Smart Agriculture Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1293
Smart Agriculture Market size is poised to see an upward trajectory with burgeoning global population and changing diets. A 2020 report published by UN FAO revealed that the number of people affected by hunger would exceed 840 million by 2030 if existing trends continue.
Shrinking arable land, rise in greenhouse gas emissions, dearth of labor, adulteration in food products, a robust agriculture supply chain and a surge in per capita consumption are some of the major factors boosting the rise of smart agriculture systems. Smart agriculture is an emerging concept that involves technologies such as AI, robotics, IoT, sensors, RFID tags and cloud-based software. IoT can add value to farming and bring a paradigm shift through the introduction of precision farming.
Smart agriculture market share from the precision farming segment is poised to grow at a notable rate through 2027 as deep-tech agriculture strives to make farming more controlled and accurate. Access to reliable real-time data such as crop characteristics, weather and pest data is a considerable stride in advanced farming. The concept leverages emerging technologies such as sensors, GPS, robotics, big data, image analytics, telematics and soil samplings to assess moisture level and moisture level. These trends can transform traditional agriculture into data-fueled precision farming and strengthen the smart agriculture industry outlook.
Emerging economies in regions like Asia Pacific are also witnessing gradual deployment of smart agriculture services. For example, in a bid to boost precision farming in India, the U.S.-based global navigation service provider Trimble is encouraging the usage of modern agriculture technologies in the region. The company is using its precision laser-based land levelling system to negate water wastage, measure and quantify the health of a crop.
Smart agriculture market share will gain substantial traction from the use of RFID tags. RFID technology is contactless, has a high identification rate and secure access. Its role in inventory management has become notable, with RFID being deployed to detect unauthorized openings of shipments and can integrate with the latest technology innovations. RFID tags can capture the date when a bale of hay was harvested, where it was harvested, the temperature, moisture level, weight and the nutritional information.
Smart greenhouse application has turned out to be a viable farming trend as components like LED grow lights, sensors, HVAC systems and monitoring systems help to streamline and control the growing process. Advanced technologies are profoundly being applied in greenhouses to deliver higher productivity and climate control.
Smart agriculture market will garner significant momentum in the U.S., Canada and Mexico with increased adoption of smart greenhouses, precision farming and livestock monitoring. Animal comfort management has become a trend, while seamless management of fertilizer and water in the fields has received a further impetus. North America market outlook will be bullish with the introduction of advanced hardware components and favorable government initiatives supporting farmers.
Leading companies in the global smart agriculture industry are Cisco Systems Inc., AGCO Corporation, Deere & Company, DeLaval Corporation, Trimble, Inc., Digi-Star LLC, Raven Industries, Inc. and Semiosbio Technologies Inc., among several others. Increased penetration of IoT and other technologies will help these companies develop and offer more efficient agriculture systems.
COVID-19 and its impact smart agriculture market forecast
Agriculture based companies are seeking ways to adapt to the COVID-19 pandemic, where social distancing is followed, supply chains are suffering, and transport services are hampered. The coronavirus crisis could also emerge as a time to implement advanced farming solutions to boost efficiency, which is important for the survival of the industry amid changing economic conditions.
Smart farming promises optimum and increased farm productivity and sustainable use of resources. During the pandemic, FAO teamed up with IICA (Inter-American Institute for Cooperation on Agriculture) to offer a climate smart agriculture solution. The initiative was aimed at educating people and children who were at home owing the coronavirus outbreak. The strategy will help transform food systems to ensure food security amidst climate change.
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