Smart Agriculture Market is Anticipated to Grow Based on Enhanced Application Till 2026

Smart Agriculture Market
Smart Agriculture Market

Smart agriculture can be defined as an innovative way of performing agricultural activities by using modern technologies such as big data, cloud data based services, livestock biometrics, agricultural robots, GPS, and Internet of things. These technologies are accepted in the agricultural sector as they help reduce human efforts, maximize utilization of the available resources, maximizing profitability, sustainability, quality, and productivity. There are different types smart agriculture which are practiced includes precision farming, livestock monitoring, fish farming and smart greenhouse. Precision agriculture is one of the key components of modern agriculture, which includes sensing devices, camera, and actuators connectivity modules, micro-controllers, and automation systems that help control and monitor the progress of agricultural activities.

Reduction of agricultural land due to increase in urbanization is projected to drive the growth of the smart agriculture market. In addition, changes in earth’s climate due to human activity has led to changes in average temperature, rainfall, and heat. This affects the crop production resulting in  adoption of smart technologies for agriculture which    has propelled the growth of smart agriculture market. Moreover, according to the United Nation world population prospect 2017, the world human population is expected to increase from 7.7 billion in 2019 to 9.7 billion in 2050. This rise in the population is expected to increase the food demand and therefore, the farmers will need to increase the crop production by using advanced technologies. This is estimated to boost the growth of smart agriculture in the upcoming years. Furthermore, due to various initiatives taken by governments of different countries to support farmers, increase productivity as well as quality and adoption of advanced agricultural methods are anticipated to fuel the growth of the smart agriculture market in the future. However, high price of these advanced technologies used in agriculture is restraining the growth of the smart agriculture market. In addition, lack of awareness among farmers is anticipated to limit the growth of the smart agriculture market. Moreover, lack of technical knowledge and skills in farmers for using these technologies are restricting the growth of the smart agriculture market. Furthermore, lack of infrastructure in developing countries to support advanced technologies has also restricted the growth of smart agriculture. Nevertheless, integration of hardware devices and software application with smartphones is anticipated to fuel the growth of the smart agriculture market in the upcoming years. Furthermore, educating farmers on using advanced technologies to carry out smart agriculture is also expected to fuel the growth of the smart agriculture market.

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Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global smart agricultural market from 2018 to 2026 to identify the prevailing market opportunities.
  • The key countries in all the major regions are mapped based on their market share.
  • Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as the global market, key players, market segments, application areas, and growth strategies.

The smart agriculture market is segmented based on type, application, and region. Based on type, the market is divided into precision farming, livestock monitoring, fish farming, smart greenhouse, and others. By application, it is classified into irrigation management, weather tracking and forecasting, water quality management, crop scouting, field mapping, yield monitoring and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some of the prominent key players includes AGCO Corporation, Deere & Company, Raven Industries, AG Leader Technology, Precision Planting LLC., SST Development Group, Trimble Inc., TOPCON Positioning systems, AG Junction, and Cropmetrics.

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