The eye tracking market is expected to be worth USD 1,376.5 million by 2023, growing at a CAGR of 27.4% between 2017 and 2023. The number of eye trackers is expected to reach 756 thousand units by 2023. The quality of the hardware is important in some of the eye-tracking-based applications, such as assistive communication, AR/VR, and automotive vehicles. There is a considerable improvement in the features offered by the eye-tracking hardware in recent years on account of increased R&D expenditure by the industry leaders. The price erosion is also expected to contribute to the increasing adoption of eye-tracking hardware across various applications. Extensive automation in automotive and industrial sectors is expected to reduce human intervention, thereby limiting the scope for the growth of the eye tracking market.
“With increasing spending from large FMCG companies and retailers, eye tracking market for retail and advertisement vertical expected to grow at significant rate during forecast period”
The saturating retail market in North America and Europe, and the budding retail market in APAC have prompted large FMCG companies to increase their spending for gaining insights into consumer behavior. There is an increasing number of eye-tracking-based research companies, and market research services offered by these companies rely on eye-tracking technology. This trend is expected to grow over the next few years, impacting the growth of the eye tracking market.
“Automotive and transportation vertical expected to adopt eye-tracking technology at fastest rate during forecast period”
The safety aspect in the automotive and transportation vertical is driving the adoption of eye-tracking technology in this vertical. The trend is more prominent in North America and Europe where the automotive regulatory environment is more stringent. Automotive vendors based out of these regions have increased the deployment of eye-tracking technology in their vehicles. The large automotive sector provides a huge growth opportunity for the emerging eye tracking market.
“Eye tracking market in APAC to grow at highest CAGR during forecast period”
The growth of the eye tracking market in APAC can be attributed to the growing spending power of the consumers in the region, and increased investment in retail, healthcare, automotive, and consumer electronics verticals. China and Japan are the most prominent countries in APAC driving the growth of the eye tracking market. A number of automobile and consumer device manufacturers are based out of these countries. The eye tracking market in these industries, along with the growing retail sector, is expected to grow rapidly during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts. The breakup of the profile of primary participants is given below:
• By Company Type: Tier 1 – 15 %, Tier 2 – 20%, and Tier 3 – 65%
• By Designation: C-Level Executives – 50%, Directors – 30%, and Others – 20%
• By Region: North America – 45%, Europe – 35%, APAC – 15%, and RoW – 5%
The major players profiled in the report are Tobii AB (Sweden), Sensomotoric Instruments GmbH (Germany), SR Research Ltd. (Canada), Seeing Machines (Australia), EyeTracking, Inc. (US), PRS IN VIVO (US), Smart Eye AB (Sweden), LC Technologies, Inc. (US), Ergoneers GmbH (Germany), and Eyetech Digital Systems, Inc. (US).
The geographic segmentation in the report covers 4 major regions—North America, Europe, APAC, and RoW. The application segment covers the market size for assistive communication; human behavior and market research; and others. The tracking type segment covers remote eye tracking and mobile eye tracking. The eye tracking market based on offerings is segmented into hardware; software; and research and consulting services. The market segmentation by vertical covers retail and advertisement; healthcare and research labs; consumer electronics; government, defense, and aerospace; automotive and transportation; and others.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the eye tracking market comprehensively and provides the closest market sizes of segments and subsegments across verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the business. The “competitive landscape” chapter includes competitor ecosystem, strength of product portfolio, business strategy excellence, new product developments, partnerships, and mergers and acquisitions in the eye tracking market.