Eye tracking is becoming an extremely popular technology that can be used for software evaluation. The immersive use of virtual reality along with eye tracking technology has provided gaze-based interaction to the users for enabling unique interactions, this has led to the growing opportunities for eye tracking market. The demand for eye tracking is gaining prominence from multiple fields such as psychology and neuroscience, infant and child research, professional performance, education and sports owing to its target stimuli. Moreover, expansion of the eye tracking market in the developing countries and the usage of eye tracking as an innovative instructional method in surgical anatomy is another prominent factor that is fuelling the market growth. Thus, the increasing popularity of Eye Tracking is set to drive the growth of the market with a CAGR of 28% during the forecast period 2019-2025 and it is predicted that the total revenue will be $2bn in 2025.
Eye-tracking technology has gained popularity owing to technological advancements through adoption of artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) in various fields. Eye tracking has resulted in increased availability of affordable and user-friendly medical equipment with improvements in accuracy, stability, and sampling rates. In the healthcare sector, some psychological diseases including schizophrenia and bi-polar disorder are being diagnosed using eye tracking technology as an essential tool. The rising use of eye tracking technology in healthcare sector is estimated to grow at an impressive CAGR close to 35%. Furthermore, the increasing demand for eye tracking technology from industries including marketing, entertainment, transportation, and others is providing growing opportunities for eye tracking market.
In terms of geographic regions, North America grabbed the largest market share of 28% of eye tracking market in 2018. The increasing growth of sectors such as automotive, transportation, and healthcare in the U.S has opened up opportunities for eye tracking technology in the country. In automotive, eye tracking technology is being used in cars for ensuring safety of the driver and prevent distractions from the road.. Considering these factors North America is expected to drive the eye tracking market during the forecast period.
Eye Tracking Market Growth Drivers:
- Adoption of eye tracking technology in mobile phones: Radically growing ubiquity of mobile phones is the biggest growth driver for the eye tracker market. Mobile phones, such as iPhone X and Xiaomi Mi8, are featured with depth sensing cameras which are further upgraded with 3D eye tracking technology.. Eye tracking is also being used as a tool for unlocking the phone using retina scan or face scan. In addition to these, adoption of 3D technology in smartphones will provide growing opportunities for eye tracking in the near future.
- Rise in advancement in the medical field: Eye tracking technology is incorporated in medical field for improving existing clinical methods for screening and diagnosing. Eye tracking in combination with biometric sensors tracks the eye movement of the patient and helps in diagnosing diseases such as Attention Deficit Hyperactivity Disorder (ADHD), Autism Spectrum Disorder (ASD), Obsessive Compulsive Disorder (OCD), Schizophrenia, Parkinson’s and Alzheimer’s disease.. Many investigators and researchers have started using eye-tracking technology for patient safety studies. Eye tracking technology is actively being utilized in specialized medical centers. It creates a communication with the patients who have partially lost their motor function, or those suffering from serious lesions of the musculoskeletal system, or those having speech disorders. Thus, the increasing advantages of eye tracking in healthcare will lead to the growth of the market in the near future.
R&D Investment and Initiative, Funding:
In 2017, AdHawk Microsystems announced a funding of $4.6m for enabling its microscopic eye-tracking technology with virtual reality and augmented reality headsets. In January 2019, Eyeware, a Swiss deep tech is a startup that raised a funding of $1.9m. This funding was managed by High-Tech Grunderfonds (HTGF), TRUMPF Venture GmbH, Swiss Startup Group AG and Zurich Kantonalbank. The funding involved the development of GazeSese, a 3D eye tracking software for providing real-time coding.
The Major Players in this Market Include:
The key players for Eye tracking market include Eyetracking, Inc., LC Technologies, Inc., AdHawk Microsystems Inc., Tobii AB, RightEye LLC., and others.
In 2018, Tobii AB announced its latest versions of Glasses 2 spectacles for applications such as sports and workplace. Recently, Tobii has announced the development of software development kit (SDK) that can be used for XR (AR/VR) applications. The launch of SDK provides tools that makes easy for the developers to integrate eye tracking that enhances the user-experience.
Moreover, the acquisition of eye tracking startups by the major companies such as Facebook and Google in 2017 for improving the capability for VR devices and mobile experience will further propel the eye tracking market.
Increasing integration of Eye Tracking with AI will provide opportunities for the eye tracking technology. The advantages of employing eye-tracking technology in mobile devices and webcams for enhancing the user experience and providing real-time insights to the consumers will fuel the eye tracking market to the next level. Most of the devices which are used today such as smartphones, headsets, gaming devices and so on have in-built eye tracking technology which will have a positive impact on the market. Moreover, the advancements in the medical field with the deployment of eye tracking technology in devices such as a set of special electrodes, miniature mirrored lenses and others for detecting the patient’s eye balls and also for early detection of any type of diseases drive the growth of eye tracking market.