The simultaneous localization and mapping market size is expected to reach US$ 5,572.53 million by 2031 from US$ 481.52 million in 2023. The market is estimated to record a CAGR of 35.8% from 2023 to 2031. The utilization of SLAM technology in space applications is likely to trend in the market.
Rising number of oil & gas plants, increasing government initiatives to build renewable power plants, and rising industrialization are fueling the demand for technologies to monitor, track, and map plant environment and provide a complete view of the plant. This, in turn, helps mitigate some of the major operational challenges. The growing number of oil & gas, mining, and construction projects in remote areas is boosting the expansion of the simultaneous localization and mapping market across the globe.
The increase in substantial investments in the automotive and advanced air mobility sectors boosts the simultaneous localization and mapping market growth. The growing use of simultaneous localization and mapping software in space technologies and unmanned aerial vehicles bolsters the growth of the simultaneous localization and mapping market globally.
Development of the simultaneous localization and mapping market is driven by the growing application of various localization, tracking, and mapping techniques in oil & gas, utility, automotive, mining, construction, agriculture, and manufacturing industries. In addition, the increasing application of factory automation and robotic technologies across different sectors for optimum utilization of resources to boost energy efficiency and time management is propelling the growth of the simultaneous localization and global mapping market.
Simultaneous localization and mapping (SLAM) is a technological mapping method that allows autonomous vehicles to fabricate a map and localize themselves on the map at the same time. Localization and mapping are required to be combined to get an updated estimate of the map along with an efficient location of the vehicle. SLAM solutions can help autonomous vehicles locate themselves where maps are not available currently or have low connectivity. Moreover, using SLAM, the vehicle can autonomously navigate an unfamiliar environment by developing a map and simultaneously localizing itself.
The growing development in the automotive industry with the integration of advanced technologies is driving the adoption of autonomous vehicles globally. SLAM is employed by leveraging multi-sensor fusion-driven techniques. Sensors include an inertial navigation system (INS), light detection and ranging (LiDAR), high-definition maps (HD Map), and a global positioning system (GPS). The rising number of autonomous vehicles boosts the growth of the simultaneous localization and mapping market. In 2021, Microsoft partnered with Volkswagen Group's CarSoftware Organization to fabricate self-driving cars. General Motors purchased the self-driving startup Cruise in 2016. Cruise began its San Francisco autonomous driving taxi services in 2021. In 2024, the Cruise self-driving vehicle inventory count was 300 cars, and the company predicts to reach ~US$ 1 billion in revenue by 2025. In September 2024, Uber Technologies, Inc. and Waymo LLC expanded their existing partnership to make the availability of Waymo Driver for users. Starting in early 2025, Waymo and Uber are anticipated to bring autonomous ride-hailing to Atlanta and Austin. In September 2024, Tesla announced to introduce its complete self-driving product in Europe and China in early 2025. Thus, the growing development in the automotive sector with the advancement of autonomous vehicles propels the growth of the global simultaneous localization and mapping market.
AR offers a diverse array of experiences, each with distinctive features and applications, contributing to its increasing versatility and popularity. Metaverse is a combined virtual shared space that brings together the aspects of online gaming, virtual reality, social media, augmented reality, and other immersive technologies. The metaverse concept is an interconnected digital universe where individuals can relate with each other and with digital objects in real time.
SLAM is beneficial in navigation apps, interior design, and industrial applications, enabling the overlay of virtual information onto the real-world environment without specific markers. The concepts of AR and the metaverse are rapidly gaining global interest as the future of technology. In 2022, Epic Games received US$ 2 billion in funding from Sony and KIRKBI to advance Epic's metaverse expansion plans. In 2022, Autodesk, Inc. acquired The Wild, a cloud-connected, extended reality (XR) platform, which includes its namesake solutions, The Wild and IrisVR. Through the acquisition, Autodesk aims to meet the demand for AR and virtual reality (VR) technology advancements globally. In May 2024, Magic Leap signed a multi-faceted, strategic technology partnership with Google to bring a wider range of immersive AR/VR experiences to its end users. The developing SLAM technology and its increasing application in AR, VR, and the metaverse are offering lucrative opportunities in the market.
Key segments that contributed to the derivation of the simultaneous localization and mapping market analysis are offerings, system type, and application.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 481.52 Million |
| Market Size by 2031 | US$ 5,572.53 Million |
| Global CAGR (2023 - 2031) | 35.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offerings
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The simultaneous localization and mapping market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the simultaneous localization and mapping market are listed below:
(Source: NavVis, Press Release, February 2022)
(Source: Kudan Inc., Press Release, June 2022)
The "Simultaneous Localization and Mapping Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The robotics segment led the simultaneous localization and mapping market with a significant share in 2023.
The simultaneous localization and mapping market is expected to reach US$ 5,572.53 million by 2031.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
Utilization of slam technology in space applications is expected to drive the growth of the simultaneous localization and mapping market in the coming years.
The key players operating in the simultaneous localization and mapping market include Sevensense Robotics AG; Rethink Robotics GmbH; NavVis GmbH; Kudan Inc; Exyn Technologies Inc; Slamcore Ltd; MAXST Co Ltd; FARO Technologies Inc; ANAVS GmbH; Nexxis; Kuka AG; Leica Geosystems AG; Applanix; Leishen Intelligent System Co., Ltd.; and Visimind AB.
Rising adoption of autonomous vehicles globally, increasing advent of industrial mobile robotics, and surging significance of small unmanned systems for cargo deliveries are the driving factors of simultaneous localization and mapping market.
The simultaneous localization and mapping market was estimated to be valued at US$ 481.52 million in 2023 and is anticipated to grow at a CAGR of 35.8% over the forecast period.