The eye tracking market is expected to grow at a CAGR of 24.5% from 2020 to 2025, to reach USD 1,098 million by 2025 from USD 368 million in 2020.
The rising adoption of eye tracking technology for personalized advertisements and consumer research and surging demand for eye tracking-based assistive communication devices are key driving factors for the eye tracking market growth.
However, the lack of technical standardization and the high cost of equipment are a few of the factors hindering the growth of the eye tracking market.
The market for automotive & transportation vertical to grow at the highest CAGR during forecast period.
The eye tracking market for the automotive & transportation vertical is expected to witness the highest growth during the forecast period.
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.
Software segment expected to grow at the fastest rate in the eye tracking market from 2020 to 2025.
The software segment is expected to grow at the fastest rate in the eye tracking market during the forecast period.
The growth in the software market can be predominantly attributed to the rising expenditure in market research activities by large FMCG companies and retailers.
Leading eye-tracking service providers are generating revenue from large FMCGs and retailers by offering eye-tracking based user data and preferences.
The use of eye-tracking software for training services in the automotive and aviation sectors are also expected to contribute significantly to the growth of the market.
APAC to witness highest growth in market during forecast period.
APAC is expected to witness the highest growth in the eye tracking market 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.
Consumer electronics and automotive verticals are expected to demonstrate higher growth compared with other verticals in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the eye tracking market.
Eyetech Digital Systems
Prs in Vivo
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