SLAM Technology Market in autonomous vehicle platform segment is anticipated to grow at the fastest rate. The car makers and technology companies are together working toward improving the reliability and mechanics of self-driving vehicles. Various companies are investing in the autonomous vehicle industry to meet the growing customer safety requirements. For instance, in November 2017, Arbe Robotics, an Israel-based startup raised a funding of USD 9 million for building high-resolution radars, offering enhanced safety features to the autonomous cars. This radar works efficiently regardless of the exterior conditions, providing accurate vision to the autonomous vehicle. Along with the radar, the company uses SLAM algorithm, providing improved target separation, enhanced resolution, and removal of false alarms, expanding its adoption rate in the SLAM technology market.
Global Simultaneous Localization and Mapping (SLAM) Technology Market is projected to surpass USD 2 billion by 2024. The rapid technological developments, industrialization, and urbanization have resulted in a massive transformation in the business functioning. Internet of Things (IoT), robotics, AR, and other technologies have automated processes, leading to the establishment of new businesses. With an increased adoption of automation in various industries, there is a corresponding increase in the demand for advanced technologies, which had led to the acceptance of SLAM technology solutions. SLAM technology can replace the GPS navigation and tracking in certain applications, especially in indoor locations or big cities with an obstructed sky view. The technology takes precise measurements of the physical environment, accelerating the SLAM technology market growth.
Furthermore, the capability to sense the camera location along with mapping the environment around is creating great difficulty. Visual SLAM systems prove to be an effective solution for tackling this challenge, emerging as a sophisticated embedded vision technology. Visual SLAM systems are working toward minimizing the projection errors by decreasing the difference between the actual and projected points, expediting the processing speed. The demand for the SLAM technology is also projected to increase as it assists autonomous vehicles, AR, and other products in becoming commercially viable.
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The 2D motion segment dominated the SLAM technology market in 2017. 2D motion is being widely used in robot mapping technologies but is unable to produce 3D information. Landmarks not falling within their measurement plane cannot be observed, leading to a growth in the demand for 3D motion SLAM. In 2014, Google introduced Cartographer for performing real-time SLAM in 2D and 3D across numerous platforms and sensor configurations. The cartographer is used in a large number of applications from mapping transit hubs and museums to enabling new visualizations of buildings, expanding its use in the SLAM technology market.
Various companies operating in the SLAM technology market are also entering into strategic partnerships to expand their 3D SLAM mapping technology. For instance, in July 2017, NavVis, a leading indoor mapping, navigation, and visualization company partnered with Engie, a leading facility management service provider. This partnership will enable Engie to deliver a comprehensive digital solution using the NavVis advanced technology in its facility management service portfolio. Engie will provide 3D mapping and scanning using the company’s M3 Trolley, providing customers an access to a 3D digital model using the SLAM technology.
The robot platform dominates the SLAM 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.
The manufacturing and logistics segments in the SLAM technology market are projected to grow at a CAGR of 72.8 percent over the forecast timespan. The integration of SLAM into an automatic guided vehicle within a manufacturing system assists in pick & place tasks, allowing the automated guided vehicle to pick and deliver products with the manufacturing system. Furthermore, extensive R&D activities are going on in this field to develop innovative SLAM-based manufacturing applications, enhancing its capability and functionality features.
The Asia Pacific SLAM 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.