MarketsandMarkets has adjusted its forecast for the eye tracking market. The firm now believes that the market will grow from $368 million in 2020 to $1.098 billion by 2025.
Those figures are considerably less optimistic than MarketsandMarkets’ original prediction. In a report that was released in January, the firm valued the current eye tracking market at a more robust $560 million, which would jump to $1.786 billion in the next five years. The modified numbers reflect the ongoing negative impact of the COVID-19 pandemic.
While the new figures are lower, they still suggest that the demand for eye tracking products will grow at a phenomenal rate for the next five years. The revised CAGR is still a healthy 24.5 percent, which compares favorably to the firm’s initial 26.1 percent prediction.
In that regard, the new report echoes MarketsandMarkets’ earlier findings. The firm still attributes much of the anticipated growth to the healthcare market, where eye tracking technology will be used to enable assistive communications. It will also be deployed in the retail industry to perform customer research, and in driver monitoring systems in the automotive industry.
North America is expected to make up the largest portion of the eye tracking market. Europe will come in second, thanks largely to the high demand for the technology in Germany and the UK. MarketsandMarkets lists EyeTracking, SR Research, Seeing Machines, Smart Eye, Ergoneers, and Lumen Research as some of the key players in the space.