Global Eye Tracking Market: The demand for assistive communication devices is expected to propel the market growth.

Published Date: 14/05/2021

The eye tracking market is expected to grow from USD 362.40 million in 2020 to USD 1367.50 million by 2027; it is expected to grow at a CAGR of 20.9 % during the forecast period. The high demand of eye trackers in the healthcare vertical, especially for the assistive communication applications is one of the key driving factors for the eye tracking market. The increasing penetration of eye tracking technology in the consumer electronics vertical and high demand for eye trackers for personalized advertisements and consumer research purposes are a few other key factors having a positive impact on the growth of the eye tracking market.

Eye-tracking technology has been extensively adopted for market research activities. There is an increasing demand from retail, specifically from the FMCG sector, to utilize eye-tracking technology to increase sales revenue. Eye-tracking devices and related algorithms are being used to gain insights into consumer behavior at a retail store. These devices and algorithms help ascertain how much time a consumer spends browsing a product, what the best product layout to prompt a buy at a store is, and what packaging provides the best product information for the customer’s benefit. Market research using eye tracking is also extended to web marketing activities and evaluating advertisements in print, signage, and digital media.

Gesture recognition technologies are utilized to operate a device without touching them. The major drivers for the gesture recognition market include the surging application of gesture control features in automobiles, increasing digitalization across industries, favorable programs deployed by government, and reduction of hygiene concerns due to the presence of touchless sanitary solutions. Gesture recognition technology has various applications in automotive, aerospace, consumer devices, and many other fields. The technology can also be utilized for operating computing devices to communicate with other person or environment by gesture control. Therefore, gesture recognition technology is also an important contender that can cater to assistive communication applications. However, the devices-based on gesture recognition can be utilized by limited types of patents or users. The impact of this restraining factor is currently moderate/medium on the eye-tracking market and is expected to remain the same during the forecast period.

The demand for augmented reality (AR) and virtual reality (VR) devices is on the rise owing to various factors, such as the ability to offer an enhanced experience to the users, improve image quality, helping eyes to reduce strain and improve focus. Eye-tracking technology can be integrated into AR/VR devices, such as headgears and PCs; this provides growth opportunities for eye-tracking technology. Many industry leaders have identified this opportunity and undertaken research into these fields.

The prominent players in the Eye Tracking Market are - Facebook Inc. (US), Seeing Machines Ltd. (Australia), Ergoneers GmbH (Germany), Tobii AB (Sweden), SR Research Ltd. (Canada), PRS IN VIVO (US), Apple Inc. (U.S), Smart Eye AB( Sweden), EyeTech Digital Systems (U.S) and Lumen Research Ltd. (UK) among others.

The regional analysis of Eye Tracking market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is one of the leading region across the world in terms of largest market share in Eye Tracking market. In North America region, the eye tracking is becoming the part of VR API, an open standard under development which is being the support of Oculus, Google, NVIDIA and others. Europe is expected to grow in the forecast years as the major players such as SMI, is bringing eye tracking technology to both standalone VR head-mounted displays and smartphone. This growing investment by major players in Europe is expected to drive the eye tracking market in the region. APAC region has the highest CAGR due to the technological innovations in the eye tracking devices and reduction in prices of the eye-tracking devices in the region.