Dublin, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The "Global Augmented Reality in Agriculture Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
According to the report, the market is likely to grow at a CAGR of around 50% during the forecast period of 2021-2026.
Augmented Reality (AR) in agriculture plays a versatile role in enabling field check & detection of a pest or insect. It also defines properties of soil & crops to be sown in a particular piece of land. Furthermore, it helps in knowing pest & crop conditions by looking at modern applications. Hence, these facilities are prominent factors behind the robust growth of the market.
The burgeoning population worldwide is increasing the pressure on the global food supply & investments for agricultural advancements to bring the most out of the farming industry. The use of AR technology in agriculture shall enable farmers to decrease crop wastage and increase production at a robust pace, resulting in fulfilling the requirements of consumers and reaching desired targets. These factors are likely to drive the market in the forecast period.
Impact of COVID-19
The outbreak of COVID-19 brought labor shortages and supply chain disruptions, delaying the overall production. However, the increased farm equipment & developing AR agriculture infrastructure are likely to expand the adoption of AR technology among the farmers. Hence, the COVID-19 positively impacted the Global Augmented Reality in the Agriculture Market.
Hardware to Dominate the Market
Based on components, the market segments into hardware and software. Of both, the hardware segment is likely to dominate the global market in the forthcoming years owing to the rapidly increasing demand & applications of AR devices across various industries, especially in the agricultural sector, thereby booming the segment growth.
The developments in technology bring modern equipment that further increases agricultural production & resources and results in comprehensive utilization. Hence, the hardware segment is likely to dominate the global market in the forecast years.
Livestock to Witness Fastest Market Growth
Based on End-user industries, the Livestock segment shall witness the fastest growth in the forecast years. AR facilities allow farmers to view their fields & animals and relevant data through its applications. It enables them to take actions that can register with hand gestures or voice commands.
Further, it facilitates farmers to interact with technology in the most natural way possible, making them more efficient, productive & successful in their work. It is leading the AR solution to become more farm-proof. Hence, based on these factors, the Livestock segment of the market shall attain the fastest growth in the forecast period.
North America to Attain the Largest Market Share
North America is likely to attain the largest market share in the forecast years primarily due to the massive investments made by prominent key players of the US in immersive technological advancements to boost AR demand in the region.
The governments are keen on increasing the adoption of modern farming equipment, strengthening the region's hold on the AR industry share towards agriculture. Hence, the market is likely to witness the largest share in the forecast years in the North American region.
Key Questions Answered
What are the overall market statistics or market estimates (Market Overview, Market Size - By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Augmented Reality in Agriculture Market?
What is the region-wise industry size, growth drivers, and challenges?
What are the key innovations, opportunities, current & future trends, and regulations in the Global Augmented Reality in Agriculture Market?
Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Augmented Reality in Agriculture Market based on the competitive benchmarking matrix?
What are the key results derived from the market surveys conducted during the Global Augmented Reality in Agriculture Market study?
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