Simultaneous Localization and Mapping Market estimated to be worth $465 million by 2023

(IT-NEWSWIRE.COM, November 20, 2021 ) The report "Simultaneous Localization and Mapping Market by Offering (2D SLAM, 3D SLAM), Type (EKF SLAM, Fast SLAM, Graph-Based SLAM, LSD SLAM, S-PTAM, ORB-SLAM, and ORB-SLAM2), Application (Robotics, UAV, AR/VR, Automotive), and Geography - Global Forecast to 2023", The SLAM market is projected to reach USD 465 million by 2023 from USD 101 million in 2018, at a CAGR of 35.77% during the forecast period. Major drivers for the market’s growth are the advancements in visual SLAM algorithm, growth of SLAM in augmented reality (AR), and growing demand for self-locating robotics in homes and enterprises; limitation of SLAM in dynamic environments is the major restraint to its growth.

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EKF SLAM expected to hold largest market share during forecast period

EKF SLAM held the largest share of the SLAM market due to its ability to handle nonlinear systems, which made it suitable for a wide array of applications that cannot be modeled by linear state transitions. EKF SLAM has been in use for the past 2 decades and is still used in existing SLAM applications, such as robot mapping and autonomous cars.

2D SLAM to hold largest market share during forecast period

2D SLAM is expected to continue commanding a larger share of the market than 3D SLAM owing to its increasing use in domestic robots. For instance, in September 2018, ILIFE INNOVATION (China) launched A7, a new pro robot vacuum cleaner, worldwide on Amazon and AliExpress as a premium addition to its A-series robots.

North America expected to be largest SLAM market

Increasing SLAM adoption for automation, coupled with expanding applications of UAVs, has led the path for the market’s growth in the region. The reason for the dominance of the US in North America is its well-established economy, which allows for investments in new technologies.

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).

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Simultaneous Localization and Mapping Market estimated to be worth $465 million by 2023