SLAM Technology Market to Generate Revenue Worth $3,775.3 Million by 2030
- Published: June 2020
Growing adoption of industrial robots, increasing usage of UAVs, and rising number of augmented reality (AR) applications are some of the key factors that positively impact the growth of the global SLAM technology market. Due to these factors, the industry is expected to generate $3,775.3 million revenue in 2030, advancing at a CAGR of 38.3% during the forecast period (2020–2030).
SLAM Technology Market Segmentation
The SLAM technology market, based on type, is classified into EKF, fast, graph-based, and others. Among these, the EKF category held the largest share, of 51.0%, in 2019. This is due to the extensive use of EKF algorithm over other algorithms, as it exhibits consistent behavior in terms of state variables over an extended time period. Further, EKF has very low algorithm complexity than others, which is further increasing its adoption in the industry. EKF algorithm is generally used for 2D environment mapping.
The 3D category, based on offering, is projected to witness faster growth in the SLAM technology market, during the forecast period. This can be attributed to the growing usage of 3D SLAM technology for augmented reality (AR)/virtual reality (VR) applications. The applications require precise mapping of a physical environment for accurate projection of virtual images onto the physical space, and 3D technology is capable of providing this level of accuracy.
The AR/VR category, on the basis of application, is projected to witness the fastest growth in the SLAM technology market, during the forecast period. This can be ascribed to the increasing applications of AR/VR devices across several industries. SLAM technology is required in AR/VR devices for various purposes, including location tracking, location recognition, display, graphics, and interaction.
Geographically, the SLAM technology market in APAC is expected to witness lucrative growth during the forecast period. Economic development, expansion of manufacturing facilities primarily in China and India, growing IT spending, and rising adoption of drones by the automotive and manufacturing industries are the key factors fueling the market growth in the region.
Browse report overview with detailed TOC on "Simultaneous Localization and Mapping (SLAM) Technology Market Research Report: By Offering (Two-Dimensional, Three-Dimensional), Type (Extended Kalman Filter, Fast, Graph-Based), Application (Robotics, Unmanned Aerial Vehicle, Augmented Reality /Virtual Reality, Autonomous Vehicle), End User (Commercial, Military, Agriculture & Forestry, Mining, Automotive, Manufacturing & Logistics, Household Appliance) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/slam-technology-market-report
Product Launch is the Strongest Strategic Measure Taken by Market Players
Players in the SLAM technology industry are primarily focusing on new product launches, in order to gain market foothold. For instance:
- In November 2019, Clearpath Robotics Inc. launched Dingo, an autonomous indoor research robot. It comes with two drive configurations – differential and omnidirectional – making it suitable for a wide range of indoor robotics applications, including autonomous navigation, mobile manipulation, and mapping.
- In June 2019, Apple Inc. launched ARKit3, a SLAM-based AR platform for iOS, which supports a new generation of AR apps that use Scene Geometry for enhanced scene understanding and object occlusion.
- In July 2018, Mobile Industrial Robots A/S launched MiR500, an autonomous mobile robot for heavy industrial transport, which can carry a load up to 500 kg. It can automatically collect, transport, and deliver pallets with speed of nearly 4.5 miles per hour (mph).
Some of the major players operating in the global SLAM technology market include Intel Corporation, Google LLC, Apple Inc., Microsoft Corporation, Facebook Inc., NavVis GmbH, SMP Robotics Systems Corp., Aethon Inc., Clearpath Robotics Inc., Parrot Drones SAS, Rethink Robotics GmbH, MAXST Co. Ltd., Magic Leap Inc., Hi-Tech Robotic Systemz Limited, Amazon Robotics LLC, GeoSLAM Ltd., Fetch Robotics Inc., Omron Corporation, Teradyne Inc., and GESTALT Robotics GmbH.
