Market Overview
According to the MarkNtel Advisors' research report, "Global Augmented Reality in Agriculture Market Analysis, 2021," the market is likely to grow at a CAGR of around 50% in the forecast period of 2021-26. 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 Global Augmented Reality in the Agriculture market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 50% |
| Regions Covered | North America: USA, Canada |
| Europe: Germany, The UK, France | |
| Asia-Pacific: China, India, Japan, South Korea | |
| South America: Brazil | |
| Middle East & Africa: GCC, South Africa | |
| Key Companies Profiled | Nedap CowControl, Vaderstad, Yeppar, Amazonen-Werke, Kuhn, Fendt, Claas-Group, Massey Ferguson |
| Unit Denominations | USD Million/Billion |
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.
Market Segmentation
Hardware Component Shall 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, reveals MarkNtel Advisors in their research report, "Global Augmented Reality in Agriculture Market Analysis, 2021."
Regional Landscape
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.
Market Driver
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 Global Augmented Reality in Agriculture Market in the forecast period.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the Global Augmented Reality in Agriculture Market are Nedap CowControl, Vaderstad, Yeppar, Amazonen-Werke, Kuhn, Fendt, Claas-Group, Massey Ferguson.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. Global Augmented Reality in Agriculture Market is likely to grow at a CAGR of around 50% in the forecast period of 2021-26
A. Nedap CowControl, Vaderstad, Yeppar, Amazonen-Werke, Kuhn, Fendt, Claas-Group, Massey Ferguson are a few leading players in the Global Augmented Reality in Agriculture Market.
A. Hardware Component is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR in the forecast period of 2021-26, presenting immense opportunities for market players of the Global Augmented Reality in the Agriculture Market
A. The use of AR technology in agriculture will enable the farmers to decrease crop wastage and increase production at a robust pace, resulting in fulfilling the requirements of consumers and reaching targets. Hence, It is likely to drive the Global Augmented Reality in Agriculture Market in the forecast period.
A. The increased farm equipment & developing AR agriculture infrastructure is likely to expand the adoption of AR agriculture technology among the farmers, resulting in a positive impact from the pandemic.
