Asia Pacific simultaneous localization and mapping technology market is growing at the fastest pace and is projected to grow at a CAGR of 80.2% till 2024.

Sellbyville, DE -- (SBWire) -- 02/16/2019 --SLAM Technology Market is driven by the growing complexities in mapping, keeping track of the users' location along with simultaneously updating the surrounding map. Landmark characterization, nonlinearity, and data association are the various issues faced for achieving a robust and practical SLAM implementation. Over the last decade, a rapid progress has been made in this field to overcome the challenges by developing some compelling applications of SLAM methods. The SLAM technology enables mobile robots to build a map of their surroundings and use the same map to compute their location, accelerating the adoption rates. Over the past five years, leading technology companies, such as Google, Facebook, and Amazon, have made significant investments in SLAM technology to indulge into various business expansion strategies such as new product developments and mergers & acquisitions.

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Simultaneous Localization and Mapping (SLAM) Technology Market is set to exceed USD 2 billion, and is anticipated to grow at a CAGR of over 71% from 2018 to 2024. The rising technological developments and growing awareness regarding the benefits offered by the SLAM technology are primarily driving the market demand. The rapid growth in the use of SLAM technology from various industries, mainly autonomous vehicles and augmented virtual reality, has resulted in its expansion across the globe. Various companies are entering into strategic partnerships and collaborations to expand their product offerings with the inclusion of the SLAM technology.

SLAM technology market in 3D motion segment is projected to grow at the fastest rate over the forecast timespan. The 3D technology is rapidly being adopted by various applications including AR, UAV, and robotics. With an increase in the adoption of handheld devices, the Handheld Augmented Reality (HAR) introduces AR to numerous consumers. These devices lack the potential to get the precise 3D positioning of the objects as they are unable to correctly map the 3D environment. The usage of SLAM enables exact 3D positioning of virtual objects to the actual environment with improved efficiency and reduced time, accelerating its demand in the market.

The commercial sector dominates the global SLAM technology market with an industry revenue of USD 22.2 million in 2017 anticipated to reach USD 933.4 million by 2024. Various industries using the SLAM technology include healthcare, hospitality, construction, service, education, automotive, retail, and wholesale departments. The healthcare department requires image guidance systems for performing critical surgeries. These systems must be capable of displaying a detailed computer-based 3D visualization that enables the surgeon to rotate the 3D model on the computer for gaining an enhanced understanding of the location of the robot with respect to the anatomical target. The existing image guidance systems have limited functionality with certain restraints, such as inaccuracy and inefficiency, to convey all the available information. The adoption of SLAM technology in the medical systems enhances their accuracy in estimating dynamic information and gives precise inferences of deformation during surgeries.

SLAM technology market in autonomous vehicles segment is anticipated to grow at the fastest rate over the forecast period. Autonomous driving involves various critical tasks, such as navigation, planning, and collision avoidance, which cannot be fulfilled by sparse map representations. To obtain dense maps, SLAM technology has been used to produce highly accurate maps. Google's driverless cars employ the SLAM technology that uses roof-mounted LiDAR sensors for creating a 3D map of their surroundings. This is done by the system within 10 seconds as a quick response is necessary since the machine being tracked is moving with high speed and acceleration. These mappings are then augmented over the existing Google maps. With the aid of these readings, the autonomous system makes important driving decisions using the statistical probabilistic algorithms, creating a more enhanced autonomous driving experience.

North America dominates the global SLAM technology market with an industry share of 50.5% in 2017. The major factor contributing to the growth include the presence of several drone manufacturers in this region. Being home to some of the leading SLAM solution providers including Apple and Google, the region is presenting new growth prospects for advanced adoption of the SLAM technology. The companies functioning in this region are also involved in new product development strategies for expanding their presence in the highly lucrative market.

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Europe held around 29.4% of the market share in 2017 in the global SLAM technology market. The major features contributing to the growth in this region include the rising adoption of robots and UAVs in a magnitude of applications across the region. The deployment of user-friendly automation and technological advancements in the robotics field also contribute to the simultaneous localization and mapping technology market growth. This region also showcases various growth opportunities, leading to global companies expanding their businesses in this region.

The Asia Pacific simultaneous localization and mapping technology market is growing at the fastest pace and is projected to grow at a CAGR of 80.2% over the forecast timeline. The major factors driving the simultaneous localization and mapping technology market growth in this region include the growing demand for automation, mainly in the manufacturing sector. Moreover, the growth of smart devices along with the rising demand for enhanced features has also propelled the market growth. China dominates the Asia Pacific SLAM technology market, followed by Japan and South Korea.

Market expansion and new product developments are the main strategies adopted by the enterprises operating in the SLAM technology market. The prominent companies functioning in the industry include Google, Facebook, Apple, Parrot SA, Kuka AG, Microsoft Corporation, SMP Robotics, Wikitude, GeoSLAM Ltd., Kudan, Clearpath Robotics, Inc., DIBOTICS, Aethon, Fetch Robotics, Ascending Technologies GmbH and NavVis.

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