Global 3D Eye Tracking Software Market to Generate $1,778.4 Million by 2031, Due to Increased Applications of 3D Eye Tracking Software in Retail Sector

3D eye tracking software helps in defining virtual 3D objects and calculate the attention of people towards a specific object. To measure this, 3D eye tracking software uses the help of certain data points including eye movements, 3D and 2D eye coordinates, line of sight, gaze direction, and iris radius. 3D eye tracking software can be packaged as an application and can be integrated into smartphones having decent cameras.

Forecast Analysis of the 3D Eye Tracking Software Market

Growth in the application of 3D eye tracking software in the retail sector is expected to be the primary growth driver of the global 3D eye tracking software market in the forecast years. Along with this, the increasing integration of 3D eye tracking software with AR/VR technology is expected to push the market further. Also, the growing adoption of 3D eye tracking software by automotive industries is predicted to offer numerous investment and growth opportunities for the market in the analysis timeframe. However, growing popularity of gesture technology may restrain the growth of the 3D eye tracking software market in the forecast period.

Regionally, the 3D eye tracking software market in the North America region is expected to be the most dominant by 2031. The growing investment in 3D eye tracking technology research and development by leading players of the industry is anticipated to become the main growth driver of the market in this region.

According to the report published by Research Dive, the global 3D eye tracking software market is expected to gather a revenue of $1,778.4 million by 2031 and grow at 27.8% CAGR in the 2022-2031 timeframe. Some prominent market players include Eyeware Tech SA, EYE SQUARE GMBH, Smarteye, Blink Technologies, EYETECH DIGITAL SYSTEMS, Visage Technologies, Pupil Labs, Gazepoint, Tobii AB, SR Research Ltd. and many others.

Covid-19 Impact on the Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The 3D eye tracking software market faced a similar fate due to the pandemic. Disruptions in the global supply chains led to hampering the development of 3D eye tracking software by leading companies of the industry. Moreover, a decline in demand for 3D eye tracking software was witnessed from the automotive industry. These factors affected the growth rate of the 3D eye tracking software market in the pandemic period.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the 3D eye tracking software market to flourish. For instance:

• In March 2020, Eyeware, a global 3D eye tracking technology developer, announced a partnership with Melexis, a semiconductor innovation company. This partnership is aimed at developing time-of-flight sensor-based 3D eye tracking solutions for automobiles. The partnership is expected to help both the companies to integrate their expertise and develop an advanced driver monitoring system in the coming period.
   
• In May 2021, Smart Eye, a leading eye tracking solutions developer, announced the acquisition of Affectiva, a deep learning research company. This acquisition by Smart Eye is expected to help the company to expand its operations across the globe in the near future.
   
• In January 2022, OMINIVISION, a global semiconductor company, announced that it had signed a partnership agreement with Tobii, an eye tracking technology developer. This collaboration is expected to help both the companies to increase their footprint in the 3D eye tracking market substantially in the next few years.