Eye Tracking Market Is Expected To Grow At A CAGR Of 27.4% During the Forecast 2023
Eye tracking involves the tracking of eye movements to gain insights into the focus areas and attention span of human beings. This data is analyzed to gather information about the psychology of human beings or translate the gaze of human beings into actionable data. The global Eye Tracking Market is expected to grow at a CAGR of 27.4% during the forecast period and is expected to be worth USD 1,376.5 million by 2023.
Eye tracking has applications across a number of verticals, such as retail and advertisement; healthcare and research labs; consumer electronics; government, defense, and aerospace; automotive and transportation; and others. The increasing demand in healthcare, retail, and automotive verticals is driving the market towards high growth. AR/VR and consumer applications are expected to provide high growth opportunities in market during the forecast period.
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Remote eye tracking accounted for the largest share of the market based on tracking type. Remote eye-tracking devices are easily configurable and are cheaper than mobile eye-tracking devices. Remote eye tracking has strong demand in assistive communication applications and the automotive and transportation vertical. The market for mobile eye tracking is expected to grow at the highest CAGR during the forecast period as it offers more degree of freedom for natural head movement in a holistic 3D environment. The increasing demand for on-field market research by large FMCG companies and retailers is expected to spur the growth of the mobile eye tracking market.
Assistive communication application held largest share of eye tracking market in 2016
The assistive communication application accounted for the largest share of the eye tracking market in 2016. The market for this application is expected to be driven by the increasing demand for eye-tracking-based assistive communication devices from regions such as North America and Europe. The improvements in the technology and the decreasing price range are expected to drive the wider adoption of eye-tracking-based assistive communication devices in the healthcare vertical all around the world.
Hardware offering expected to dominate eye tracking market during forecast period
The hardware offering is expected to hold the largest market share and dominate the eye tracking market between 2017 and 2023. The eye-tracking hardware is an important component in assistive communication applications and automotive vehicles. Also, it adds considerable value to the eye-tracking-based market research activities in the retail sector. Increasing improvements in the features of the hardware offerings in the eye tracking market are expected to promote the growth in this segment.
Remote eye tracking expected to dominate eye tracking market during forecast period
Remote eye tracking held the largest market share in 2016 and is expected to dominate the market between 2017 and 2023. Remote eye trackers are easy to devise and configure, and are cheaper than mobile eye trackers. Remote eye trackers are widely considered to be more reliable as they can be easily deployed in a variety of environments. These are preferred more in verticals such as healthcare, retail, and automotive.
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Healthcare and research labs vertical held largest share of eye tracking market in 2016
The healthcare and research labs vertical formed the largest market for eye tracking in 2016. The eye tracking market in this vertical is largely driven by the need for assistive communication for physically impaired people and the need to understand and model the human behavior. A number of industry leaders, such as Tobii AB (Sweden) and SR Research Ltd (Canada), cater to this vertical.
North America expected to hold largest market share and market in APAC expected to grow at highest CAGR during forecast period
North America is expected to hold the largest market share and dominate the eye tracking market between 2017 and 2023. Healthcare and retail sectors were the prominent contributors to the eye tracking market in North America.
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