Market Definition
SLAM, abbreviated for Simultaneous Localization and Mapping, is a technology that enables devices or robots to understand and map their environment in real-time while simultaneously determining their own position within that environment. A practical example of SLAM technology is the application of a vacuum cleaner operating in a room, which utilizes a map to navigate and perform its cleaning tasks efficiently.
Market Insights & Analysis: Global Simultaneous Localization and Mapping (SLAM) Technology Market (2023-28)
The Global Simultaneous Localization and Mapping (SLAM) Technology Market is valued at USD 262.73 Million in 2022 and is projected to grow at a CAGR of around 43.14% during the forecast period, i.e., 2023-28. The market proliferation predominantly ascribes to numerous factors, such as the rising demand for AR/VR applications, increasing adoption of autonomous vehicles, and advancements in sensor technologies.
Owing to its remarkable benefits in construction (AEC), architecture, engineering, and industry, such as enabling accurate and real-time mapping of construction sites, streamlining data collection, and improving project management, the SLAM technology is anticipated to gain traction in the coming years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 43.14% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | Aethon Inc., Amazon Robotics, Apple Inc., Ascending Technologies, ClearPath Robotics, Gestalt Robotics, Google LLC, Hi-tech Robotic Systemz Ltd, Kudan Inc, Locus Robotics, MAXST Developers, Meta Technologies Inc, Microsoft Corporation, Parrot SA, Rethink Robotic |
| Unit Denominations | USD 262.73 Million |
Another factor driving the market growth is the increasing adoption of SLAM technology in robotics applications, including drones, warehouse automation, and industrial robots. For example, Ryan Gariepy, a Co-Founder, and CTO of Clearpath Robotics, recognized SLAM as one of the most critical components for autonomous robots. Primarily because it allows them to navigate and interact with the world intelligently, making them more valuable and capable in various applications, from logistics to agriculture.
While SLAM technology has shown great promise, there are still challenges to address, such as handling complex environments, improving accuracy in dynamic scenarios, and reducing computational requirements, hindering the market growth.
Global Simultaneous Localization and Mapping (SLAM) Technology Market Driver:
Rising Adoption of Autonomous Vehicles Worldwide - The increasing focus of the automobile industry on developing autonomous vehicles is anticipated to drive the demand for SLAM technology. It is primarily because the technology facilitates accurate and real-time mapping of the surroundings, enabling vehicles to navigate safely and make informed decisions. For instance, Google's subsidiary Waymo has prioritized Simultaneous Localization and Mapping technology in a bid to elevate its research on autonomous cars. This includes refining and upgrading the SLAM algorithms, sensor fusion techniques, and real-time mapping capabilities to improve accuracy and efficiency while providing users with a safer environment.
Further, the technology heavily relies on sensor technologies such as cameras, lidars, and depth sensors. Thus, the ongoing advancements in these sensors, including accuracy, range, and affordability, will further enhance the capabilities and adoption of the technology. For example, In May 2023 NavVis, the global leader in reality capture and digital factory solutions, announced the launch of NavVis VLX 3, equipped with two brand-new, 32-layer lidars and powered by a unique precision SLAM technology that sets it apart in achieving dependable and highly accurate survey results.
Global Simultaneous Localization and Mapping (SLAM) Technology Market Growth Opportunity:
The Emerging Concept of Metaverse Exhibiting Large-Scale Incorporation of AR/VR - For the past few years, the concept of Metaverse has garnered the attention of various tech giants and attracted substantial investments. For example, in September 2022, Epic Games collaborated with Haedan and invested 30 million USD in developing Haedan’s metaverse gaming infrastructure. Augmented Reality and Virtual Reality, being staples of the Metaverse, have simultaneously gained popularity.
In particular, gaming behemoths have presented remunerative opportunities for the market participants in SLAM technology as it allows devices to precisely track their position and overlay virtual objects onto the real world, thereby delivering immersive AR and VR experiences. Thus, the increasing popularity of Augmented and Virtual Reality applications in gaming, education, training, and entertainment is expected to drive the demand for Simultaneous Localization and Mapping technology. For instance, Nextech AR, a leading Metaverse company, recently adopted LiDAR technology for their spatial mapping software.
Global Simultaneous Localization and Mapping (SLAM) Technology Market (2023-28): Segmentation Analysis
The Global Simultaneous Localization and Mapping (SLAM) Technology Market study from MarkNtel Advisors analyzes the major trends in each sub-segment and includes predictions for the period 2023–28 at the global, regional, and national levels. The market has been segmented in our analysis based on application:
Based on Application,
Among other segments, the market for UAVs and robots is set to experience significant growth during the forecast period. Simultaneous Localization and Mapping (SLAM) is a promising technique employed for object detection and scene perception to facilitate UAV navigation. For example, in December 2022, FFRobotics enhanced their harvesters with flexible "wrists" on telescopic arms, allowing their three-fingered grippers to pick apples more efficiently than humans. FFRobotics plans to expand the use of the same machine for thinning, pruning, and pollination, utilizing different end effects.
Global Simultaneous Localization and Mapping (SLAM) Technology Market Regional Projection
Geographically, the Global SLAM Technology Market expands across:
North America acquired the highest share in Slam Technology Market, with the United States emerging as a leader in developing and applying SLAM technology, particularly in industries such as robotics, autonomous vehicles, and augmented reality. Companies like Google, Apple, and Amazon, based in the United States, have substantially invested in SLAM research and development. In 2022, North American companies invested a total of USD 2.38 billion in 44,196 robots, per the Association for Advancing Automation data. The automotive industry dominated robotic sales, and this surge in demand can be attributed to auto manufacturers' ambitious plans to transition to electric vehicles (EVs).
Along similar lines, grocery stores in North America began focusing on enhancing user experience by investing in e-commerce capabilities and partnering with software firms, extending the further growth of the market. For Example, Google and Albertsons collaborated to offer in-store shoppable maps, AI-driven conversational commerce, and predictive grocery list-making.
Global Simultaneous Localization and Mapping (SLAM) Technology Industry Recent Developments
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Frequently Asked Questions
A. The SLAM Technology Market is projected to grow at a CAGR of around 43.14% during 2023-28.
A. Rising adoption of autonomous vehicles worldwide is likely to drive the market further during the projected time frame.
A. The prominent players anticipated to stiffen the competition globally are Aethon Inc., Amazon Robotics, Apple Inc., Ascending Technologies, ClearPath Robotics, Gestalt Robotics, Google LLC, Hi-tech Robotic Systemz Ltd, Kudan Inc, Locus Robotics, MAXST Developers, Meta Technologies Inc, Microsoft Corporation, Parrot SA, and Rethink Robotic.
A. UAVs and Robots is anticipated to emerge as an area of remunerative opportunities for the leading players in the SLAM Technology Market during the forecast period.
A. Globally, North America would provide lucrative prospects for the SLAM Technology Market in the years ahead.
A. Increasing adoption of SLAM technology in robotics applications is the significant trend projected to shape the SLAM Technology Market through 2028.
A. The emerging concept of metaverse exhibiting large-scale incorporation of AR/VR is expected to present remunerative opportunities for the leading players in the SLAM Technology Market during the forecast period.
A. Handling complex environments, improving accuracy in dynamic scenarios, and reducing computational requirements, are expected to hinder market growth.
Global Simultaneous Localization and Mapping (SLAM) Technology Market Research Report (2023-2028) - Table of Contents
