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Eye Tracking Market Projected to reach 1,376.5 Million USD by 2023 | Key Players include: Tobii AB, SR Research Ltd., Seeing Machines and EyeTracking, Inc.
Eye Tracking Market by Offering, Tracking Type, Application (Assistive Communication, Human Behavior & Market Research, AR/VR, Vehicles), Vertical (Retail, Healthcare, Government, Automotive, Consumer Electronics), and Geography
The eye tracking market was valued at USD 267.8 million in 2016 and is expected to reach USD 1,376.5 million by 2023, at a CAGR of 27.4% between 2017 and 2023. The eye-tracking technology is being increasingly adopted in various verticals, such as automotive and transportation; government, defense, and aerospace; and consumer electronics. The most prominent verticals that employ eye-tracking technology are healthcare and research labs, and retail and advertisement. North America held the largest share of the eye tracking market in 2016, and the trend is expected to continue during the forecast period. Europe is also a prominent region for eye-tracking technology with a number of eye-tracking firms based out of the region. There is a growing investment in R&D by the industry leaders and also increased spending by B2B customers of eye-tracking technology. The rising demand in healthcare and retail sectors is also expected to drive the growth of the market.
Collaborations and partnerships are the key strategies adopted by players in the eye tracking market, with a number of prominent companies partnering with each other or other relevant technology-based market players. Some of the companies providing eye-tracking technology have collaborated with government agencies securing investments for R&D. New product development is also a dominant strategy adopted by eye-tracking technology vendors. The improvements in the technology are expected to pave the way for the wider adoption of eye tracking in different verticals. Mergers and acquisitions are also observed in the market; these strategies are adopted for procuring technology or consolidating the market position. Some of the large technology-based companies have acquired smaller eye-tracking-based companies to increase their share in the market. Some of the eye-tracking service-based companies have relied on contracts and agreements as a strategy to sustain or increase their client base.
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Tobii AB (Sweden) was ranked first in the eye tracking market and occupied a large market share in 2016. It is a leader in eye-tracking devices for assistive communication applications, and is a foremost provider of hardware and software technology in other application areas of eye tracking. Tobii operates through the following business units: Tobii Dynavox, Tobii Pro, and Tobii Tech. The company continuously upgraded and launched various eye-tracking products in 2015 and 2016. Tobii is also a world leader in terms of revenue generation based on eye-tracking products. In terms of breadth of offering, the company offers hardware, software, and related services to its clients. Products offered by Tobii are highly innovative and have advanced features. Tobii has wide geographic presence and invests more than 25% of its revenue in R&D and has dedicated 40% of its workforce in research activities. It has undertaken major collaborations with companies catering to the consumer electronics vertical. For instance, in 2016, it collaborated with Alienware Corporation (US) to integrate eye tracking into some of the premium products of Alienware. The company has also adopted the merger and acquisition route to strengthen its market position. In May 2017, Tobii acquired Sticky (US), a webcam eye-tracking-based market research solution provider.
PRS IN VIVO (US) was ranked second in the eye tracking market in 2016. The company focuses on market research activities and caters to a number of leading FMCG companies, such as Procter and Gamble (US), Nestle (Switzerland), and Johnson & Johnson Services, Inc. (US). The company has presence in countries with major retail markets—the US, China, Germany, France, and Italy. The company uses the third-party eye-tracking hardware and software products for its market research. The company prefers mobile eye-tracking over web-based or remote eye-tracking methods to avail greater control over the data collected. The retail and advertisement sector is expected to be the most dominant contributor to the eye tracking market in 2023. The increasing spending by leading FMCG and retail chains will influence the growth of PRS IN VIVO in the coming years.
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