Eye Tracking Market Opportunities and Challenges

Northbrook, USA, 2020-Jan-09 — /EPR Network/ —

The eye tracking market is expected to grow from USD 560 million in 2020 to USD 1,786 million by 2025; it is expected to grow at a CAGR of 26.1% during the forecast period. The high demand for eye trackers in the healthcare vertical, especially, for the assistive communication application is one of the key driving factors for the eye tracking market. The increasing penetration of eye tracking technology in the consumer electronics vertical, and high demand for eye trackers for personalized advertisements and consumer research purposes are a few other key factors having a positive impact on the growth of the eye tracking market.

The mobile eye tracking market is expected to witness significant growth during the forecast period. Mobile eye tracking provides more degree of freedom for the subject, which entails more natural head and eye movement to be recorded. This approach is gaining traction in market research applications, especially in the retail and advertisement sector. The increasing demand for on-field market research by large FMCG companies and retailers is expected to spur the growth of the mobile eye tracking market.

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The market for human behavior & market research application is expected to witness significant growth during the forecast period. This growth can be attributed to the growing investments by various FMCG companies, retailers, and advertising agencies among others to study human behavior and to understand the buying behavior.

Among all verticals, the eye tracking market for automotive & transportation is expected to grow at the highest CAGR from 2020 to 2025. The rise in the adoption of eye tracking technology in the automotive & transportation vertical for integration in driver monitoring systems is the major reason for the high growth of this vertical in the eye tracking market. Eye tracking technology is considered as an effective technology to detect drowsy or distracted drivers due to which this technology is increasingly being integrated into driver monitoring systems.

Among all regions, the eye tracking market in APAC is expected to grow at the highest CAGR during the forecast period. A number of untapped verticals and applications; and growing awareness about eye tracking technology are expected to contribute to the fast growth of the eye tracking market in the region. The consumer electronics and automotive verticals are expected to demonstrate higher growth compared with other verticals in the region.

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Key players in the eye tracking market are grabbing opportunities by launching new products and expanding their global reach. Besides, expansions and product launches; partnerships, agreements, and acquisitions were a few of the other strategies adopted by companies in this market to strengthen their market position.

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