Eye tracking is a technology wherein the movements of the human eye are traced, along with alterations in the pupil size. This information is gathered and mapped to different scenarios with suitable algorithms to obtain crucial information. For example, the tracking of the human eye can provide information such as behavior, health, concentration, and the point of focus. The eye tracking market is expected to grow from USD 368 million in 2020 to USD 1,098 million by 2025; it is expected to grow at a CAGR of 24.5% during the forecast period. Retail, advertisement, research labs, and healthcare are the key verticals, which dominate the eye tracking market and also contribute significantly to its growth.
Major players in the eye tracking market have primarily adopted strategies such as product launches and expansions to strengthen their position in the market.
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Tobii (Sweden) and Seeing Machines (Australia) are among the major players in the eye tracking market. Tobii is a well-known player in the eye tracking market. The company has a strong eye tracking product portfolio comprising of various hardware, software, and services. To further strengthen its product portfolio, the company stresses on product launches. It has been one of the most active companies in the eye tracking market in terms of new product developments. Besides product launches; acquisitions, agreements, expansions, and collaborations are other strategies adopted by the company in recent years to maintain its position in the eye tracking market. Tobii has a strong grip in the North American and European markets, as of 2019, these regions collectively accounted for ~81% of its revenue. Tobii has been also actively monitoring the spread of COVID-19, and has proactively undertaken measures to safeguard the health and safety of its employees, as well as maintain its ability to deliver its products and services to customers. However, much like various other companies, the revenue of Tobii is also expected to be negatively affected due to lockdowns in multiple countries where the company operates. The company has also been facing difficulties to reach and provide service to its customers. Additionally, enforcement of travel restrictions, along with the shutdown of schools, universities, and offices, in various countries, such as Japan and China, has led to a decline in demand from these markets.
Seeing Machines has a strong grip on the eye tracking market, especially in automotive, aviation, and transportation verticals. The company has substantial experience and brand name in driver monitoring technology. This is one of the key factors, which has led to its prominent position in the eye tracking market. Expansions, collaborations, and product launches were the key strategies adopted by the company to strengthen its position in the eye tracking market. Seeing Machines is continuing to offer its Guardian range products and services even amid the COVID-19 crisis. The company has undertaken several steps to ensure its 24/7 Guardian services remain fully operational throughout the COVID-19 pandemic.
Eye Tracking Market with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Tracking Type (Remote and Mobile), Application (Assistive Communication, and Human Behavior & Market Research), Vertical, and Geography- Global Forecast to 2025
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