Eye Tracking Market worth ,098 million by 2025

Posted by edwardzmusso on August 16th, 2022

The eye tracking market is expected to grow from USD 368 million in 2020 to USD 1,098 million by 2025; it is expected to grow at a CAGR of 24.5% during the forecast period. The eye-tracking market has been witnessing considerable growth since the past few years, mainly due to the increasing adoption of eye-tracking technology in the field of entertainment, consumer electronics, advertisement, retail, and the extensive use of this technology in the healthcare & research labs. However, COVID-19 has led to a decline in the growth rate of the eye-tracking market. The major demand generators in the eye-tracking market— various retail stores, advertisement companies, and research labs—are currently non-operational in multiple countries, which has negatively impacted the demand for eye-tracking technology-based products and services. Additionally, COVID-19 has also disrupted the supply chain of the eye-tracking market, which is hindering the manufacturing and distribution of eye-tracking devices. The eye-tracking market is expected to gather momentum as soon as the supply chain issues get resolved.

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The mobile eye tracking market is expected to witness significant growth during the forecast period. Mobile eye tracking provides more degree of freedom for the subject, which entails more natural head and eye movement to be recorded. This approach is gaining traction in market research applications, especially in the retail and advertisement sector. 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.

The market for software is expected to witness significant growth during the forecast period. The growth in the software market can be predominantly attributed to the rising expenditure in market research activities by large FMCG companies and retailers. Leading eye-tracking service providers are generating revenue from large FMCGs and retailers by offering eye-tracking based user data and preferences. The use of eye-tracking software for training services in the automotive and aviation sectors are also expected to contribute significantly to the growth of the market.

Among all verticals, the eye tracking market for automotive & transportation is expected to grow at the highest CAGR from 2020 to 2025. The rise in the adoption of eye tracking technology in the automotive & transportation vertical for integration in driver monitoring systems is the major reason for the high growth of this vertical in the eye tracking market. Eye tracking technology is considered as an effective technology to detect drowsy or distracted drivers due to which this technology is increasingly being integrated into driver monitoring systems.

Among all regions, the eye tracking market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the most attractive business destination for eye-tracking products and solution providers due to the growing consumer electronics and automotive & transportation industries in this region.

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Key players in the eye tracking market are grabbing opportunities by launching new products and expanding their global reach. Besides, expansions and product launches; partnerships, agreements, and acquisitions were a few of the other strategies adopted by companies in this market to strengthen their market position.