toyota utilized eye-tracking technology, putting it ahead of the competition. Volvo aims to release technology for estimating the driver's state. These are some of the major factors propelling the eye-tracking market during the analysis period.
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In 2021, the North American region dominated the eye-tracking market with a revenue share of more than 48.00%, and this dominance is anticipated to persist throughout the forecast period. Increased usage of advanced technologies in the healthcare industry and research programs to achieve a deeper understanding of human behavior are among the key reasons for North America's rapid economic expansion. Due to the widespread deployment of sensors and contactless biometric systems, the US holds the largest revenue share in the regional market. The US, Germany, Japan, and China are home to the industry's major players, and these are the major reason propelling the eye-tracking market in the region.
The Asia-Pacific market is anticipated to see the highest CAGR over the forecast period. The Indian, Chinese, and Japanese markets are predicted to experience substantial development as a result of the expanding use of vision tracing, particularly in consumer electronics. These are the factors driving the demand in the region.
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Eye Tracking Market Driver
Rising adoption of eye-tracking technology in advertisement and consumer research.
Eye Tracking Market Restraint
Disruption in the supply chain restrains the production and distribution of eye-trackers.
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The eye-tracking is relatively fragmented, with a high level of competition. Few large players, like Tobii AB, SR Research Ltd, and EyeTracking Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Eye Tracking Market Top Player’s Company Profiles
Eye Tracking Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Eye-tracking technologies are frequently employed in market research, digital marketing, and analyzing print and digital advertisements. Increased adoption of vision-capturing technologies in commercial environments has elevated the industry's stature. These are some of the factors driving the demand for the eye-tracking market during the forecast period. In 2021, the optical tracking segment accounted for more than 52.0% of market revenue. Eye-attached tracking is anticipated to register the fastest growth during the analysis period. The North American region dominated the eye-tracking market with a revenue share of more than 48.00%, and this dominance is anticipated to persist throughout the forecast period. The Asia-Pacific market is expected to see the highest CAGR over the next five years. These are some of the major factors propelling the eye-tracking market during the analysis period.
|Market size value in 2021||USD 638.8 million|
|Market size value in 2030||USD 852.16 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Eye Tracking Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Eye Tracking Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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