Market Size of Eye Tracking Solutions Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 26.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Eye Tracking Solutions Market Analysis
The eye-tracking solutions market is expected to register a CAGR of 26% over the forecast period. Vision capture technology is being used more and more in business, especially in retail, research, automotive, healthcare, and consumer electronics. This has made the industry more important.
- Rapid technological improvements and an increasing need for real-time data to analyze customer behavior are among the major factors driving market expansion. Artificial intelligence (AI) is becoming more prevalent, as is the use of virtual reality (VR) and augmented reality (AR) in commercial devices. For instance, in October 2022, Meta announced the release of high-end Quest Pro glasses with greater resolution and integrated eye-tracking capability. So, the fact that AR and VR are being used more and more in eye-tracking solutions is likely to help the market grow over the next few years.
- Eye-tracking solutions are commonly utilized in business research, internet marketing, and assessing print and electronic media ads. Tobii Pro, for example, has recently introduced an internet self-service system utilized by advertising scientists and marketers that blends emotion detection and webcam eye monitoring with internet poll questions to simplify sophisticated quantitative research. Thus, increasing product advancement by significant players for several applications is expected to propel market expansion.
- Eye tracking is utilized in the healthcare sector to diagnose Parkinson's disease and aid in the detection of multiple sclerosis. According to the Parkinson's Foundation, Parkinson's disease affects almost one million people in the United States. By 2030, this figure is predicted to climb to 1.2 million. Considering the rising frequency of MS and other disorders, there is an increasing worldwide need for eye tracking in the medical field.
- However, factors such as the availability of alternative solutions such as gesture recognition along with the data privacy concerns associated with eye tracking solutions challenge the growth of the studied market as biometric data related to the eye are considered very specific, the misuse of which may create various types of problems.
- The studied market is expected to grow post-COVID-19 as the outbreak boosted the demand for remote monitoring and advanced digital technologies, which in turn was expected to increase the adoption of eye-tracking technologies over the coming years. Furthermore, stay-at-home moms increased the adoption of online shopping, which was expected to increase the adoption of these technologies. Additionally, the demand for these technologies is also expected to grow in the banking and financial sectors, especially for authentication purposes.
