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Simultaneous Localization and Mapping Technology Market to grow substantially up to 2024 owing to the rapid adoption of advanced technologies

Author : Ronak Bora | Published Date : 2019-03-25 

Simultaneous Localization and Mapping Technology Market has been witnessing gradual increase in demand over the last decade. Unprecedented growth in digital and remote communication technology has accelerated the development of robots and UAVs, which are ideal for installing sensors and mapping systems. The eagerness of core industries to utilize modern technology for replacing human workforce in hazardous or time consuming tasks has further pushed the SLAM technology market penetration. Constant innovations in robotics are providing more opportunities to integrate new systems that help in achieving cost-efficiency across distinct processes, boosting demand for the global simultaneous localization and mapping technology market, which registered a valuation of over USD 56 million in 2017.

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Simultaneous localization and mapping technology market in autonomous vehicles segment is anticipated to grow at the fastest rate over the forecast period. Autonomous driving involves various critical tasks, such as navigation, planning, and collision avoidance, which cannot be fulfilled by sparse map representations. To obtain dense maps, SLAM technology has been used to produce highly accurate maps. Google’s driverless cars employ the SLAM technology that uses roof-mounted LiDAR sensors for creating a 3D map of their surroundings. This is done by the system within 10 seconds as a quick response is necessary since the machine being tracked is moving with high speed and acceleration. These mappings are then augmented over the existing Google maps. With the aid of these readings, the autonomous system makes important driving decisions using the statistical probabilistic algorithms, creating a more enhanced autonomous driving experience.

Simultaneous localization and mapping technology market in 3D motion segment is projected to grow at the fastest rate over the forecast timespan. The 3D technology is rapidly being adopted by various applications including AR, UAV, and robotics. With an increase in the adoption of handheld devices, the Handheld Augmented Reality (HAR) introduces AR to numerous consumers. These devices lack the potential to get the precise 3D positioning of the objects as they are unable to correctly map the 3D environment. The usage of SLAM enables exact 3D positioning of virtual objects to the actual environment with improved efficiency and reduced time, accelerating its demand in the market.

The robot platform dominates the simultaneous localization and mapping technology market and held around 94.7% of the market share in 2017. These robots perform complex tasks that need navigation in dynamic and intricate indoor and outdoor surroundings without any human support. With the integration of SLAM technology, the robots have become technologically advanced, offering precise and flexible solutions, making them a preferred choice for a wide range of applications. These include military services, car production, space exploration, remote & invasive surgery, underwater exploration, fixing oil spills, investigating hazardous environments, and commercializing agriculture. For instance, the SLAM-based surgery robots conduct invasive surgeries by navigating inside or outside the patient?s body to discover the problem. They also have a great opportunity in image-guided surgeries within a static environment.

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North America dominates the global simultaneous localization and mapping technology market with an industry share of 50.5% in 2017. The major factor contributing to the growth include the presence of several drone manufacturers in this region. Being home to some of the leading SLAM solution providers including Apple and Google, the region is presenting new growth prospects for advanced adoption of the SLAM technology. The companies functioning in this region are also involved in new product development strategies for expanding their presence in the highly lucrative market.  

The Asia Pacific simultaneous localization and mapping technology market is anticipated to grow at the fastest rate due to the presence of a large number of electronics and automotive industries with low manufacturing cost units. The increasing demand for automation in various sectors including healthcare, manufacturing, logistics, and agriculture and the rising aging population also contribute to the market growth. There is also an increase in the demand for the advanced robotics technology from SMEs for improving the production quality and efficiency, accelerating the SLAM technology adoption rate. Furthermore, with the increasing geopolitical tensions and a growing economy, the budget for the military is also increasing in this region, increasing the demand for advanced UAVs with a positive impact on the SLAM technology market growth.  

Benefitting from higher commodity prices, the top 40 mining companies globally had recorded earnings of nearly USD 496 billion in 2016, demonstrating the massive scale of mining activities and the potential to improve bottom lines. As old mines get exhausted, these companies are expected to start exploring new mines to keep the mineral supply flowing, indicating the possibility of significant expansion for the simultaneous localization and mapping technology market.  

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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