The Eye Tracking Market is anticipated to reach over USD 2,142 million by 2027.
In 2021, the healthcare segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global eye tracking market revenue during the forecast period.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
The increasing demand for a personalized experience on consumer devices has propelled the research for this technology and boosted eye tracking market growth. This technology is integrated with assistive communication devices to offer benefits related to eye trailing. The rising penetration of the eye tracking technology in sectors of aviation, automotive and entertainment has greatly influenced the market growth. The growing use of eye tracking technology in augmented reality and virtual reality applications is expected to accelerate the adoption during the forecast period. However, improved automation in vehicles, advanced artificial intelligence, and smart factories hamper eye tracking market growth. Factors such as development of eye tracking technology for interoperability, development of low-cost eye tracking solutions, growing use in lie detection and gaming applications, and growing demand for contactless biometrics solutions would offer growth opportunities during the forecast period.
COVID-19 Impact
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Eye Tracking Market also experienced a slowdown. Statista estimates that the Eye Tracking Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Eye Tracking Market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Eye Tracking Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increase in demand from retail and healthcare sectors drive the market growth. The growing applications of smart sensors and contactless biometric solutions has increased the demand for eye tracking solutions in the region. The growing penetration of mobile devices, and technological advancements further support market growth. The increasing applications in healthcare, and defense sectors in the region further promote market growth. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing need for assistive communication and other applications in the healthcare sector.
The companies operating in the eye tracking market report include EyeTech Digital Systems, Inc., EyeTracking, Inc., LC Technologies, Inc., Mirametrix Inc., Tobii AB, Sensomotoric Instruments GmbH, Seeing Machines Ltd., Ergoneers GmbH, Gazepoint Research Inc., and Smart Eye AB. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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The report offers the current state of the market and future prospects for various geographical regions.
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