Smart Eye's market is currently academic institutions and industrial operators within the automotive industry, and the aviation and defence industries.
Market growth is driven by a deeper understanding of eyetracking and the opportunities it presents, as eyetracking systems become better and more user-friendly. According to estimates by Tobii and Arthur D. Little, the market for behaviour studies is increasing by around 10 per cent per annum. Tobii and Arthur D. Little1 also assess the global market at USD 72 million in 2016.
In terms of the overall global market for behaviour studies, market-research related studies account for a considerable share. This is a segment not currently addressed by Smart Eye. Smart Eye endorses the growth estimate of 10 per cent per annum, although the company assesses the growth in the automotive industry to be higher.
During the last five years the Research Instruments business area has grown by an average of 15.4 per cent.
The growth has been driven by increased demand from the automotive, aviation and defence industries. In recent years, Smart Eye has devoted considerable resources to the Applied Solutions business area, leaving limited resources to invest in Research Instruments. The recent share offering contributes considerable resources to Smart Eye, strengthening growth opportunities for Research Instruments.
Smart Eye can see good opportunities to increase growth within Research Instruments by increasing its focus on sales and marketing. Adding additional sales staff can fulfil the potential for stronger growth in sales to academic customers, which is a significant segment. There is also further potential in the industrial segment. So far, Smart Eye has focused on the automotive industry and the aviation and defence industries. Yet there are still a large number of industrial segments with potential demand for Smart Eye Pro, such as user tests and medical applications.