Market Size of Simultaneous Localization and Mapping Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 26.78 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Simultaneous Localization & Mapping Market Analysis
Simultaneous Localization and Mapping (SLAM) Technology Market is likely to grow at a CAGR of 26.78% during the forecast period. SLAM is a technology that produces real-time maps of uncharted environments. It perceives the environment and establishes a device's location using sensors like cameras, lidars, and IMUs. SLAM technology provides customizable autonomous navigation solutions, which are being used for robotic operations. Robots are now simpler for customers in the manufacturing, oil & gas, construction, and smart building sectors.
- SLAM Technology has been used in mobile robots and terrestrial vehicles, but it has the potential to be extended to spacecraft. AstroSLAM, a SLAM-based algorithm, was recently developed by the Georgia Institute of Technology (Georgia Tech) and the NASA Goddard Space Flight Center. Applying this algorithm will boost the autonomy of the spacecraft's navigation.
- SLAM estimates sequential movement and leaves scope for marginal errors that may distort the map data, making subsequent searches difficult. Executing computationally intensive processing on embedded microcomputers involves high computational costs. Such challenges are restraining the growth of this market.
- Covid-19 impacted different business sectors worldwide, and software development was no exception. Burgeoning inflation and cost-cutting enabled various industries to hold on to any non-essential investment. Despite these challenges, companies realized the necessity of AI to fight against extreme conditions. The epidemic accelerated digital transformation, and robotic equipment demand increased afterward. The dog-like robot was trending on social media, patrolling a Shanghai community and making health announcements. Service robots with similar functions and features are being used in different sectors to replace expensive or lack of labor.
