Eye Tracking Market Trends, Size, Growth, Challenges and Forecast 2029

Posted by aartimurkute on December 12th, 2022

Of late, eye tracking technology has showcased great potential in the field of consumer research and advertising. In addition, smart wearable technology has also witnessed significant upticks in investments, thus, expanding the horizons of the global eye tracking market. Cutting-edge developments in contactless biometrics alongside the integration of futuristic technologies, such as Artificial Intelligence (AI), augmented reality (AR) and virtual reality (VR), is further manoeuvring the market to newer heights.  These developments play an instrumental role in the field of consumer electronics and other commercial application domains.  Beyond these, eye tracking technology has unfurled its applications in the military and aerospace sectors. Such broad-ranging applications and provided efficiency in operations are poised to bolster growth across the global eye tracking market.

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Eye Tracking Technology in Advertising and Consumer Analysis to Aid Market Growth

Notably, eye tracking technology has gained significant momentum across market research activities. Various retailers, specifically in the FMCG division, are using this technology to keep a tab on consumer’s presence and follow what they are looking at in real time. Eye-tracking devices and associated algorithms provide insights into consumer behaviour that includes browsed products and product layouts that stimulate store purchases. It also helps retailers to design packages that comprise the most appropriate product information, best in favour of consumers. Consequently, this enables retailers to ameliorate their sales by targeting the right set of consumers. Moreover, the application of eye tracking has moved beyond market research to assessing marketing activities, advertising on print, digital media, and signage. With a growing demand for eye tracking technology to assess consumer perspectives, the global eye tracking market is set to experience robust growth throughout the forecast period. 

Amplified Demand for Contactless Biometrics to Prolong Market Growth

Contactless biometrics are making a major breakthrough around the world owing to their ability to verify user identities with powerful access controls. Moreover, these biometrics do not require any physical contact with relevance to security. These contactless biometrics find their application in areas around access control, onboarding and KYC, and criminal identification and forensics, among others. A robust security network makes biometric systems an ideal solution for prison management systems and defence departments. Perceptibly, biometric iris scanners are comprehensively being used by various law enforcement agencies and defence organisations. This is mainly due to the hassle-free and safe identification of individuals and streamlined security processes. Such a scenario has hyped the demand for contactless biometrics; in turn, propelling substantial growth across the eye tracking market.

North America to Outdo Sales of Other Regions with Increased Adoption of Contactless Biometric Systems

Consistent developments in infrastructure and greater use of automation and sensors are poised to strengthen North America’s stand in the global eye tracking market. The regional market is further augmented by the growing penetration of state-of-art technology in the healthcare industry. Leading organisations in the region are making tremendous efforts to enhance software development and roll out more advanced solutions. Consequently, the soaring adoption of intelligent sensors and contactless biometric systems is anticipated to elevate sales in North America, placing it in a leading market position.

Leading Market Players

Some of the most prominent players in the eye tracking market include IMFA, Finnfjord AS, Elkem ASA, Ferroglobe, SINOGU CHINA, FENGERDA GROUP, OM Holdings Ltd, Russian Ferro-Alloys Inc., Eurasian Resources Group, and VBC Ferro Alloys Limited.

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