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Eye Tracking Market Comprehensive Analysis, Development Strategy, Future Plans and Industry Growth with High CAGR by Forecast 2030

The Global Eye Tracking Market was valued at USD 664.9 million in 2020 and is predicted to reach USD 4.86 billion by 2030 with a CAGR of 22.4% from 2021-2030.

Eye tracking is an advanced sensor technology that analyzes and measures either the position or the motion of the eye relative to the head. It also evaluates reaction of the people in different stimuli such as blinking, ignoring and looking. Eye tracking technology also promotes touchless interactions which has been increasingly advocated during the recent and ongoing pandemic. Integration of eye tracking technology into automotive, defense, security and aerospace have widened the scope of its applications.

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Competitive Landscape

Lucrative growth opportunities make the eye tracking market extremely competitive. Some of the major players in the market are Tobii AB, LC technologies, Eyetech Digital Systems, Ergoneers GmbH, Smart Eye AB., Mirametrix Inc., Pupil Labs GmbH, Seeing Machines, SR Research Ltd., and Gazepoint. The market players are launching various new products to strengthen their foothold in the market. For instance, In January 03, 2020, Smart Eye AB integrated artificial intelligence (AI) technology launched the next level eye tracking system in cars at CES 2020 in Las Vegas, Nevada. The technology not only features detection of distracted driver but also examines ID and face expression for emotional detection and thereby ensures safer journey.

Also, In January 30, 2020, Eyetech Digital Systems launched EyeOn, an ultra-compact eye tracking tablet that enables consumers to type, communicate and select using eye movement.

Market Dynamics and Trends

Growing demand of eye tracking technology in consumer research and advertisement purposes along with the increasing investment in smart wearable technologies are the factors driving the growth of eye tracking market. Also, factors such as growing adoption of assistive communication devices and rising development in the field of contactless biometrics are expected to propel the growth of the market during the forecast period. However, rising adoption of robotics technology among several industries, increasing use of contact lenses and high price of eye tracking devices are the factors restraining the market growth. On the contrary, increase in R&D activities coupled with rapid adoption of eye tracking technology in various new industries such as gaming, virtual reality, aviation, and lie-detection systems among others are expected to create significant growth opportunities for the market players in the coming years.

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Market Segmentations and Scope of the Study:

The global eye tracking market is segmented on the basis of type, application, industry vertical and geography. On the basis of type, the market is classified into head-mounted eye tracker and remote eye tracker. On the basis of application, the market is bifurcated into assistive communication, academic research, consumer behavior research, and usability testing. On the basis of industry vertical the market is divided into retail, automotive, healthcare, military & aerospace, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

The North America region is anticipated to hold the lion share of the market owing to the advancement in technologies, improved infrastructure coupled with increasing use of automation and sensors in this region.

However, the Asia Pacific region is predicted to show rapid and consistent growth in terms of market share within the forecast period. This is attributed to the surge in adoption of eye tracking technology in numerous industries along with constant introduction of new technologies to make eye tracking more efficient in this region.

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