The global augmented reality in agriculture market was valued at $0.84 million in 2021 and is projected to reach $4.89 million by 2027, growing at a CAGR of 34.49% during the forecast period 2022-2027
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NEW YORK, Nov. 7, 2022 /PRNewswire/ -- Global Augmented Reality in Agriculture Market to Reach $4.89 Million by 2027
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Global Augmented Reality in Agriculture Market Overview
The global augmented reality in agriculture market was valued at $0.84 million in 2021 and is projected to reach $4.89 million by 2027, growing at a CAGR of 34.49% during the forecast period 2022-2027. The market is primarily in its emerging stage, and it is expected to be driven by the increasing demand for food, increasing population, trend of digitalization in the industry (Industry 4.0) and agriculture (Agriculture 4.0), need for simulated training, and precise field monitoring.
Market Lifecycle Stage
The augmented reality in agriculture market is still in the early stages.The technology is yet to be properly explored for applications in agriculture.
It finds its wide application in other industries, such as gaming, entertainment, healthcare, retail, and manufacturing.
Impact
With an increased worldwide focus on achieving digitization, industrialization, and sustainability, the shift to smart farming tools provides opportunities for companies to invest in technologically advanced tools.
Currently, the shift to digitization is more prominent in precision agriculture, smart farming, artificial intelligence, the Internet of Things (IoT), and big data analytics, among others.The market is dominating in regions such as North America and Europe.
This is attributed to the technological advancements and developments in equipment to enhance farming operations along with wider adaptability and technical knowledge among the farmers.
Market Segmentation:
Segmentation 1: by Application
• Indoor Farming
• Outdoor Farming
The global augmented reality in agriculture market is expected to be dominated by the indoor farming segment. This is attributed to the increased technological advancements and investments in hydroponics and aquaponics and higher adoption among farmers having higher technical awareness.
Segmentation 2: by Solution
• Hardware
• Software
• Service
The software segment accounted for the largest share in the global augmented reality in agriculture market due to higher penetration in the handheld and mobile devices segment in 2021, and it is expected to remain the same during the forecast period 2022-2027.
Segmentation 3: by Region
• North America - U.S., Canada, and Mexico
• Europe - Germany, France, Netherlands, Italy, and Rest-of-Europe
• U.K.
• Asia-Pacific - Japan, India, Australia and New Zealand, and Rest-of-Asia-Pacific
• China
• Rest-of-the-World - South America and Middle East and Africa
North America dominated the global augmented reality in agriculture market in 2021 and is projected to uphold its dominance throughout the forecast period.
Recent Developments in the Global Augmented Reality in Agriculture Market
• In June 2022, Rams Creative Technologies Pvt. Ltd. announced its new partnership with Microsoft’s Mixed Reality Program (MRPP). This partnership program was started by Microsoft for companies that design, develop, and deploy mixed reality and augmented reality solutions for enterprises.
• In January 2022, Augmenta and Arva Intelligence entered into a partnership for affordable farm-ready automation, environmental enhancement, and carbon offsetting.
• In January 2022, Deere & Company added seven companies to its 2022 Startup Collaborator Program. John Deere launched the program in 2019 to enhance and deepen its interaction with startup companies whose technology could add value for customers. ViewAR GmbH is one of the augmented reality-based companies in the Startup Collaborator Program list.
• In October 2021, CATALYST partnered with T-REX with an aim to provide events that would increase awareness and interaction between geospatial and agribusiness professionals. The areas of focus were unmanned aerial vehicles (UAVs), augmented reality/virtual reality (AR/VR), and others. T-REX would be able to expand its Geo-Seed Grant program with assistance from CATALYST and provide a portion of cash for initiatives that focus on the nexus between geospatial technology and sustainable agriculture.
Demand - Drivers and Limitations
Following are the demand drivers for the augmented reality in agriculture market:
• Digitization Powering the Next Green Revolution â€" Agriculture 4.0
• AR as a Tool for Field Monitoring
• Increased Demand for Spatial Computing Applications
Following are the challenges for the augmented reality in agriculture market:
• Lack of Awareness
• Limited R&D and Lack of Use-Cases of Agricultural Applications
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of augmented reality-based solutions available, which are categorized into three categories, i.e., hardware, software, and service. Hardware-based solutions include AR headsets and smart glasses and AR-based heads-up displays (HUDs). Software-based solutions include AR development packages, handheld and mobile device apps, and content creation software and engines. Service-based solutions include system integration service, content service, and others.
Growth/Marketing Strategy: The global augmented reality in agriculture market is in the nascent phase.It witnesses fewer developments by companies operating in the market, such as partnerships, collaborations, acquisitions, and business expansions.
For instance, in October 2020, Nedap Livestock Management and VAS collaborated with the aim of strengthening the level of integration between Nedap CowControl and the VAS Platform.
Competitive Strategy: Companies operating in the global augmented reality in agriculture market that have been analyzed and profiled involve companies offering AR-based solutions for livestock monitoring, simulated training, outdoor crop farming, and integrated solutions. The comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The players operating in the market include companies based on application such as livestock monitoring, simulated training, outdoor crop farming, and integrated applications. As of 2022, livestock monitoring application-based companies captured 7.69% of presence in the market, simulated training application-based companies held 30.76% presence in the market, outdoor crop farming application-based companies had 38.46% presence in the market, and integrated application-based companies had 23.07% presence in the market.
Some of the prominent players operating in this market are:
Company Type 1: Livestock Monitoring-Based Companies
• Nedap Livestock Management
Company Type 2: Simulated Training-Based Companies
• AMAZONEN-WERKE H. DREYER SE & Co. KG
• CLAAS KGaA GmbH
• EON Reality
• Väderstad Group
Company Type 3: Outdoor Crop Farming-Based Companies
• Augmenta
• Grow Glide, LLC
• Plant Vision
• Visual Logic, LLC
• Anarky labs
Company Type 4: Integrated Application-Based Companies
• Rams Creative Technologies Pvt. Ltd.
• Program-Ace
• Think Digital
Countries Covered
• North America
• U.S.
• Canada
• Mexico
• Europe
• France
• Germany
• Netherlands
• Italy
• Rest-of-Europe
• U.K.
• China
• Asia-Pacific
• Japan
• India
• Australia and New Zealand
• Rest-of-Asia-Pacific
• Rest-of-the-World
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