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Simultaneous Localization And Mapping Technology Market Competitive Landscape, Key Drivers, Major Players, Outlook And Forecast To 2033
Simultaneous Localization And Mapping Technology Market Share
According to The Business Research Company's, 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 growth in the historic period can be attributed to the rising adoption of autonomous vehicles, the increasing focus of the automobile industry, the increasing application of SLAM in augmented reality (AR), the rising demand for self-locating robotics in homes and enterprises, and the and the increasing demand for advanced 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 growth in the forecast period can be attributed to increasing demand for unmanned aerial vehicles, growing demand for robots, demand for autonomous navigation and mapping solutions, the increasing adoption of SLAM technology in the industrial sector, and increasing demand for advanced technologies. Major trends in the forecast period include advanced sensor technologies, favorable government initiatives, the latest immersive AR and VR experiences, supportive regulatory frameworks, and high consumer acceptance of emerging technologies.
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Market Drivers and Trends:
The increasing demand for unmanned aerial vehicles is expected to propel the growth of the simultaneous localization and mapping technology market going forward. Unmanned aerial vehicles (UAVs) are aircraft operated without a human pilot onboard. THE UAVs are being used in various applications, including aerial photography and videography, agriculture, construction, infrastructure inspection, environmental monitoring, search and rescue, disaster response, surveillance, and law enforcement. Simultaneous localization and mapping (SLAM) technology is used to navigate autonomously by creating real-time maps of their surroundings and accurately determining their position. This enables UAVs to perform precision and efficiency in aerial surveying, inspection, and surveillance. For instance, in June 2022, the Federal Aviation Administration (FAA), a US-based civil aviation organization, anticipated that the US commercial drone sector would include approximately 589,000 small drones in 2021, a growth rate exceeding 21% over 2020. Therefore, the increasing demand for unmanned aerial vehicles is driving the growth of the simultaneous localization and mapping technology market.
Major companies operating in the simultaneous localization and mapping technology market focus on technological advancements, such as remote sensing payload instrument solutions (RESEPI), to generate high-quality results. This RESEPI solution is a robust, reliable, and cost-effective solution for remote sensing applications requiring high-quality, accurate results. For instance, in January 2024, Inertial Labs Inc., a US-based manufacturer of high-performance sensors, launched the RESEPI scanner, powered by Kudan's 3D Lidar SLAM engine for digitization. It can produce very high-quality point clouds across diverse sensing modalities, providing accurate outputs with higher resolution and precision in various dynamic mapping environments.
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Major Key Players of the Market:
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
Simultaneous Localization And Mapping Technology Market 2024 Key Insights:
• 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%.
• Unmanned Aerial Vehicles Fueling Simultaneous Localization And Mapping Technology Market
• Technological Advancements Driving Precision In Simultaneous Localization And Mapping (SLAM) Technology Market
• North America was the largest region in the simultaneous localization and mapping technology market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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