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 manufacturing and logistics segments in the simultaneous localization and mapping 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.
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Simultaneous Localization and Mapping Technology Market in autonomous vehicle platform segment is anticipated to grow at the fastest rate over 2018-2024. 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. 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.
The commercial sector dominates the global simultaneous localization and mapping technology market with an industry revenue of USD 22.2 million in 2017 anticipated to reach USD 933.4 million by 2024. Various industries using the SLAM technology include healthcare, hospitality, construction, service, education, automotive, retail, and wholesale departments. The healthcare department requires image guidance systems for performing critical surgeries. These systems must be capable of displaying a detailed computer-based 3D visualization that enables the surgeon to rotate the 3D model on the computer for gaining an enhanced understanding of the location of the robot with respect to the anatomical target.
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.
The extensive use of software-assisted SLAM technology in drones and driverless cars is poised to fuel the simultaneous localization & mapping technology market trends over the years ahead. Taking into account the capability of this system to discover the complex obstacles in the absence of GPS, myriad countries have been deploying drones installed with SLAM technology for surveillance and protecting international borders. In addition, the growing preference for drones across mining and construction projects for the facility management, security, and mapping is slated to enhance the product demand. With the surging use of real-time 3D maps, simultaneous localization and mapping technology market will surpass a revenue collection of USD 2 billion by the end of 2024.
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