Eye Tracking Market Overview
The global eye tracking market size lies in the range of $260 million to $300 million as of 2018. Though the revenue currently available in the nascent market is not much enticing for major players, the analyst has projected its value to increase at an incredible CAGR of around 25% to 30% through the forecast period of 2019 to 2025. This is sure to lure very many pioneering companies.
As per the research report, the North American region grabbed the largest market share in the global eye tracking market in 2018, generating nearly 28% of the overall demand. However, other continents have also shown significant growth in the demands for eye tracking solutions, and the market is anticipated to flourish all around. Among end use industries, healthcare sector grabs the largest demands, increasing at a mindboggling CAGR reaching almost 35% in the forecast period. However, eye tracking tools also have a wide range of other applications including robotics, electronics, automotive, and the entertainment industry.
Eye Tracking Market Outlook
Eye tracker enables machines to track eye-gaze and eye movements with the help of smart sensors. Advanced vision capturing technology has empowered the visual systems to indulge into face tracking and video-based eye tracking. The advancement in the virtual reality and augmented reality technologies have induced an influx of incessant demands for eye tracking systems.
Eye Tracking Market Growth Drivers
- Radically growing ubiquity of mobile phones is the biggest growth driver for the eye tracker market. Currently being used as tool for phone unlocking using retina scan or face scan, the trend has caught the attention of the end users, and OEMs are able to provide it swiftly without any cost differentiations because no addition hardware is required for the technology in a phone that already has a camera.
- The CES 2019 marked with the innovation of an eyeware technology that was represented as a part of an automotive solution. This eyeware software is capable of monitoring estimate attention that a driver pays while inside the vehicle cabin. This proposed system is expected to reduce the number of road accidents caused due to the drivers who lose attention while driving. In the automotive sector, the eye tracking market companies have an end user with big pockets. “Innovation is readily accepted by the automobile manufacturers to impress their customers and therefore, the substantial demand will be forthcoming in the near future,” highlights the analyst of the report.
Eye Tracking Market Trends
Back in 2016, Facebook’s child company, Oculus VR, bought one of the Danish start-ups in the eye tracking technologies, called Eye Tribe. With this, Facebook intends to enhance the available virtual reality techniques. Along the similar lines, Technology giant Google acquired Eyefluence, the eye tracking interface start-up founded in 2013. Google is expected to dive in the eye tracking technology market by monitoring human expression with the help of this acquisition.
Eye Tracking Market Challenges
- One basic challenge that arises in eye-tracking technology is the ambiguity in face or retina recognition. Unethical retina recognition can lead to a breach of security which can lead to monetary and identity loss.
- Implementing eye-tracking technology in the automotive sector without enough research can lead to severe road accident incidents. Therefore, a significant amount of testing is needed before the execution of this technology.
Key Players in the Eye Tracking Market
Some of the other pioneering companies foraying in the eye tracking marketplace are Sensomotoric Instruments GmbH, Tobii AB, SR Research Ltd,Eyetracking, In, LC Technologies, Smart Eye AB, The Eyetribe, LC Technologies, Inc.,Ergoneers GmbH, and EyeTech Digital Systems. However, the market landscape has changed owing to the interruption of technical giants jumping into the technology by acquiring some of the most promising start-ups.
Eye Tracking Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the eye tracking market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Eye tracking market, and their specific applications in different types of vehicles.
Eye Tracking Market Report: Industry Coverage
The eye tracking market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia