Simultaneous Localization and Mapping Technology Global Market Report 2024

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 expansion observed in the historical period can be attributed to the growing uptake of autonomous vehicles, heightened attention from the automobile industry, the expanding utilization of SLAM in augmented reality (AR), rising demand for self-locating robotics in both residential and commercial settings, and the escalating need for cutting-edge 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 projected growth in the upcoming period is expected to be driven by several factors, including the rising demand for unmanned aerial vehicles, increasing market interest in robotics, the need for autonomous navigation and mapping solutions, the expanding adoption of SLAM technology within the industrial sector, and a growing appetite for advanced technologies. Key trends anticipated in the forecast period encompass the integration of advanced sensor technologies, supportive government initiatives, the evolution of immersive augmented reality (AR) and virtual reality (VR) experiences, the development of favorable regulatory frameworks, and heightened consumer acceptance of emerging technologies.

The escalating demand for unmanned aerial vehicles (UAVs) is set to drive the growth of the simultaneous localization and mapping (SLAM) technology market in the foreseeable future. UAVs, aircraft operated without human pilots onboard, find extensive application across various sectors such as aerial photography, agriculture, construction, infrastructure inspection, environmental monitoring, search and rescue, disaster response, surveillance, and law enforcement. SLAM technology plays a pivotal role in UAV navigation by autonomously creating real-time maps of their surroundings and accurately determining their position. This capability enables UAVs to achieve precision and efficiency in tasks like aerial surveying, inspection, and surveillance. For instance, the Federal Aviation Administration (FAA) anticipated that the US commercial drone sector would include approximately 589,000 small drones in 2021, reflecting a growth rate exceeding 21% over 2020. Consequently, the burgeoning demand for UAVs is fueling the expansion of the simultaneous localization and mapping technology market.

Key players in the simultaneous localization and mapping technology market are concentrating on technological advancements, such as remote sensing payload instrument solutions (RESEPI), to deliver high-quality results. The RESEPI solution stands out as a robust, reliable, and cost-effective solution catering to remote sensing applications that demand precise and accurate results. For example, Inertial Labs Inc., a US-based manufacturer of high-performance sensors, recently launched the RESEPI scanner in January 2024, powered by Kudan’s 3D Lidar SLAM engine for digitization. This scanner produces very high-quality point clouds across diverse sensing modalities, offering accurate outputs with higher resolution and precision in various dynamic mapping environments.

In September 2022, FARO Technologies Inc., a US-based digital technology company, acquired GeoSLAM Ltd. for approximately $45.8 million. This strategic acquisition is expected to significantly broaden FARO's market growth opportunities in the mobile scanning sector and the simultaneous localization and mapping (SLAM) software market. GeoSLAM Ltd., a UK-based technology company specializing in high-productivity SLAM software for creating 3D models, adds substantial value to FARO's portfolio and enhances its position in the SLAM technology domain.

Major companies operating in the simultaneous localization and mapping technology market 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.

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. The countries covered in the simultaneous localization and mapping technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Simultaneous localization and mapping (SLAM) is a technique employed in robotics and computer vision to generate a map of an unknown environment while concurrently tracking the location within that environment. This proves invaluable in scenarios where GPS or other external localization methods are either unavailable or unreliable, such as indoor environments or situations necessitating high precision.

The primary types of SLAM technology include extended kalman filter (EKF), FastSLAM, Graph-based SLAM, and various others. Extended kalman filter SLAM is a technique utilized in robotics to monitor the position of a robot and construct a map of its surroundings. These technologies offer both two-dimensional (2D) and three-dimensional (3D) models applicable across a range of fields, including unmanned aerial vehicles (UAVs), robotics, augmented reality (AR), virtual reality (VR), autonomous vehicles, and more. The end-users encompass commercial, military, agriculture and forestry, mining, automotive, manufacturing, logistics, and household appliance sectors.

The simultaneous localization and mapping technology market research report is one of a series of new reports that provides simultaneous localization and mapping technology market statistics, including simultaneous localization and mapping technology industry global market size, regional shares, competitors with a simultaneous localization and mapping technology market share, detailed simultaneous localization and mapping technology market segments, market trends and opportunities, and any further data you may need to thrive in the simultaneous localization and mapping technology industry. This simultaneous localization and mapping technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The simultaneous localization and mapping technology market consists of revenues earned by entities by software development kits (SDKs), subscription service, custom SLAM solutions, and integration services. The market value includes the value of related goods sold by the service provider or included within the service offering. The simultaneous localization and mapping technology market also includes sales of LiDAR sensors, depth cameras, inertial measurement units (IMUs), and specialized sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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