Leading position on an expansive global market.
Eye tracking systems become really powerful when combined with AI (artificial intelligence), opening up a wealth of new applications.
Quality that satisfies exacting standards
Smart Eye is now one of only a few manufacturers worldwide capable of delivering eye tracking technology to the global automotive industry. Smart Eye enjoys another key competitive advantage in the company offering a platform-independent solution that is open and flexible, and accordingly, fully compatible with customers’ other system components. The development of Smart Eye’s eye tracking solution is based on the automotive industry’s exacting quality standards, and many of the customer categories the company currently addresses have similar needs. The aviation and aerospace industries are an example of this kind of target group.
Smart Eye’s leadership with these target groups is protected by the high barriers to entry in its market. The lengthy and involved qualification for vehicle software obstructs new market participants, who need to adopt a very long-term and persistent approach to gain OEMs’ trust. Smart Eye has achieved strong market positioning thanks to its proven capability to satisfy exacting safety and quality standards, while also offering very strong delivery capability.
A market defined by initiatives and legislation
Each year, 1.3 million traffic-related deaths occur worldwide. The annual averages of accidents involving personal injury per 100,000 cars are 231 in the Nordic region, 498 in Europe and 1,450 in North America (source: UNECE, 2015). Passive safety systems like seatbelts and airbags are insufficient. So to improve road safety, the focus is now on active safety systems, like driver monitoring systems. There are four key initiatives currently driving development, from Euro NCAP, the EU, UNCTAD (the UN Conference on Trade & Development) and China.
Euro NCAP, world’s most respected vehicle safety classification body, has an agenda to introduce driver monitoring systems in 2025. As early as 2020, Euro NCAP will require new car models to be equipped with driver monitoring in order to attain their highest classification. At present, many tendering processes for driver monitoring systems include a requirement of systems satisfying Euro NCAP standards. Smart Eye’s software satisfies all these standards.
In 2019, the EU adopted new legislation stipulating that all car models launched in Europe from 2022 are equipped with systems that can detect whether drivers are tired or inattentive. From 2024, this requirement will be extended to also cover all new cars sold in Europe.
"A yearly growth rate of 31% is forecast for 2017 to 2021, and by 2021, the forecast value of the eye tracking market for the automotive and transportation sector is USD 221 million"
Large-scale tenders driving global growth
Accordingly, the growing demand for eye tracking technology is backed by strong drivers. A yearly growth rate of 31% is forecast for 2017 to 2021, and by 2021, the forecast value of the eye tracking market for the automotive and transportation sector is USD 221 million (source: Technavio). This growth is expected to accelerate further between 2021 and 2025, with the number of vehicles equipped with driver monitoring systems forecast to grow by some 70% or more per year in this period, to reach an annual rate of some 30-50 million vehicles by 2025 (source: Euromonitor and Smart Eye forecasts). Demand growth is mainly driven by the aforementioned initiatives, legislation, and a rising level of self-driving characteristics in forthcoming car model generations. This demand initially relates to models in the premium and mid-class segments, estimated to make up some 60-70% of all vehicles sold