A recent report published by Infinium Global Research on AR in agriculture market provides in-depth analysis of segments and sub-segments in the global as well as regional AR in agriculture market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AR in agriculture market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global AR in agriculture market. According to the report, the global AR in agriculture market is projected to grow at a CAGR of nearly 40% over the forecast period of 2022-2028.
The revenue generated by the market was approximately USD more than 1 million in 2022 and is expected to reach above USD 8 million in 2028 and is expected to grow with a CAGR of nearly 40% till 2028. AR is a new technology that is being used already in industries including culture, health, gaming, manufacturing, and transportation. AR is a new immersive technology that can assist all farmers in visualizing numerous scientific ways for optimal productivity and precisely inspecting farms. Agricultural producers and farmers could benefit from AR to help them complete day-to-day chores, strategically plan their operations as well as assist them with training. In agriculture, virtual reality, augmented reality, and mixed reality are giving humanity new hope in averting the impending food crisis. Using virtual reality technology in agricultural operations could help boost output. In agriculture, the use of AR, VR, and MR is creating a revolution for farmers by enhancing many phases between sowing and harvesting.
According to World Bank the human population is expected to cross the mark of 10 billion by 2050. This indicates a quadruple increase in the food demand which would require a similar ramping up of food production. Failure in which may prove to be disastrous. Therefore, the need for optimizing the agricultural operations by using new technologies for increasing food production has become the need of the hour. This has prompted the adoption of new technologies such as AR. Therefore, farmers are embracing augmented farming by introducing AR into agriculture for field inspection, simulated training, and tool evaluation. AR is expected to play a major role in indoor farming as indoor farming is gaining momentum in urban centers. AR adoption in agriculture is also motivated by the growing digitalization in agriculture sector. As digitalization grows the AR adoption in agriculture is also expected to grow. Still there are challenges associated with the implementation and deployment of AR agriculture solutions and services which may hamper the growth of the market. Growing investments in R&D of new agricultural applications of AR is expected to provide the market with new opportunities.
The AR in agriculture market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to hold a major share of the market. Agriculture contributes majorly to the economies of countries such as USA and Mexico in North America and is already and established industry in the region. For instance, according to U.S. Department of Agriculture, agriculture industry contributed over USD 1.055 trillion to the GDP of US in 2020. This statistic explains the expanse of agriculture industry in North America. Extensive agriculture is the common followed practice in North America region. Also, North America region has always been the pioneer of agricultural technologies in the world. Therefore, the use of AR technologies in agriculture is expected to grow exponentially in North America in the near future. Thus, the market for AR in agriculture in North America is expected to biggest as compared to other regions in the world. There are a number of companies such as Visual Logic, LLC, Trimble Inc., EON Reality Corporate Group, Augmenta and others that are based in North America and are working on AR agriculture applications.
The report on global AR in agriculture market covers segments such as application, and solution. On the basis of application, the sub-markets include outdoor farming, and indoor farming. On the basis of solution, the sub-markets include software, hardware, and service.
The report provides profiles of the companies in the market such as Visual Logic, LLC, Trimble Inc., Rams creative technologies pvt. Ltd., EON Reality Corporate Group, Augmenta, Visartech Inc., Queppelin Technology Solutions Private Limited, Nedap N.V., Vuzix Corporation, and Think Digital.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of AR in agriculture market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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