The eye tracking market size will increase from $428 million in 2023 to $4.018 billion in 10 years. The increasing adoption of eye tracking in virtual reality and augmented reality applications is driving the market growth.Future opportunities
NEWARK, May 8, 2024 (Globe Newswire) — Brainy Insights predicts the US$428 million eye tracking market will reach US$4.018 billion by 2033. A key factor in the growth of the automotive industry is eye tracking. Along with the needs of automotive and AI applications in the automotive industry, the need for eye tracking is also growing. Over time, eye tracking replaced traditional methods as an important DMS technology as it allows analysis of gaze direction and eyelid movements. For example, Toyota beat out other market rivals by introducing eye-tracking gadgets under its Lexus brand. Additionally, Volvo plans to introduce driver condition assessment technology to the market. Eye-tracking gadgets are also in high demand in the retail FMCG industry.
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Retailers use eye tracking devices and associated algorithms to learn customer behavior. This algorithm determines the product placements that customers are most likely to purchase in-store, the amount of time customers spend browsing products, and the packaging that provides the most product information to customers. The household appliances sub-segment is expected to increase at a significant CAGR throughout the forecast period.
North America accounts for the largest market size during the forecast period.
The increasing use of cutting-edge technology in the healthcare industry and research efforts to better understand human behavior are two major drivers of North America's explosive economic growth. The United States accounts for the largest revenue share in the regional market due to the widespread use of sensors and non-contact biometric systems.
The optical tracking segment dominated the market with revenue of $179.7 million.
The optical tracking segment dominated the market with the most significant revenue of USD 179.7 million. Optical tracking systems are in high demand in VR and AR because they can capture active and passive movements of the entire body. This allows VR to access more location data about the user.
The hardware segment dominated the market with the most significant revenue of $252.5 million.
The hardware segment dominated the market with the most significant revenue of $252.5 million. The equipment involved in eye-attached tracking is a vision tracker, eye-tracking glasses or lenses, and external or internal storage for recording and storing data collected by a head-worn vision capture system consisting of a camera and sensors. Consists of devices.
The remote sector dominated the market with the most significant revenue of $235.4 million.
The remote sector dominated the market with the most significant revenue of $235.4 million. Three-dimensional surveys may require a more complex setup than two-dimensional surveys that use remote visual capture devices to study respondent behavior or observe objects.
The healthcare sector dominated the market with the most significant revenue of $107 million.
The healthcare sector dominated the market with the most significant revenue of $107 million. Initially, gaze capture in medicine was limited to computer interfaces for patients with various movement disorders and communication difficulties.
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Market dynamics:
Driving factor: Increasing demand for auxiliary communication devices with eye-tracking focus capabilities
Assisted transmission technologies, centered around eye tracking, are becoming increasingly important in the digital era. As technology advances, our reliance on digital tools and interfaces for communication has increased dramatically. These developments have created new avenues for people with severe disabilities and limited mobility to interact with the outside world. Eye-tracking technology has become a game-changer, especially in assistive technology, providing a lifeline to those who rely on it for information access, communication, and device management.
Restraint: high cost
The expensive nature of eye-tracking technology has always been a major barrier to its widespread adoption and use. Eye tracking has proven useful in several industries, including gaming, healthcare, research, and assistive technology, but initial cost is often a major barrier.
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The major companies operating in the eye tracking market are:
●SR Research Co., Ltd.
●Gazepoint Research Co., Ltd.
●Smart Eye AB
●Mirametrics Co., Ltd.
●LC Technologies Co., Ltd.
● Toby AB
●iMotions A/S
●ITEC Digital Systems Co., Ltd.
●Eye Tracking Co., Ltd.
● Seeing machine limited
The main segments cover the following markets:
By type:
●Electrooculography examination
● Optical tracking
● Eye attached tracking
By component:
● Software
● Hardware
By location:
● Mobile
● Remote
By application:
● Retail
●Automobile
● Healthcare
● Research
● Household appliances
●Others
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About the report:
The Global Eye Tracking Market is analyzed on the basis of value (Million USD). All segments are analyzed on global, regional and country basis. The study includes analysis of more than 30 countries in each part. The report offers an in-depth analysis of drivers, opportunities, restraints, and challenges to gain key market insights. This research includes Porter's Five Forces Model, attractiveness analysis, raw materials analysis, demand and supply analysis, competitive position grid analysis, distribution, and marketing channel analysis.
About Brainy Insights:
The Brainy Insights is a market research company that aims to provide actionable insights to improve business acumen for companies through data analysis. We have robust predictive and estimation models to help our clients achieve their goals of achieving high-quality results in a short period of time. We offer both customized (client-specific) and syndicated reports. The repository of syndicated reports is diverse across all categories and subcategories across domains. Our customized solutions are tailored to meet our clients' requirements, whether they are looking to expand in global markets or planning to launch a new product.
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