SLAM Technology Market Provides Detailed Insight by Trends, Challenges, Opportunities, and Competitive Analysis

The development of autonomous vehicles, on account of the rising requirement for connected vehicle technology and improved vehicle safety, is fueling the demand for simultaneous localization and mapping (SLAM) technology globally. Autonomous cars can reduce the incidence of road crashes and injuries, as they are equipped with advanced sensing features. In addition to this, these vehicles consume less fuel and produce reduced CO2 emissions than the conventional diesel and gasoline-powered vehicles.

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Besides, the surging number of augmented reality (AR) applications across all industries is also propelling the demand for SLAM technology across the world. This is because the SLAM technology plays a critical role in AR applications. Currently, AR solutions extensively used in multiple industries and sectors such as healthcare and industrial development. For example, in the healthcare industry, these solutions are used for various purposes such as surgery, vein visualization, training, and 3D medical imaging.

Due to these factors, the global SLAM technology market is recording rapid advancement. According to the estimates of P&S Intelligence, a market research firm based in India, the market value will grow from $152.2 million in 2019 to $3,775.3 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 38.3% between 2020 and 2030. Fast, graph-based, and extended kalman filter (EKF) are the most widely used types of SLAM technology.

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Globally, the demand for SLAM technology was observed to be the highest in North America during the last few years. Moreover, the popularity of this technology is predicted to soar in Asia-Pacific (APAC) in the upcoming years. This is credited to the rapid economic development, increasing information technology (IT) spending, growing usage of drones by manufacturing and automotive industries, and the expansion of manufacturing units, mainly in India and China.

Hence, it can be said with full confidence that the demand for SLAM technology will shoot up in the years to come, primarily because of the growing popularity of autonomous cars, increasing adoption of AR applications in various industries, and the mushrooming usage of UAVs in the defense and agriculture sectors across the world.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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