According the market research report published by P&S Intelligence, the SLAM technology market size is expected to grow to $3,747.8 million by 2030 from an estimated $157.5 million in 2021, at a monumental 42.2% CAGR between 2021 and 2030. After witnessing a slump in 2020 due to the COVID-19 pandemic, the industry is now advancing as companies are focusing on boosting manufacturing and warehousing productivity and efficiency, in order to make up for the revenue lost due to the lockdowns.
This is because this technology allows robots, autonomous vehicles, drones, automatic forklifts, and robot cleaners to map the area around them and locate their destination themselves. To leverage these opportunities, technology vendors are incorporating advancements in visual SLAM, which uses the 3D technology for location and mapping. For instance, visual SLAM makes the projection of virtual objects into the real-world environment in augmented reality (AR) applications more efficient.
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Key Findings of SLAM Technology Market Report
- The rapid adoption of UAVs is a key industry driver because the SLAM technology is used in these platforms for navigation, flight control, and collision avoidance.
- Even though the 2D version is more popular in the SLAM technology market, the demand for the 3D version is rising fast, as the latter makes AR/VR devices more accurate.
- Presently, the technology is utilized the most in robotics due to the high demand for robots in manufacturing, transport, assembly and packing, earth and space exploration, weaponry, surgery, and laboratory research.
- North America is the largest user of the technology because of its high IT spending, advanced military, huge manufacturing sector, rapid economic growth, and presence of numerous market players.
- Moreover, a large number of autonomous vehicle development and testing projects are underway in the U.S., which are driving the demand for SLAM technology.
- The highly competitive SLAM technology market has several companies, which are engaging in mergers & acquisitions and collaborations to get an edge.
Browse detailed report on Simultaneous Localization and Mapping Technology Market Size, Trend and Industry Growth Forecast to 2030
The most-significant firms working on offering SLAM-technology-driven products are Intel Corporation, Apple Inc., Alphabet Inc., Microsoft Corporation, NavVis GmbH, Clearpath Robotics Inc., Parrot Drones SAS, MAXST Co. Ltd., Rethink Robotics GmbH, Hi-Tech Robotic Systemz Limited, and Aethon Inc. Apart from mergers, acquisitions, and collaborations, they are launching SLAM-integrated AR platforms, robots, and mobile mapping systems.
In the coming years, lucrative opportunities for all these simultaneous localization and mapping technology market players will arise in the Asia-Pacific region, which is undergoing rapid economic growth and technological advancements. Moreover, the Industry 4.0 revolution, going on at full steam, is driving the demand for autonomous mobile industrial robots, which depend on the SLAM technology to make their way around the factory floor.
SLAM Technology Market Segmentation Analysis
Based on Offering
Based on Type
- Extended Kalman Filter (EKF)
Based on Application
- Autonomous Vehicle
Based on End User
- Agriculture & Forestry
- Manufacturing & Logistics
- Household Appliance
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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