The advent of autonomous vehicles has created an extensive requirement for simultaneous localization and mapping (SLAM) technology, due to the increasing deployment of this technology in wireless communication devices and global positioning systems (GPS), which are used in autonomous vehicles. The surging adoption of autonomous vehicles can be attributed to the rising requirement for greater vehicle safety.

Autonomous vehicles have the potential to reduce injuries and deaths occurring from road accidents, owing to their improved sensing capabilities. These automobiles also help in curtailing air pollution, on account of their lesser fuel consumption and carbon dioxide (CO2) generation characteristics. Moreover, the escalating use of augmented reality (AR) technology across end-use industries will drive the SLAM technology market at a robust CAGR of 38.3% during the forecast period (2020–2030).

The market was valued at $152.2 million in 2019 and it is projected to generate $3,775.3 million revenue by 2030. For example, the healthcare sector uses AR technology in surgery, vein visualization, training, and 3D medical imaging. SLAM technology is used to identify the surrounding environment, which allows AR devices to recognize 3D objects and scenes, overlay digital interactive augmentations, and instantly track the world.

At present, Intel Corporation, Microsoft Corporation, Google LLC, Facebook Inc., Apple Inc., Aethon Inc., Parrot Drones SAS, Magic Leap Inc., MAXST Co. Ltd., and Rethink Robotics GmbH are focusing on introducing advanced visual SLAM systems. A visual SLAM system leverages 3D vision to perform location and mapping functions, owing to which, it is being used in an array of applications ranging from AR to field robots. For instance, visual SLAM technology is being used in AR devices to enable the accurate projection of virtual images onto the physical world as it provides precise mapping of the physical environment.