Eye Tracking Market Size Growth with Top Leading Players, Growth Key Factors, Global Trends, Industry Share, and Forecast 2022-2031
Kenneth Research examined the statistical and analytical approach that is required for the growth of Eye Tracking Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Eye Tracking Market products.
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The growth of the Eye Tracking market can be attributed to the rising consumption of consumer electronics devices across the globe. It is expected that the total number of users of consumer electronics would reach a value of approximately 3 billion by 2025. The user penetration is also expected to grow to about 35% by the same year. Additionally, the emergence of advanced technologies such as artificial intelligence (AI), internet of things (IoT) and machine learning (ML) is predicted to offer a myriad of lucrative opportunities to the market players. This can be credited to the increase in the number of connected devices, which is further expected to raise the demand for semiconductor chips worldwide. In 2018, there were more than 20 billion IoT connected devices in the world, which are estimated to increase up to about 35 billion and 48 billion by the end of the years 2025 and 2030 respectively.
The global Eye Tracking Market is anticipated to reach over USD 2,142 million by 2026 according to a new research published by Polaris Market Research. In 2017, the healthcare segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global eye tracking market revenue during the forecast period.
The increasing demand for a personalized experience on consumer devices has propelled the research for this technology and boosted eye tracking market growth. This technology is integrated with assistive communication devices to offer benefits related to eye trailing. The rising penetration of the eye tracking technology in sectors of aviation, automotive and entertainment has greatly influenced the market growth. The growing use of eye tracking technology in augmented reality and virtual reality applications is expected to accelerate the adoption during the forecast period.
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However, improved automation in vehicles, advanced artificial intelligence, and smart factories hamper eye tracking market growth. Factors such as development of eye tracking technology for interoperability, development of low-cost eye tracking solutions, growing use in lie detection and gaming applications, and growing demand for contactless biometrics solutions would offer growth opportunities during the forecast period.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increase in demand from retail and healthcare sectors drive the market growth. The growing applications of smart sensors and contactless biometric solutions has increased the demand for eye tracking solutions in the region. The growing penetration of mobile devices, and technological advancements further support market growth. The increasing applications in healthcare, and defense sectors in the region further promote market growth. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing need for assistive communication and other applications in the healthcare sector.
The companies operating in the eye tracking market report include EyeTech Digital Systems, Inc., EyeTracking, Inc., LC Technologies, Inc., Mirametrix Inc., Tobii AB, Sensomotoric Instruments GmbH, Seeing Machines Ltd., Ergoneers GmbH, Gazepoint Research Inc., and Smart Eye AB. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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