Segmentation By Component (Hardware and Software); By Type (Electrooculography, Eye Attached Tracking and Optical Tracking System); By Location (Remote Tracking System and Mobile Tracking System); By Application (Automotive, Healthcare, Retail, Research, Defense and Others); – Global Demand Analysis & Opportunity Outlook 2027
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Our-in depth analysis of the eye tracking market includes the following segments:
On the basis of regional analysis, the eye tracking market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America holds the largest share and is further expected to grow, on account of continuous investments and innovations combined with rising adoption of eye tracking technology in all the sectors, specifically healthcare and defense sectors. Moreover, the market in Europe is expected to grow at a significant rate on the back of rising investments and focus of the major players on the technological advancements in the field of eye tracking devices. Furthermore, the market in Asia Pacific region is anticipated to record highest CAGR owing to adoption of the technological innovations in various sectors, and reduction in prices of the eye tracking devices among consumers in the region.
The eye tracking market is further classified on the basis of region as follows:
Increased Capital Investments for Technological Advancements
Increased capital investment in the eye tracking market and growing research & development across numerous industry verticals around the globe are some of the notable factors contributing towards the growth of the market. Moreover, growing support of eye tracking technology in market research on the back of the enhanced value of information gathered through eye tracking system is one of the prominent factor that is expected to benefit the expansion of the eye tracking market.
Increased adoption of eye tracking systems in military and aviation sector on account of their ability to collect the real time data at flexible locations combined with growing demand of smart sensors for security applications in various sectors is anticipated to fuel the growth of the eye tracking market.
Eye tracking technology requires considerable financial, time and labor resources to study and interpret the recordings. Moreover, the inability of cameras to record eye movement due to different contact lenses, glasses and pupil color, is anticipated to hamper the growth of eye tracking market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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