Technology Updates Imaging Technology Market for Precision Agricultur

Global Imaging Technology Market for Precision Agriculture to Register a CAGR of 9.0%
Between 2016 and 2024; Hyperspectral Technology Segment to Drive Market Demand
In a new report titled “Imaging Technology Market for Precision Agriculture: Global Industry
Analysis and Forecast, 2016 - 2024”, Persistence Market Research analyzes the performance of the
global imaging technology market for precision agriculture over an eight-year period and provides
insights on the key factors and trends likely to influence the market during the forecast period (2016
– 2024). The global imaging technology market for precision agriculture is anticipated to grow from
US$ 567.4 Mn in 2016 to US$ 1,165.9 Mn by 2024, registering a CAGR of 9.0% in terms of
revenue during the forecast period (2016-2024). In this report, the global imaging technology
market for precision agriculture is tracked in terms of value and is calibrated to obtain market
revenue estimates.
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Market dynamics
Increasing adoption of imaging technologies for precision agricultural applications supported with
UAVs is a major factor driving the growth of the global imaging technology market for precision
agriculture. Demand for imaging technology for precision agriculture is strongly associated with the
growth of UAVs commercial applications market, as sensors are mounted on these UAVs in order to
capture the data. Moreover, demand for hyperspectral technologies is expected to increase for
precision agriculture applications because of the granularity of the information provided by this
technology, which can be used to make better crop management decisions.
However, lack of awareness about the technology, ambiguity about the returns, substitute
technologies available to farmers such as Global Navigation Satellite System (GNSS), and unclear
regulations for UAVs commercial applications across various countries are major challenges
expected to be faced by market players operating in the global imaging technology market for
precision agriculture during the forecast period.
Market forecast
The global imaging technology market for precision agriculture is segmented into two main
segments – namely by technology and by product. The technology segmented is further sub-
segmented into multispectral technology and hyperspectral technology. The product segment is
further sub-segmented into cameras, sensors, software, and others.
In 2015, the multispectral technology segment dominated the global imaging technology market for
precision agriculture, followed by the hyperspectral technology segment. The hyperspectral
technology segment is anticipated to register the fastest CAGR of 9.6% over the forecast period in
the global imaging technology market for precision agriculture in terms of revenue, followed by the
multispectral technology segment.
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The sensors product segment is expected to register the highest CAGR of 10.9% in terms of value
during the forecast period in the global imaging technology market for precision agriculture. In
terms of market share, the cameras product segment accounted for a major percentage of the
revenue share of the overall global imaging technology market for precision agriculture in 2015.
The cameras product segment is expected to dominate the global imaging technology market for
precision agriculture throughout the forecast years, followed by the sensors and software product