MarketsandMarkets is forecasting major growth in the global eye tracking market, predicting that the appetite for such tech will jump from $560 million to $1.786 billion between 2020 and 2025. Those numbers represent a CAGR of 26.1 percent for that five-year period.
The research firm attributes much of that growth to the healthcare industry, where eye tracking technology is being deployed for assistive communications. Marketing and consumer research are also expected to be significant factors. Eye tracking allows researchers to learn more about the things that draw people’s attention on screens or store shelves, and can allow for the creation of more personalized advertisements. For instance, eye tracking was a central component of a simulated retail environment that was developed to provide companies with better consumer analytics.
Other applications include consumer electronics and the transportation industry. The latter is currently leveraging eye tracking tech in driver monitoring systems that can spot tired or distracted drivers. Such systems are expected to make the road safer for drivers and pedestrians alike, and have already been deployed in cars from manufacturers like Subaru and Mitsubishi.
The automotive and transportation vertical is expected to display the highest CAGR during the forecast window. However, the healthcare and research vertical will still make up the largest segment of the market.
North America will make up the largest portion of the market. Europe is projected to come in second. The U.S., Canada, Germany, and the U.K. will drive much of the demand for the technology in those areas. MarketsandMarkets identified EyeTracking, Seeing Machines, EyeTech Digital Systems, LC Technologies, and Lumen Research as some of the key players in the space.
The report arrives shortly after a separate report in which Marketsandmarkets predicted that the iris recognition market would climb to $4.3 billion between 2019 and 2024.
January 6, 2019 – by Eric Weiss