Eye Tracking Systems Market Size, Share, Growth, and Industry Growth by Type (Remote Eye Tracking and Mobile Eye Tracking) By Application (Retail & Advertisement, Consumer Electronics, Healthcare and Research Labs, Government, Defense, and Aerospace, Automotive and Transportation and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Eye Tracking Systems Market REPORT OVERVIEW

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The global eye tracking systems market size was USD 777.9 million in 2022 and market is projected to touch USD 3869.64 million by 2031, exhibiting a CAGR of 19.5% during the forecast period.

The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The market is anticipated to increase rapidly as a result of the rising demand for contactless biometrics, the increasing acceptance of AI, VR, and AR in consumer electronics, as well as the expanding use of smart sensors for process control and decision-making. Vision-capturing technology is being used more frequently in corporate sectors.

Eye tracking devices, a cutting-edge sensor technology, inspect and measure the location or motion of the eye with respect to the head. Additionally, it evaluates how people react to different stimuli, such as blinking, ignoring, and staring. Eye tracking system technology also supports touchless interactions, which have been more and more common throughout the recent and ongoing epidemic. Eye-tracking technology has been incorporated into the automotive, defense, security, and aerospace industries, expanding the scope of its applications.

COVID-19 Impact: Disrupted Supply Chains Lead to Lower the Market Demand

The COVID-19 pandemic badly affected the retailer turnstile market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, disruptions in end-use sectors of the product led to lower demand.

LATEST TRENDS

"Advancement of AI in the Game Industry to Push the Market"

Eye-tracking technologies are being employed more and more in VR and AR as a result of the development of AI in the gaming industry. Market companies prioritize joint ventures, mergers, and acquisitions in order to enhance their R&D activities. As an illustration, in March 2022 Tobii collaborated with Ready Player (an avatar platform that enables users to create a 3D avatar in many apps and games) and LIV (a game streaming company that allows creators to broadcast themselves live from inside VR) to create avatars in the Metaverse that were more expressive and real-looking.

Eye Tracking Systems Market Segmentation

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• By Type Analysis

By type, market is segmented into remote eye tracking and mobile eye tracking. The remote eye tracking segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into retail & advertisement, consumer electronics, healthcare and research labs, government, defense, and aerospace, automotive and transportation and others. The retail & advertisement segment will lead the global share through 2031.

DRIVING FACTORS

"Rapid Growth of the Automobile Industry to Boost the Market"

The development of eye-tracking technology has significantly assisted the expansion of the automotive sector. Eye-tracking technologies are growing in popularity as a result of the industry's use of AI applications and the growing demand for automobiles. Eye-tracking devices have gradually replaced traditional techniques as a core component of DMS technology because they make it possible to monitor eyelid movement and gaze direction. For instance, Toyota's Lexus brand made use of eye-tracking technology to differentiate itself from other competitors in the market. Volvo also plans to compete in the market with its driver-state estimate system.

"Consumer Electronics Sub-Segment to Accelerate the Market"

In retail settings, eye-tracking technologies and related algorithms are used to study client behavior. The algorithms assist in determining which product packaging provides the most product information for the consumer's advantage, how long a customer spends researching a product, and what product arrangement is most likely to result in a purchase at a store. Over the course of the anticipated decade, it is predicted that the consumer electronics sub segment would expand at a significant CAGR.

RESTRAINING FACTORS

"Technological Constraints to Hamper Market Prospects"

Technologies that identify gestures are used to operate a device without physically touching it. The primary drivers of the global gesture recognition market are the increasing adoption of gesture control features in automobiles, the rate at which industries are going digital, the favorable government programs put in place, and the decrease in hygiene concerns brought on by the availability of touchless sanitary solutions. In addition to consumer electronics, a number of scenarios can benefit from the application of gesture recognition technology. Through gesture control, the technology may also be used to operate computing equipment, enabling users to interact with the environment or other people. Therefore, technology that can understand gestures is another important issue that could pose a problem.

Eye Tracking Systems Market REGIONAL INSIGHTS

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"North America to Hold the Highest Global Retailer Turnstile Market Share"

The North American region dominated the market in 2021 with a sizable revenue share, and it is projected that it would do so during the forecast period as well. Two of the key reasons for North America's quick growth are the expanding use of cutting-edge technology in the healthcare sector and efforts to better understand human behavior. An example is the acquisition of SensoMotoric Instruments by Apple, Inc., a German company that specializes in augmented reality and eye tracking. Apple, Inc. intends to use these acquisitions to develop AR and VR platforms like ARKit, an AR framework that integrates with iOS 11 and allows users to interact with digital objects and information in their surroundings. The regional market in Asia-Pacific is predicted to see the fastest CAGR over the projection period. Rising vision tracing use is anticipated to lead to significant development in the consumer electronics markets in APAC. 

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Tobii AB (Sweden)
• SR Research Ltd. (Canada)
• Seeing Machines Ltd. (Australia)
• EyeTracking Inc. (US)
• Ergoneers GmbH (Germany)
• PRS IN VIVO (U.S.)
• Lumen Research Ltd. (UK)
• Sensomotoric Instruments GmbH (Apple Inc.) (Germany)
• Lc Technologies, Inc (U.S.)
• Eyetech Digital Systems, Inc (U.S.)
• Sr Research Ltd (Canada)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.