The report "Eye Tracking Market by Offering, Tracking Type, Application (Assistive Communication, Human Behavior & Market Research, AR/VR, Vehicles), Vertical (Retail, Healthcare, Government, Automotive, Consumer Electronics), and Geography - Global Forecast to 2023", The eye tracking market, in terms of value, is expected to be valued at USD 1,376.5 Million by 2023, growing at a CAGR of 27.4% between 2017 and 2023.
In terms of hardware volume, the market is expected to register a shipment of 756 thousand eye trackers by 2023. The eye-tracking technology is used to track the movement of the eyes to gather information such as the focus and attention span of the humans. This data is analyzed to gain insights into the human behavior, which may be used in retail and automotive sectors. Eye tracking can also be used to interact with computers and through them provide services to patients with communication disabilities in the healthcare sector. There is an increased demand for eye-tracking technology for personalized advertisement in the retail sector; and assistive communication devices in the healthcare sector. The growth potential of eye tracking in AR/VR applications and the consumer electronics vertical is also considerable on account of technological improvements in recent years.
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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.
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. However, the eye tracking market in APAC is expected to grow at the highest CAGR on the back of the rapid adoption of eye-tracking technology in automotive and transportation, and consumer electronics verticals.
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The major players involved in the eye tracking market value chain include Tobii AB (Sweden), SensoMotoric Instruments GmbH (Germany), SR Research Ltd. (Canada), Seeing Machines (Australia), EyeTracking, Inc. (US), PRS IN VIVO (US), Smart Eye AB (Sweden), LC Technologies, Inc. (US), Ergoneers GmbH (Germany), and EyeTech Digital Systems, Inc. (US), among others. These players have adopted various strategies (such as product launches and developments; partnerships; collaborations; business expansions; and mergers and acquisitions) to cater to the needs of the eye tracking market.