Simultaneous Localization and Mapping Market By Type, Product Specifications, Research Methodology, Forecast

Shibuya-ku, Tokyo, Japan, Japan, Feb 08, 2022, 08:40 /Comserve / -- Simultaneous Localization and Mapping Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The simultaneous localization and mapping market is expected to grow at a CAGR of 26.78% during the forecast period. The growing adoption of wireless technology, increasing investment in developing robust autonomous technology, rising demand for service robots for domestic applications, are some of the major factors driving the growth of the simultaneous localization and mapping market.

- Growing large scale adoption of SLAM technology in various industries such as automotive, virtual reality, UAV, robotics, is expected to result in significant growth of the market in the coming few years as the need for mapping and location tracing is increasing across wide end-user application industry.
- Moreover, SLAM is being widely being researched by various universities to reduce the cost of delivery through robots and to increase the efficiency of last-mile delivery. For instance, in January 2020, the researchers at the Southwest University of Science and Technology, Singapore University of Technology and Design, the University of Moratuwa and Nanyang Technological University developed a new technique for collaborative SLAM that does rely on range-based or vision-based sensors.

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Key Market Trends

UAVs and Robots Will Experience Significant Growth and Drive the Market

- UAVs are seeing growing applications from defense to agriculture in the recent years, in addition to this, the technology is increasingly becoming commercial for various purposes such as emergency response, disaster relief & control, agriculture, weather forecasting, mining, construction planning, and many more. Additionally, innovations in camera technology have had a significant impact on the growing application of UAVs. Drones with thermal imaging cameras have provided emergency response teams with an ideal solution for identifying victims, which are difficult to spot with the naked eye. For instance, in 2017, drones were used to help restore power to areas damaged by Hurricane Harvey, as well as to conduct survey damage to flooded areas and assist in search and rescue effort.
- Further, various vendors in the market are expanding their UAV offerings to industries with hazardous work environments where SLAM based UAVs can work autonomously. For example, Japan-based Terra Drone Corporation has signed an investment agreement with Unmanned Aerial Services Incorporated UAS Inc to form a new subsidiary in Canada, Terra Drone Mining, to offer unmanned mapping and inspection services to underground mines.
- With the recent outbreak of Covid-19, which highlighted the demand for automating various repetitive tasks to mitigate the risk of workforce shortage is expected to further augment the demand for automation over the coming years. With the growing number of automation, the demand for SLAM technology in various industrial spaces is also expected to see a positive boost.

North America is Expected to Experience Significant Growth

- North America's simultaneous localization and mapping market is expected to hold a significant share due to the favorable government regulations and increasing military spending on drones for the research and development of unmanned systems in the air, ground, and sea. The Department of Defense has requested approximately USD 9.39 billion for unmanned systems and associated technologies in the financial year 2019 budget, which would include funding for the procurement of 3,447 new air, ground, and sea drones. Moreover, according to the Teal Group, United States will continue to lead the investment in military unmanned aerial vehicle systems with research and development spending increasing from an estimated USD 2.2 billion in 2020 to USD 2.7 billion in 2029.

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- Additionally, the growing gaming industry in the United States commands a prominent share of the demand for AR headsets and owing to which various vendors in the market are increasingly focusing on developing solutions specific to the industry. Various vendors in the market are building their own enhanced SLAM solutions to be incorporated in their offerings.
- For instance, in September 2019, ThirdEye announced commercial availability of its X2 Glasses which provides all-in-one hardware and software solution, with the company aiming to streamline the quality of work and performance for companies across all industries, including health care, manufacturing, field services, airlines, architecture, education, and insurance. The company offers its proprietary SLAM system called VisionEye SLAM under these glasses which is expected to drive the market.

Competitive Landscape

The simultaneous localization and mapping market is competitive and is dominated by a few major players like Apple Inc.​, Google LLC​, Intel Corporation, Amazon Robotics, ClearPath Robotics​​ and Microsoft Inc.​ These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

1 INTRODUCTION
1.1 Study Assumptions​ and Market Definition​
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers​
4.2.1 Growing Penetration of Mapping Technologies in Domestic Robots and UAV
4.2.2 Advancements in Visual SLAM Algorithm
4.2.3 Increasing Application of SLAM in Augmented Reality
4.3 Market Challenges
4.3.1 High Initial Investment and Technical Complexities Involved
4.4 Market Opportunities
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19

5 MARKET SEGMENTATION

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