NEW YORK, Dec. 12, 2018 /PRNewswire/ -- SLAM market to grow at a CAGR of 35.77% from 2018 to 2023
The SLAM market is projected to reach USD 465 million by 2023 from USD 101 million by 2018, growing at a CAGR of 35.77%, during the forecast period. The growth of this market can largely be attributed to the advancements in visual SLAM algorithm, growth of SLAM in augmented reality (AR), and growing demand for self-locating robotics in homes and enterprises. However, the limitation of SLAM in dynamic environments is expected to restrict the market's growth to a certain extent.
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Market for AR/VR to register highest growth during forecast period
Huge middle-class population, along with rising disposable income, in developing countries will act as a growth catalyst in these counties.This, in turn, is expected to drive the SLAM market during the forecast period.
Advancements in SLAM technology, like improving mapping accuracy, flexibility from cloud services, and better user experience compared to its counterpart (marker-based technology) are expected to propel the growth of SLAM in AR/VR applications during the forecast period.
Market for Fast SLAM to register highest growth during forecast period
The market for Fast SLAM is expected to register the highest CAGR.Fast SLAM produces accurate maps in extremely large environments and environments with substantial data association ambiguity.
Fast SLAM is an efficient algorithm for autonomous navigation of mobile devices. Improving accuracy of localization and mapping and reduced hardware requirements for the process using Fast SLAM support the increasing penetration of mapping technologies in domestic robots and rising number of AR applications, which are expected to tailwind the rapid growth of this type.
APAC to register highest growth during forecast period
Advancements in artificial intelligence (AI) have attracted investments from both private and public sectors in APAC. Many companies are trying to identify untapped areas of commercial applications in the region, which would enable optimal utilization of AI.
Breakdown of primary participants' profile:
• By Company Type: Tier 1 = 45%, Tier 2 = 32%, and Tier 3 = 23%
• By Designation: C-Level Executives = 30%, Directors = 45%, and Others = 25%
• By Region: North America = 26%, Europe = 40%, APAC = 22%, and RoW = 12%
Key players in the SLAM market include Intel (US), Microsoft (US), Alphabet (US), Amazon Robotics (US), Apple (US), Clearpath Robotics (Canada), Aethon (US), The Hi-Tech Robotic Systemz (India), Facebook (US), Intellias (Ukraine), Magic Leap (US), Rethink Robotics (US), Skydio (US), Navvis (Germany), and Mobile Industrial Robots APS (Denmark). The study includes an in-depth competitive analysis of these key players in the SLAM market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The market study covers the SLAM market across different segments.It aims at estimating the market size and the growth potential of this market, across different segments, such as offering, type, application, and region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall SLAM market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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