Eye Tracking Market Size, Share, Growth Analysis, By Type(Optical Tracking, Eye Attached Tracking), By Component(Hardware, Software), By Application(Retail, Automotive, Healthcare, Military & Aerospace), By Region - Industry Forecast 2024-2031

Eye Tracking Market size was valued at USD 638.8 million in 2022 and is poised to grow from USD 852.16 million in 2023 to USD 11400.48 million by 2031, growing at a CAGR of 33.4% in the forecast period (2024-2031).

The market is anticipated to grow significantly as a result of the rising demand for contactless biometrics, the use of smart sensors for process control and decision-making, and the adoption of artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) in consumer electronics and other commercial application areas. Due to the growing use of vision-capturing technology in commercial settings, notably in sectors and industries like retail, healthcare, research, automotive, consumer electronics, government & defense, and security & surveillance, the market has been gaining significance.

The most often used kind of vision capture technology among users is the optical tracking system, sometimes referred to as the video-based eye-tracker. It makes use of trackers to constantly document the sight movement and location of the person being tracked. Market research, web marketing, and the analysis of advertisements in print and digital media all make extensive use of eye-tracking technologies.

For instance, in June 2021 Tobii Pro introduced Sticky, a self-service online platform for marketing and advertising researchers that blends webcam eye tracking and emotion identification with online survey questions to simplify sophisticated quantitative research.

The growing demand for contactless biometrics is a major market growth driver. The biometric technology is mostly utilized in the defense industry and jail management systems for security purposes. In order to increase security, defense organizations and police forces use iris biometric scanners to identify people. For instance, iris scanning technology, which is contactless and far quicker than fingerprint scanning technology, has been adopted by the Maine Department of Corrections in Washington, D.C. The technology is being used to keep track of the prisoners, confirm visitors' identities, and validate their identities before allowing them access to restricted areas.

But visual capture is a rather recent technological development. As a result, there aren't many well-known companies providing integrated vision-capturing solutions. These players prioritize forming strategic alliances, mergers and acquisitions, and increasing their R&D endeavors.