In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Eye tracker is a smart device that records the real time data with the support of monitoring and measuring of the eye positions and eye movements. The two most common components of an eye tracker are a camera and a light source. These trackers are used to an increasing extent for gaming, advertising, controlling of wheel chairs and robotic arms among others. The eye-tracking technology is a means of exploring the visual attention with the objective of research in various sectors. Additionally, the application of eye trackers across various industry verticals are increasing on account of their ability to monitor and study the consumer behavior and helps organizations to provide a better product design leading to exceptional consumer experience. Further, the adoption of eye tracking technology in aerospace, automotive and entertainment sectors has influenced the growth of the market owing to integration of eye tracking technology with virtual reality, augmented reality and artificial intelligence. Additionally, rising demand for electronic consumer goods on the back of reduction in prices of eye tracking devices, is anticipated to drive the growth of the market in upcoming years.
The eye tracking market is anticipated to witness significant opportunities and is estimated to record a CAGR of around 27% over the forecast period i.e. 2019-2027. The market is segmented by component, into hardware and software, out of which, hardware segment is anticipated to hold the major market share on account of increasing adoption of the devices equipped with smart sensors. Based on type, it is segmented into electrooculography, eye attached tracking and optical tracking system, out of which, eye attached tracking i.e. head mounted vision tracker is anticipated to expand with highest growth rate during the forecast period on account of its growing support in the field of research, particularly in healthcare and entertainment sector. Based on location, the market is segmented into remote eye tracking and mobile eye-tracking, out of which, mobile eye tracking segment is anticipated to grow significantly on account of growing technological advancements. Based on application, the market is divided into automotive, healthcare, retail, research, defense and others. The healthcare segment is expected to account for the highest share in the market during the forecast period on the back of growing research and development activities in the field of healthcare.
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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.
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: