Eye Tracking Market: Industry Analysis and Forecast (2023-2029) by Technology, Offering, Type, Specimen and Region

Eye Tracking Market is expected to reach US$ 43.65 million, by 2029, thanks to the pharmaceutical and biotechnology industries segment. The report analyses Eye Tracking Market dynamics and market trends.
Eye Tracking Market Overview:
The Eye Tracker is a gadget that analyses and evaluates the position and angle of the eye about the head. It is a measurement of the total activity of the eye. A remote or an eye tracker installed on the head and connected to the computer can be used to collect eye-tracking data. It entails keeping track of actions including blinking, staring, and ignoring, as well as the pupil's visible reaction to various stimuli. It has a wide range of uses in intelligent and security systems.


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The report has covered the market trends from 2018 to forecast the market through 2022. 2022 is considered a base year however 2022's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Eye Tracking Market Dynamics:
Eye Tracking Market size was valued at US$ 6.21 Bn. in 2022 and the total revenue is expected to grow at 24.2% through 2023 to 2029, reaching nearly US$ 28.3 Bn.
Driver- Increasing technology

A major driver of market growth is the growing usage of eye-tracking technology in the military and aerospace industries. Furthermore, rising investments in smart and wearable technology are helping to drive market expansion. Since the Eye Tracking system is used in the Defense and Military sector, governments all over the world have boosted their investment in the industry, fueling market growth in the next years. The increased adoption of eye-tracking devices in diverse applications such as lie-detection systems, video games, and cognitive systems is offering market growth opportunities.

At a retail establishment, eye-tracking equipment and related algorithms are being used to gain insights into customer behavior. These gadgets and algorithms aid in determining how long a customer spends browsing an offering, what Offering layout is most likely to induce a purchase at a store, and what packaging gives the most Offering information for the customer's benefit. Eye-tracking is used in market research for web marketing and analyzing advertisements in print, signage, and digital media.
Restraint: The market for gesture recognition is expanding.
Gesture recognition technology is used to control a device without having to touch it. The growing utilization of gesture control features in autos, expanding digitization across sectors, favorable government initiatives, and the presence of touchless hygienic solutions are among the primary drivers for the gesture recognition market. Gesture recognition technology is used in a variety of industries, including automotive, aerospace, consumer electronics, and many more. As a result, gesture recognition technology is a strong competitor for applications in supportive communication. Yet, only a few types of patents or people can use gesture recognition-based gadgets. The impact of this restraining factor on the eye-tracking market is now reasonable and is projected to be the same during the forecast period.
Eye-tracking technology's penetration in AR/VR gadgets is an opportunity.
The popularity of augmented reality (AR) and virtual reality (VR) devices is growing due to a variety of causes, including the capacity to provide a better user experience, increase image quality, and minimize eye strain and improve focus. Eye-tracking technology may be implemented into AR/VR devices like headgears and PCs, which opens up new possibilities for the technology. Many business executives have seen this possibility and are conducting a study in these areas.
Partnerships and Product Launches-
Tobii Pro Glasses 3—the next-generation of wearable eye tracker intended for monitoring attention in any real-world scenario—will be released in June 2020 by Tobii Pro, a commercial unit of Tobii (Sweden).

Tobii Dynavox, a Tobii (Sweden) business company, announced the debut of the I-Series, its next-generation communication device with built-in eye tracking, in May 2020. People with disabilities such as cerebral palsy and amyotrophic lateral sclerosis will benefit from the new I-Series (ALS). It gives them a voice, allowing them to communicate and grow more self-sufficient.

In October 2019, Seeing Machines (Australia) announced a partnership with Alaska Airlines (US), North America's fifth-largest airline, to provide advanced eye and gaze tracking capabilities to the airlines via its Crew Training System.
Eye Tracking Market Segment Analysis:
The Software segment is estimated to grab larger market attention in the Eye Tracking Market.

During the forecast period, the eye-tracking market's software sector is predicted to develop at the fastest rate. The increased expenditure in market research operations by large FMCG businesses and retailers is primarily responsible for the software market's rise. By delivering eye-tracking based on user data and preferences, leading eye-tracking service providers are receiving money from huge FMCGs and retailers. Eye-tracking software for training services in the automotive and aviation industries is also predicted to contribute significantly to market growth.

The Assistive communication segment is supplementing the growth of the Eye Tracking Market.

By application, the eye-tracking market is divided into three categories: assistive communication, human behavior & market research, and others. During the projected period, the eye-tracking market is expected to be dominated by assistive communication applications in terms of size. The demand for eye trackers in the healthcare vertical has grown as a result of the necessity for effective assistive communication devices for physically handicapped persons and developments in eye-tracking technology; this is the key reason for this segment's greatest share of the eye tracking market.
Eye Tracking Market Regional Insights:
North America is ruling the growth of the regional Eye Tracking market in the forecast period.

During the projected period, North America is expected to hold the greatest share of the eye tracking market. This sector's dominance can be linked to the region's comparative economic advantage. One of the primary drivers driving growth in North America is the increased use of advanced technology in the healthcare sector, as well as increased research initiatives to better understand human behavior.

The eye-tracking market in APAC is predicted to develop at the fastest rate during the projection period. The fast expansion of the eye tracking market in the region is likely to be fueled by several untapped verticals and applications, as well as increased awareness of the technology. In comparison to other verticals in the region, the consumer electronics and automotive verticals are predicted to develop faster.

The objective of the report is to present a comprehensive analysis of the Eye Tracking Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Eye Tracking Market dynamics, structure by analyzing the market segments and projecting the Eye Tracking Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Eye Tracking Market make the report investor’s guide.
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Global Eye Tracking Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 9.57 Mn.


Forecast Period 2023 to 2029 CAGR:
24.2%
Market Size in 2029:
US $ 43.65 Mn.


 Segments Covered:
by Offering
Hardware
Software
Research & Consulting Services


by Tracking Type
Remote Tracking
Mobile Tracking


by Application
Assistive Communication
Human Behavior & Market Research
Others


by Verticals
Retail & Advertisement
Consumer Electronics
Healthcare & Research Labs
Government, Defense, and Aerospace
Automotive & Transportation
Others



Eye Tracking Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Eye Tracking Market Key Players
1. Eyegaze (US)
2. PRS IN VIVO (US)
3. Ergoneers (Germany)
4. iMotions (Denmark)
5. EyeSee (Belgium)
6. Tobii (Sweden)
7. SR Research (Canada)
8. SeeingMachine (Australia)
9. Smart Eye (Sweden)
10. EyeTech Digital Systems (US)
11. EyeTracking (US)
12. Applied Science Laboratories
13. Toii Ab
14. SR Research Ltd.
15. Mirametrix, Inc.
16. SensoMotoric Instruments
17. EyeTribe
Frequently Asked Questions:
1. Which region has the largest share in Global Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global Market?
Ans: The Global Market is growing at a CAGR of 24% during forecasting period 2022-2027.

3. What is scope of the Global  market report?
Ans: Global Eye Tracking Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global market?
Ans: The important key players in the Global Market are – , Eyegaze (US), PRS IN VIVO (US), Ergoneers (Germany), iMotions (Denmark), EyeSee (Belgium), Tobii (Sweden), SR Research (Canada), Seeing Machine (Australia), Smart Eye (Sweden), EyeTech Digital Systems (US), EyeTracking (US), Applied Science Laboratories, Toii Ab, SR Research Ltd., Mirametrix, Inc., SensoMotoric Instruments, and EyeTribe

5. What is the study period of this market?
Ans: The Global Eye Tracking Market is studied from 2022 to 2029.