The high demand for eye trackers in the healthcare vertical, especially for the assistive communication application is one of the key driving factors for the eye tracking market. The increasing penetration of eye tracking technology in the consumer electronics vertical, and high demand for eye trackers for personalized advertisements and consumer research purposes are a few other key factors having a positive impact on the growth of the eye tracking market.
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Impact of COVID-19 on Eye Tracking Market:
The world is facing an economic crisis caused by COVID-19 pandemic. The pandemic like various other markets has also 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.
Driver: Rising adoption of eye-tracking technology in advertisement and consumer research
Eye-tracking technology has been extensively adopted for market research activities. There is an increasing demand from retail, specifically from the FMCG sector, to utilize eye-tracking technology to increase sales revenue. Eye-tracking devices and related algorithms are being used to gain insights into consumer behavior at a retail store. These devices and algorithms help ascertain how much time a consumer spends browsing a product, what the best product layout to prompt a buy at a store is, and what packaging provides the best product information for the customer’s benefit. Market research using eye tracking is also extended to web marketing activities and evaluating advertisements in print, signage, and digital media.
Market for mobile eye tracking to grow at highest CAGR during forecast period
The market for mobile eye tracking is expected to grow at a higher CAGR 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 setup generally includes lightweight glasses and high-resolution cameras, which trace the eye movement via reflection of light onto the headgear.
North America to account for largest market share during forecast period
North America is expected to account for the largest share of the eye tracking market during the forecast period. The dominance of this sector can be attributed to the comparative economic superiority of the region. The increasing use of advanced technology in the healthcare sector and growing research activities to understand the human behavior are a few of the key factors driving the growth in North America.
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A few key players operating in the eye tracking market are Tobii (Sweden), EyeTracking (US), SR Research (Canada), Seeing Machines (Australia), PRS IN VIVO (France), Smart Eye (Sweden), EyeTech Digital Systems (US), Eyegaze (US), Ergoneers (Germany), ISCAN (US), iMotions (Denmark), and Lumen Research (UK).