LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global eye tracking market size to grow to USD 1,160.74 million by 2021, at a CAGR of more than 30%, according to their latest market research report.
The research study by Technavio on the global eye tracking (ET) market for 2017-2021 provides detailed industry analysis based on end-user (consumer electronics, automotive and transportation, and healthcare) and geography (the Americas, EMEA, and APAC).
|ET devices provide users with a hands-free interaction in human-computer interaction processes. The Americas comprise the largest regional segment of the market, generating over 60% of the overall revenue. The thriving automotive and transportation industries in the region are the key enablers of the region’s dominance in the market.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global eye tracking market:
- Increased use of smart sensors
- Rise of automated vehicles
- Increase in demand for contactless biometrics
Increased use of smart sensors
The advances in IT solutions and M2M communication are supported by the development of smart sensor technologies. Smart motion sensors can capture information through eye tracking technology and temperature detection to relay a signal to intelligent systems. Also, the seamless integration of the Internet of Things with smart sensors is drawing increased attention to the market.
“Smart sensors provide a certain extent of decision-making abilities to devices through the detection of gestures and motions in real time. These factors are driving the increasing adoption of smart sensors, which is resulting in a significant rise in demand for the eye tracking market,” says Amit Sharma, a lead analyst in Technavio for enterprise application research.
Rise of automated vehicles
Automated vehicles such as driverless cars are being adopted widely, and their respective markets are witnessing exponential growths. To ensure safety in these vehicles, real-time tracking information is collected using eye tracking technology to estimate the driving conditions. For instance, General Motors announced the implementation of eye tracking systems in Cadillac Super Cruise, to alert the driver in case he falls asleep while driving. The increasing adoption of driver monitoring systems in vehicles to enhance the safety features of the automobile is driving the growth of the eye tracking market.
Increase in demand for contactless biometrics
For many of the biometric systems to function effectively, physical contact is usually a key criterion. However, with rising concerns related to hygiene, there is an increasing demand for contactless biometrics such as iris cameras and scanners.
“Biometrics technology manufacturers are currently focused on the development of contactless biometrics scanners. Advanced iris readers and scanners available in the market are integrated with the eye tracking technology and solve the issues of hygiene, thereby driving their increased adoption,” says Amit.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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