Simultaneous Localization and Mapping Technology Market in autonomous vehicle platform segment is anticipated to grow exponentially in the coming years. 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.
Simultaneous localization and mapping technology market is set to witness strong growth in the coming years owing to the rapid adoption of advanced technologies by diverse industrial sectors. 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 simultaneous localization and mapping technology market penetration.
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Benefiting 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.
Growing automotive and manufacturing segments have not only deployed collaborative robots that assist in assembling products but also autonomous robots that roam factory floors and have to face a number of human and stationary obstacles during operations. The need for accurately handling objects and moving across the floor has brought the simultaneous localization and mapping technology market into limelight. Various tech firms have cropped up throughout the world, developing more precise mapping solutions to complement existing and new localization systems.
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The International Data Corporation had projected that by 2021, the spending on robotics worldwide would reach USD 230.7 billion, driven by increased utilization in areas such as manufacturing and resource industries, besides healthcare, education and retail. The resource industry, consisting of mining, oil & gas and agriculture has the potential to become a key target segment for the simultaneous localization and mapping technology market. Mining, in particular, offers immense prospects for the use of new technologies as it is a business filled with dangerous exposure for humans, and requires a lot of capital to carry out mining operations.
With many such mines being explored to fulfil the global requirement of essential minerals like copper, gold, silver, coal and uranium, the simultaneous localization and mapping technology market could establish a strong hold due to the need for safe mapping of underground mines as well as open quarries. Increasing production of consumer electronics has elevated the demand for minerals like silver, strengthening the global mining industry. The simultaneous localization and mapping technology market is expected to grow at a CAGR of 71% over 2018-2024, influenced by the rising need for mitigating safety risks and improving bottom lines.
Simultaneous Localization and Mapping Technology Market, By Motion
Simultaneous Localization and Mapping Technology Market, By Platform
- Augmented Reality (AR)
- Autonomous Vehicle
Simultaneous Localization and Mapping Technology Market, By Application
- Agriculture & Forestry
- Manufacturing & Logistics
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