Simultaneous Localization And Mapping Technology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The simultaneous localization and mapping technology market size has grown exponentially in recent years. It will grow from $0.38 billion in 2023 to $0.55 billion in 2024 at a compound annual growth rate (CAGR) of 44.9%. The growth in the historic period can be attributed to the rising adoption of autonomous vehicles, the increasing focus of the automobile industry, the increasing application of SLAM in augmented reality (AR), the rising demand for self-locating robotics in homes and enterprises, and the and the increasing demand for advanced technologies.
The simultaneous localization and mapping technology market size is expected to see exponential growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 45.1%. The growth in the forecast period can be attributed to increasing demand for unmanned aerial vehicles, growing demand for robots, demand for autonomous navigation and mapping solutions, the increasing adoption of SLAM technology in the industrial sector, and increasing demand for advanced technologies. Major trends in the forecast period include advanced sensor technologies, favorable government initiatives, the latest immersive AR and VR experiences, supportive regulatory frameworks, and high consumer acceptance of emerging technologies.
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Scope Of Simultaneous Localization And Mapping Technology Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Simultaneous Localization And Mapping Technology Market Overview
Market Drivers –
The increasing demand for unmanned aerial vehicles is expected to propel the growth of the simultaneous localization and mapping technology market going forward. Unmanned aerial vehicles (UAVs) are aircraft operated without a human pilot onboard. THE UAVs are being used in various applications, including aerial photography and videography, agriculture, construction, infrastructure inspection, environmental monitoring, search and rescue, disaster response, surveillance, and law enforcement. Simultaneous localization and mapping (SLAM) technology is used to navigate autonomously by creating real-time maps of their surroundings and accurately determining their position. This enables UAVs to perform precision and efficiency in aerial surveying, inspection, and surveillance. For instance, in June 2022, the Federal Aviation Administration (FAA), a US-based civil aviation organization, anticipated that the US commercial drone sector would include approximately 589,000 small drones in 2021, a growth rate exceeding 21% over 2020. Therefore, the increasing demand for unmanned aerial vehicles is driving the growth of the simultaneous localization and mapping technology market.
Market Trends –
Major companies operating in the simultaneous localization and mapping technology market focus on technological advancements, such as remote sensing payload instrument solutions (RESEPI), to generate high-quality results. This RESEPI solution is a robust, reliable, and cost-effective solution for remote sensing applications requiring high-quality, accurate results. For instance, in January 2024, Inertial Labs Inc., a US-based manufacturer of high-performance sensors, launched the RESEPI scanner, powered by Kudan’s 3D Lidar SLAM engine for digitization. It can produce very high-quality point clouds across diverse sensing modalities, providing accurate outputs with higher resolution and precision in various dynamic mapping environments.
The simultaneous localization and mapping technology market covered in this report is segmented –
1) By Type: Extended Kalman Filter (EKF), Fast, Graph-Based, Other Types
2) By Offering: Two-Dimensional (2D), Three-Dimensional (3D)
3) By Application: Unmanned Aerial Vehicle (UAV) And Robots, Augmented Reality (AR) And Virtual Reality (VR), Autonomous Vehicles, Other Applications
4) By End User: Commercial, Military, Agriculture And Forestry, Mining, Automotive, Manufacturing And Logistics, Household Appliance
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Regional Insights –
North America was the largest region in the simultaneous localization and mapping technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the simultaneous localization and mapping technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the simultaneous localization and mapping technology market report are Samsung Electronics Co. Ltd.; Microsoft Corporation; Meta Technologies Inc.; Huawei Technologies Co. Ltd.; Hitachi Ltd.; LG Electronics Inc. ; Intel Corporation; Telefonaktiebolaget LM Ericsson; BAE Systems plc; NEC Corporation; Capgemini SE; Wipro Limited; Rockwell Automation Inc.; Tech Mahindra Ltd.; Intellias; Kudan Inc.; Skydio; Magic Leap Inc.; Locus Robotics Inc.; NavVis; Aethon Inc.; MAXST Co. Ltd.; Gestalt Robotics GmbH
Table of Contents
1. Executive Summary
2. Simultaneous Localization And Mapping Technology Market Report Structure
3. Simultaneous Localization And Mapping Technology Market Trends And Strategies
4. Simultaneous Localization And Mapping Technology Market – Macro Economic Scenario
5. Simultaneous Localization And Mapping Technology Market Size And Growth
…..
27. Simultaneous Localization And Mapping Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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