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The eye tracking market share is expected to increase by USD 322.35 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 14.14%.
This eye tracking market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers eye tracking market segmentation by application (research, AR and VR, HCI, training and simulation, and healthcare) and geography (North America, Europe, Asia, and ROW). The eye tracking market report also offers information on several market vendors, including Alphabet Inc., Apple Inc., BIOPAC Systems Inc., Facebook Inc., Gazepoint, Magic Leap Inc., Noldus Information Technology BV, Seeing Machines Ltd., SR Research Ltd., and Tobii AB among others.
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Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The new product launches are notably driving the eye tracking market growth, although factors such as the presence of intellectual property rights and patents may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the eye tracking industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Eye Tracking Market Driver
One of the key factors driving the eye tracking market is the new product launches. Vendors are concentrating on creating cutting-edge eye tracking technology for a variety of industries, including AR, VR, healthcare, automotive, aerospace, and research. To diversify their product lines and boost sales, they are introducing new products. During the anticipated period, the introduction of numerous new products is anticipated to fuel market expansion. For instance, Apple Inc. released several wearable devices in September 2020 that now feature eye tracking systems with cameras. The method and tool for eye tracking using event camera data are described in the patent. The technology tracks the user's eyes to determine where they are looking while wearing the head-mounted device. Similarly, in June 2020, Tobii AB company launched its Tobii Eye Tracker 5, which is designed and engineered specifically for gaming. The device allows users to control in-game cameras and actions with their head or eye movement, and track analytics on metrics such as tunnel vision, awareness, and focus for training purposes.
Key Eye Tracking Market Trend
The development of eye tracking for mobile devices is another factor supporting the eye tracking market growth in the forecast period. Numerous vendors in the existing market have succeeded in developing solutions that can integrate eye tracking into mobile devices. Eye tracking in mobile devices is usually achieved by incorporating sensors, infrared light, and the optical camera found above the display screen. Smartphone vendors such as Samsung have incorporated eye tracking that allows the user to scroll through the display screen using their eyes. Such technological advances and integration in commercial devices are expected to increase the scope of HCI applications in the global eye tracking market. Furthermore, technological advances, such as software development for the integration of eye tracking devices into mobiles, are likely to drive the growth of the market. Moreover, the use of VR cardboards is increasing rapidly in the market. They act as an outer shell that blocks ambient light and has a holder for a smartphone that streams the VR content. In addition, mobile devices are also used for experiencing VR content that is usually recorded or developed in the form of 360 degrees videos. The development of eye tracking solutions for mobile devices would prove to be highly favorable for the global eye tracking market as smartphones are being largely used for viewing VR content by using VR cardboards.
Key Eye Tracking Market Challenge
The presence of intellectual property rights and patents will be a major challenge for the eye tracking market during the forecast period. The market restricts new vendors and innovators from exploring eye tracking solutions and various applications due to the presence of patents and intellectual property rights. These patents and IPs protect the owners of multinational companies, organizations, or private companies that make commercial gains using their inventions. However, there is no knowledge sharing within the market due to these patents and intellectual property rights. This leads to a low level of innovation in eye tracking technology. This may result in unhealthy competition among the vendors, and there could be cases of patent infringements and court cases that can affect the vendors in the eye tracking market. Furthermore, technological advances in the market will be hindered as new players could be discouraged from entering the market. Therefore, the presence of numerous patents will restrict technology from becoming affordable. Possibilities such as these in the eye tracking market could create long-term challenges for the vendors and affect the market growth during the forecast period.
This eye tracking market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global eye tracking market as a part of the global electronic equipment and instruments market within the overall electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the eye tracking market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the eye tracking market encompasses successful business strategies deployed by the key vendors. The eye tracking market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The eye tracking market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the eye-tracking market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global electronic equipment and instruments market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturer providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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