Eye Tracking System Market is estimated to reach US$ 4.5 Bn by the end of 2028, expanding at a CAGR of 26.6% | FMI
The US$ 472 million eye tracking system market is slated to take a whopping leap over the next decade, reaching the value equating US$ 5 Bn by the end of 2028. As depicted in a recently released intelligence outlook by Future Market Insights, the global market for Eye Tracking System will exhibit an exceptionally high growth rate – predominantly driven by brisk technological advances and an expanding application base of eye tracking system in assistive communication devices. However, the market for eye tracking system will continue to position itself in the high-growth low-volume quadrant throughout the projection period.
FMI anticipates the global eye tracking system market expansion at a massive CAGR of 26.6% between 2018 and 2028. While the capability of eye tracking system to offer unique insights to help comprehend human behaviour will remain the most prominent factor driving its demand worldwide, FMI also marks rapid technological advances in software solutions and hardware components to continue fuelling the growth of eye tracking system market through 2028. Although concerns regarding the safety, privacy, and security of eye tracking data continues to surround the methods used for data collection and use, strong efforts are being taken by some of the leading stakeholders in the eye tracking system market to assure data privacy and security.
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Key Research Findings
- Europe and North America, the current leaders in the global eye tracking system market, will continue to represent higher value shares in the total market value throughout 2018-2028.
- The demand for eye tracking system is most likely to gain a significant boost in Asia Pacific by descending price points and an extending application base – especially in the academic research realm and multiple commercial areas.
- Although remote eye tracking system currently dominates the global market, FMI expects the wearable eye tracking system to demonstrate relatively faster growth – accounting for a larger share of revenue in the eye tracking system market by 2028 end.
- Based on application areas, assistive communication has been spearheading in terms of revenue generation. Moreover, smartphones, gaming, and AR/VR have been identified to represent the next big things creating attractive opportunities in the eye tracking system market over the forecast period.
- The critical need for expert resources and services for appropriately using the volumes of relevant and actionable data cannot be overstated, especially in case of research in medical and academic areas, and consumer behaviour.
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Combined Use of Eye Tracking System with Biometric Data Facilitating Understanding of Human Decision Making
Though conventionally provided data by eye tracking system involves the position of gaze, fixations, and the areas of interest of the subject that is being tracked vis-à-vis the visual stimuli, industry experts have been repeatedly highlighting the dearth of sufficient insights on the underlying emotions, perceptions, and experiences behind the tracked gaze patterns and fixations. To overcome this longstanding functional challenge, a large number of companies operating in the global eye tracking market are providing eye tracking data in integration with other biometric measures. According to FMI, electroencephalography (EEG), facial expression analysis, and electro-dermal activity analysis are some of the biometric measures that hold the potential to create relevant synergies with the existing eye tracking data.
Acquisitions and Strategic Partnerships Playing a Pivotal Role in Shaping Competitive Landscape of Eye Tracking System Market
Several competitors in the global market for eye tracking system are striving for product differentiation by focusing on optimum pricing and higher specification level. A majority of manufacturers are already enjoying high sales of eye tracking system with the USP of the easy-to-setup and easy-to-calibrate devices. A large number of eye tracking system providers are also keeping the introduction of application-specific product offerings at the center stage – with an objective to better address market requirements.
Larger firms dealing in eye tracking system are expected to respond to a several acquisition opportunities, in an effort to gain access to propriety eye tracking solutions and product offerings of small yet significant technology providers. This acquisition spree is presumed to be spearheaded by the players operating in smartphone and AR/VR space, eyeing the high potential of the eye tracking technology for integration in a wide range of consumer products.
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Partnerships with other device manufacturers are foreseen to be emerge as one of the top developmental strategies adopted by key players in the eye tracking system market. While partnerships primarily aim to facilitate the integration of eye tracking system in consumer products at the OEM level, FMI also identified these partnerships to help market players strengthen their distribution partners in those regions where they do not have a direct market presence.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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