The global SLAM technology market is predicted to record a CAGR of 40.46% during the forecast period, 2022-2030. The market growth is accredited to the increased adoption of artificial intelligence and automation, the rising usage of SLAM technology in AR applications, and the growing demand for service robots.
Simultaneous localization and mapping (SLAM), also known as synchronized localization and mapping, is the process of mapping a certain area while maintaining track of the device’s location inside the area.
Automation in the manufacturing sector has drastically changed factory floor operations and minimized costs across several industries. Accordingly, the recent advancements in artificial intelligence, machine learning, and robotics, including SLAM technology, enable robots to execute certain jobs better than humans. Robots aid in executing repetitive tasks, whereas the incorporation of AI helps offer repetitive data analytics to make more informed decisions. This can be achieved using SLAM technology.
This is because SLAM enables robots to simultaneously locate and map their working surroundings. As a result, the growing automation need has raised the demand for SLAM technology, given its advantages like decreased labor costs, minimal time, and increased efficiency. Such aspects drive the global SLAM technology market growth. However, the market growth is restrained by technical complexities associated with SLAM implementation.
With regard to geography, the global SLAM technology market growth analysis includes the regional analysis of North America, Asia-Pacific, Europe, and Rest of World. North America has the largest revenue share in the global market, majorly attributed to the SLAM technology use in a vast range of applications, including military and household.
Apple Inc, Fetch Robotics Inc, Intel Corporation, Aethon Inc, etc., are among the leading companies in the market.
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