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Feb 11, 2022, 08:30 ET
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FREMONT, Calif., Feb. 11, 2022 /PRNewswire/ — According to the latest study on global precision agriculture market by BIS Research, it is expected to reach $10.93 billion by 2026, with a CAGR of 14.8% during the forecast period 2021-2026.
And not just this, several modern techniques that are making their way into the farming methods are adding to the growth of the overall precision agriculture market. Here are some of the top technologies in agriculture that are helping the market grow; and their future projections.
Global IoT in Agriculture Market
In 2021, the global IoT in agriculture market was valued at $21.99 billion. According to BIS Research study, this market is set to reach $35.55 billion by 2026 with a CAGR of 10.1%.
IoT allows sensors-enabled devices to communicate and interact with one another through the internet. Various components in the farm industry, including sheds, tractors, pumps, weather stations, and computers, can be remotely monitored and operated in real-time.
IoT allows farmers to remotely monitor agricultural conditions and infrastructure, reducing time in the field, labor efforts, and investment capital, among other things, allowing them to focus on other things.
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Artificial Intelligence in Agriculture Market
As per a report from BIS Research, the global artificial intelligence in the agriculture market is estimated to reach $6.65 billion during the projected period 2021-2026, with a CAGR of 30.56 %.
The market is growing because artificial intelligence-based solutions are becoming more popular in various parts of the world.
Artificial intelligence technology applies the cognitive computing idea to agriculture, with farm equipment intelligence fashioned after human intelligence. Using predictive analytics for agricultural input decisions and farm process planning, artificial intelligence technologies assist farmers in improving their planning to create profitable crop yields.
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Global Agricultural Sensors Market
In 2020, the global agricultural sensors market was valued at $4.18 billion and is estimated to reach $9.79 billion by 2026 with a CAGR of 15.4 %. The rise can be ascribed to a greater understanding of the advantages of alternative and optimal agricultural approaches over traditional farming.
Agriculture sensors are devices that are utilized in smart farming. These sensors give information that helps farmers monitor and optimize crops by adjusting to changes in the environment.
Farmers may use smart sensor technologies to remotely monitor the insect population in their fields in real-time. Using online cloud services and a dashboard, they may take rapid action to protect their crops.
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Global Hyperspectral Imaging in Agriculture Market
During the projected period 2021-2026, the global hyperspectral imaging in the agriculture market is estimated to reach $56.88 million, with a CAGR of 11.93 %. Because of the rising emphasis on precision farming throughout the world, the industry is growing at a rapid pace.
Through unmanned aerial vehicle (UAV) systems, hyperspectral imaging has applications in a wide range of sectors, including mining, agriculture, astronomy, and surveillance. A wide range of crop difficulties may be handled with hyperspectral imaging cameras and accessories.
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BIS Research Related Market Studies:
Global Smart Farming Market
AR in Agriculture Market
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
BIS Healthcare vertical offers intelligence in the healthcare technology market for Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, Precision Medicine, and other emerging healthcare technologies, covering the entire industry spectrum. In the past 5 years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating Top 25 Voices in Precision Medicine on its Insight Monk platform for the past two years successfully.
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SOURCE BIS Research
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