Increasing Demand for Service Robots favorable to Global SLAM Technology Market Growth

As per Inkwood Research, the Global SLAM Technology Market is estimated to grow with a CAGR of 11.08% in terms of revenue during the forecast period of 2022-2030.

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SLAM, or Simultaneous Localization and Mapping, facilitates a robot/device to build its surrounding map and simultaneously localize its location/environment. It is used in autonomous vehicles or robots that enable them to map unknown environments. The maps can be utilized to carry out tasks such as obstacle avoidance and path planning for autonomous vehicles.

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Growing Demand for Service Robots drives Market Growth
The declining labor force, low productivity, and rapid aging have raised the need for service robots. Service robots have potential applications in healthcare and nursing. Accordingly, the pandemic and rising contactless delivery have boosted the adoption of service robots. Additionally, they are in huge demand in the household, entertainment, healthcare, public relations, agriculture, security & defense, and logistics & warehouse sectors.

Besides, service robots for logistics and delivery, particularly autonomous guided vehicles (AGV) and autonomous mobile robots (AMR), are increasingly adopted due to their scalability, efficiency, flexibility, and cost-effectiveness.

SLAM technology allows robots to localize their position and map their surroundings. In this regard, the technology is increasingly incorporated in service robots since integrating autonomous capabilities into such robots is a complex procedure. As a result, the growing adoption of service robots offers growth opportunities for the global SLAM technology market.

Augmented Reality (AR) is the Fastest-Growing Application
Augmented Reality (AR) entails methods and technologies that enable the overlaying of real-world objects and surroundings with 3D virtual objects through an AR device and facilitate the interaction between the virtual and real-world objects to produce intended meanings. Tablets, smartphones, and wearables are a few gadgets that use augmented reality. SLAM technology is replacing marker-based technology on a larger scale in augmented reality.

In addition, prominent tech giants like Google and Apple are integrating the SLAM technology in their AR kits, given its high degree of efficiency and accuracy. For instance, Apple launched its ARKit in 2017 based on advanced SLAM technology. Moreover, Facebook is implementing SLAM technology in its AR platform.

North America is the Largest Revenue-Generating Region
The North America SLAM technology market growth prospects are attributed to the fast-paced adoption of advanced technologies like deep learning algorithms, cloud, and AI. Also, tech giants like Amazon and Google offer innovative mapping solutions, thereby propelling the analyzed market demands. For instance, Google launched the 'Google Cartographer,' in 2016, which offers real-time simultaneous localization and mapping library in 2D and 3D with ROS support for indoor 3D mapping.

Companies in the global SLAM technology market need a moderate amount of capital investment for their setup. However, they incur a significant loss when leaving the industry. As a result, they operate at minimal profit/loss or get acquired by established companies. Accordingly, the exit barriers are high. Some of the leading firms in the market include Aethon Inc, Intel Corporation, Apple Inc, Fetch Robotics Inc, etc.

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Related Reports:

GLOBAL LIDAR MARKET - https://inkwoodresearch.com/reports/lidar-market/

GLOBAL AUTONOMOUS MOBILE ROBOTS (AMR) MARKET - https://inkwoodresearch.com/reports/autonomous-mobile-robots-market/

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This release was published on openPR.