SLAM Technology Market is anticipated to grow rapidly during the forecast period, rising adoption of robots to impel the industry expansion
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SLAM Technology Market will br driven by increasing popularity of autonomous vehicles over the forecast timeline. The science of augmented reality (AR) incorporated with light detection and ranging (Lidar) helps the vehicle navigate through locations where GPS doesn’t work.
In fact, the automotive companies involved in the development of driverless cars have been using SLAM technology to generate a 3D map of surroundings with the help of roof-mounted Lidar sensors. The companies involved in the modernization of artificial intelligence (AI) like Cortica have already deployed SLAM technology in the driverless cars across Israel, which has set a benchmark for other tech giants.
Speaking more about the use of SLAM technology in the autonomous systems, the Internet giant, Google has observed the effective use of this technology in its driverless cars. It overcomes the limitation of Lidar systems which take more time to respond to the input received from location sensors.
The ability of SLAM technology to respond quickly to the change in the location in accordance with a moving vehicle at high speed has been fueling its deployment not in autonomous vehicles such as driverless cars, and UAV but also in the mining and manufacturing sectors in the SLAM technology market.
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Owing to the rapid adoption of advanced technologies by diverse industrial sectors, the SLAM technology market has been witnessing gradual increase in demand over the last decade. Unprecedented growth in digital and remote communication technology has accelerated the development of robots and UAVs, which are ideal for installing sensors and mapping systems.
The eagerness of core industries to utilize modern technology for replacing human workforce in hazardous or time consuming tasks has further pushed the simultaneous localization and mapping technology market penetration.
The International Data Corporation had projected that by 2021, the spending on robotics worldwide would reach USD 230.7 billion, driven by increased utilization in areas such as manufacturing and resource industries, besides healthcare, education and retail. The resource industry, consisting of mining, oil & gas and agriculture has the potential to become a key target segment for the SLAM technology market.
Mining, in particular, offers immense prospects for the use of new technologies as it is a business filled with dangerous exposure for humans, and requires a lot of capital to carry out mining operations. Inaccuracy of underground maps pose serious threats to the safety of miners and robotic exploration is seemingly a more feasible option in regard to this.
The advent of virtual and augmented reality has transformed the dynamics of SLAM technology market. A spate of end-users right from the automotive and aerospace to UAV manufacturers have been integrating SLAM technology in their autonomous systems on a large scale.
In addition, technology companies like Google have also been involved in the deployment of SLAM technology. The capability of this technology to enhance the 3D vision of surroundings with the assistance of location and mapping function is poised to enhance the simultaneous localization & mapping technology market share over the years ahead.
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Recently, the Germany based car manufacturer, Porsche has invested in Swiss startup company, WayRay to develop next-generation navigation systems. WayRay produces holographic augmented reality display technology that integrates virtual objects into driving assistance.
The German car manufacturer is planning to use WayRay’s virtual SLAM technology in its product ranges to offer modernized technology to the customers. Likewise, recently, the consortium of Toyota Motor Corp comprising Denso Corp, Jtekt Corp, Advics, and Aisin Seiki Co, decided to form a joint venture to develop new software that will help to operate components of autonomous vehicles.
The strategic investment by the automaker in JVs with technology companies for fulfilling changing consumer demands is likely to propel SLAM technology market share.
With many such mines being explored to fulfil the global requirement of essential minerals like copper, gold, silver, coal and uranium, the simultaneous localization and mapping technology market could establish a strong hold due to the need for safe mapping of underground mines as well as open quarries. Increasing production of consumer electronics has elevated the demand for minerals like silver, strengthening the global mining industry.
The SLAM technology market is expected to grow at a CAGR of 71% over 2018-2024, influenced by the rising need for mitigating safety risks and improving bottom lines.
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