Eye Tracking Market: Overview
The market size for eye tracking was USD 382.5 million in 2021, and it is projected to grow at a CAGR of 24.1 percent during the forecast period. The rise in demand for eye tracking technology for consumer research and advertising purposes and increasing investment in smart wearable technology are factors driving the growth of the eye tracking market. In addition, factors such as the increasing adoption of assistive communication devices and increasing developments in the field of contactless biometrics are expected to propel the market growth during the forecast period. Increased use of smart sensors for process control and decision-making and growing demand for contactless biometrics are driving the market growth. Moreover, increasing adoption of artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) in consumer electronics and other commercial application areas are expected to boost the market growth. The increasing use of eye tracking technology in the military and aerospace sectors is driving the growth of the global eye tracking market. Additionally, increasing investment in smart and wearable technologies across all industries and growing demand for auxiliary communication devices are boosting the eye-tracking market's growth. Heavy investment in smart wearable technology is expected to drive market expansion in the coming years.
Optical tracking systems, also known as video-based eye trackers, are the most popular type of vision capture system among users. A tracker is used to continuously record the eye movement and position of the person being tracked. Eye-tracking technology is widely used to analyze market research, web marketing, and print and digital media advertising. For instance, in June 2021, Tobii Pro launched Sticky, an online self-service platform for advertising researchers and marketers. It combines emotion recognition and webcam eye tracking with online survey questions that facilitate highly quantitative research. Large software companies have also formed strategic alliances with developers of vision tracing systems and integrated this technology into their products. In April 2021, Tobii worked with NVIDIA to improve VR image quality for VRSS2. After the merger, the company launched the HP Reverb G2 Omnicept Edition of its HP VR headset. This headset features both Tobii Eye Tracking and NVIDIA VRSS 2.
Vision capture is a relatively new technology. As a result, few established vendors are offering integrated vision capture solutions. These players focus on strategic partnerships, mergers and acquisitions, and expanding research and development activities. For instance, in January 2017, EyeTech Digital Systems, Inc. partnered with Quantum Rehab to introduce an optically controlled wheelchair that helps individuals unable to use a manual control system. The vision tracker technology is attached directly to the tablet or desktop and integrated into the wheelchair, allowing the user to control the wheelchair's visual movements.
Eye Tracking Market: COVID-19 Impact
The world is facing an economic crisis caused by the COVID-19 pandemic. Like various other markets, the pandemic has also led to a slowdown in the eye-tracking market's growth rate. It is not operational in some countries, negatively impacting demand for eye-tracking technology-based products and services. Additionally, COVID-19 has disrupted the supply chain of the eye tracking market, hindering the manufacturing and distribution of eye tracking devices. The eye-tracking market is expected to gain momentum once the supply chain issues are resolved.
Eye Tracking Market: Drivers
Increased Use of Eye Tracking Technology in Advertising and Consumer Research
Eye tracking technology is widely adopted in market research activities. There is a growing demand from retailers, especially his FMCG division, to use tracking technology to increase sales. Eye-tracking devices and associated algorithms can be used to gain insight into consumer behavior in retail stores. These devices and algorithms determine when consumers spend browsing products, the best product layouts to stimulate store purchases, and the packages that provide the best product information for the customer's benefit. Market research using eye tracking has been extended to evaluate web marketing activities and advertising on print, signage and digital media.
Increasing Demand for Contactless Biometrics to Drive Market Growth
The major growth driver of the market is the increasing demand for contactless biometrics. Biometric systems are primarily used for security purposes in prison management systems and defense departments. Defense organizations and law enforcement agencies use biometric iris scanners to identify individuals and enhance security procedures. For instance, the Maine Department of Corrections in Washington, D.C., has introduced iris scanning technology, a contactless technology that is much faster than fingerprint scanning technology. The technology is used to track prison inmates, authenticate their identities before granting them access to restricted facilities, and verify the identities of visitors.
Eye Tracking Market: Restraints
Growth in Gesture Recognition Industry to Hinder Market Growth
Gesture recognition technology is used to operate the device without touching it. The major drivers behind the gesture recognition market include, increasing application of gesture control functionality in automobiles, increasing digitization in all industries, favorable government programs, fanitary concerns due to touchless hygiene solutions, and includes a reduction in concerns which is hampering the market growth. However, devices based on gesture recognition can be used by a limited class of patients or users. The impact of this restraining factor on the eye tracking market is currently moderate/medium and is expected to remain the same during the forecast period.
Eye Tracking Market: Segment Overview
Mobile Eye Tracking to Dominate Market due to its Pressure Building Ability
Mobile eye tracking gives subject more freedom. It means that more natural head and eye movements are recorded. This approach is gaining momentum in market research applications, especially retail and advertising. The setup typically includes lightweight goggles and a high-definition camera that tracks eye movements by reflecting light off the headgear.
Assistive Communication Application to Account for Largest Market Share during Forecast Period
The eye tracking market is segmented by application into assistive communication, human behavior and market research, and others. Assistive communication applications are expected to dominate the eye tracking market in size during the forecast period. The demand for eye trackers in the sector is increasing.
Eye Tracking Market: Regional Landscape
North America to Dominate Market due to Technology Advancement in Different Sectors
The North America region is expected to hold the largest market share owing to technological advances, infrastructure improvements, and increased use of automation and sensors. Mindflash, which develops training software, is currently testing an eye-tracking feature called FocusAssist on Apple (AAPL) iPad and other tablets. Organizations use Mindflash to educate their employees on different aspects of their jobs. Increasing use of advanced technology in the healthcare sector and increasing research efforts to understand human behavior are key factors driving growth in North America. With the help of eye tracking, it can identify higher neural functions such as emotions, regret, and disappointment (Nakhaeizadeh et al., 2020) and memory processes used to control decision making. The widespread adoption of intelligent sensors and contactless biometric systems has increased sales in the regional market.
Asia-Pacific is projected to grow rapidly and steadily in market share during the forecast period. It is due to the increasing adoption of eye tracking technology in many industries and the constant introduction of new technologies to make eye tracking more efficient in the region. Increasing adoption of vision tracing, especially in consumer electronics, is expected to drive significant growth in India, China and Japan markets. Moreover, increasing adoption of vision tracing, especially in consumer electronics, is expected to boost the growth of the eye tracking market in the region during the forecast period.
Global Eye Tracking Market: Competitive Landscape
In May 2020, Tobii (Sweden) business unit Tobii Dynavox announced the launch of the I-Series, a next-generation communication device with integrated eye tracking. The new I-Series is designed for people with disabilities such as cerebral palsy and amyotrophic lateral sclerosis (ALS). It gives them a voice to communicate and become more independent. Furthermore, in October 2019, Seeing Machines (Australia) partnered with Alaska Airlines (USA), the fifth largest airline in North America, to use the company's Crew Training System to equip the airline with advanced eye-tracking capabilities. Provided. This technology provides insight into pilot behavior when scanning and monitoring instruments during maneuvers and procedures. This collaboration provided a proof of concept to analyze how Seeing Machines' crew training system could improve pilot training and safety for Alaska Airlines.
Few of the players in the Eye Tracking Market include Elkem ASA, Eurasian Resources Group, Finnfjord AS, FENGERDA GROUP, Ferroglobe, IMFA, OM Holdings Ltd, Russian Ferro-Alloys Inc., SINOGU CHINA, and VBC Ferro Alloys Limited.
Global Eye Tracking Market is Segmented as Below:
By Tracking Type
Key Elements Included In The Study: Global Eye Tracking Market
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