Eye Tracking Systems Market Driven by Innovations in Augmented and Virtual Reality; Contactless Biometrics to Create Lucrative Opportunities, States Future Market Insights. Eye tracking system developers are pushing for strategic partnerships with software businesses for easier integration of new technologies in offerings in the industry.
The eye tracking systems market is projected to display a exponential 26.6% CAGR for the period of assessment between 2018 and 2028. The impact of the coronavirus outbreak has been moderately positive on the eye tracking system sector. Changes in security protocols towards contactless biometrics and research in AI, and AR, with focus towards assistive communication will provide lucrative opportunities to market players for the foreseeable future.
“The applications of eye tracking systems far surpass conventional automotive and retail industry uses. Developments in human to computer interactions, visual system, psycholinguistics, marketing and product design are further widening the scope of use, and bolstering growth prospects for years to come,” says the FMI study.
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Eye Tracking Systems Market – Important Takeaways
- Eye-attached tracking systems are expected to reflect strong growth, owing to extensive applications in healthcare, retail, research and consumer electronics sectors.
- Consumer electronics applications are a fast-growing segment, supported by innovations in gaming and consumer electronics UI.
- North America will remain a leading regional market for eye tracking systems, owing to major investments in contactless biometrics and smart sensor systems.
Eye Tracking Systems Market – Driving Factors
- The integration of vision capturing tech in commercial and retail applications is a major market driver.
- Strong demand for biometrics in in defense and law enforcement sectors is a key contributor to the market.
Eye Tracking Systems Market – Leading Constraints
- High costs of production and deployment of eye tracking systems is an obstacle to widespread adoption.
- Complexity of calibration especially with impediments such as contact lenses limit scope of use.
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Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic has generated growth opportunities for the eye tracking system market. The pandemic has resulted in substantial changes in terms of security protocols for not only businesses but also for government organizations, including the incorporation of contactless biometrics to conventional systems.
Also, the market is likely to gain traction in terms of increased demand for gaming in VR during the crisis period. Market players also leveraging work-at-home practices which provide scope of use for eye tracking for remote operations in limited sectors. On the other hand, potential shortage of components owing to supply chain disruptions are likely to hinder short-term growth to an extent.
Some of the prominent players participating in the eye tracking systems market are Google, Tobii AB, HTC, SR Research Ltd., Lenovo, LC Technologies, Microsoft, EyeTech Digital Systems, Facebook, Seeing Machines Ltd., and Apple among others.
Players in the eye tracking systems market are pushing towards research & development efforts for aimed towards bolstering the scope of functionality for new offerings in the industry, to consolidate market positions.
For instance, Apple has revealed the filing of a US patent for event-based gaze tracking system for applications with neural networks for use in future headsets being developed by the company. Similarly, Microsoft has unveiled a new, AI-based gaze tracking system, which has been developed to be compatible to any device type. Also, FOVE – a Japanese startup has launched its first commercial eye-tracking headset for commercial healthcare applications.
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More on the Report
FMI provides in-depth insights on the eye tracking system market. The market is segmented in terms of system orientation (remote and wearable), component (hardware, software, services), sampling rate (25-60 Hz, 61 -120 Hz, 121 – 250 Hz, 251 – 500 Hz, and above 500 Hz), application (assistive communication, marketing & consumer behavior research, medical research & healthcare, smartphones, gaming and AR/VR, automotive & aviation, and others) across four regions (North America, Europe, Asia Pacific, and Rest of the World).
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