Smart Agriculture Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1293
The Smart Agriculture Market size is expected to grow at a fast pace in the forecast period. The factors driving the smart agriculture industry are exponential increase in population levels which has triggered the demand for food, need of livestock monitoring, increasing the crop yield and its quality through technological advancements, minimized use of pesticides or fertilizers, limited availability of arable land and government’s initiative to adopt smart technology for agriculture.
However, due to the lack of technological knowledge of farmers and high initial investment for research and technology development, smart agriculture will take time to spread its roots in developing and underdeveloped regions. Nevertheless, the penetration of internet facility in remote areas will greatly impact the agriculture industry in the future.
Smart agriculture is a cost-effective approach for sustainable agriculture which aims to effectively increase the productivity in the changing climate with the use of innovative technology. It provides the stakeholders worldwide to identify agricultural strategies suitable to their regions. The farmers can greatly benefit from smart agriculture as the efficiency of inputs such as seeds, labour and fertilizers will increase, resulting into more opportunities for income. Due to the global warming, the weather is becoming unpredictable. Floods, cyclones and droughts have impacted the agriculture industry. Natural calamities can be dealt with the use of weather forecasting facility which can be a great relief to the farmers. Corporations are already collecting a huge amount of data such as crop yield, weather information, animal health and soil mapping. Wiser industry decisions can be made by procuring the vast information. Solution providers, farmers and agricultural equipment manufacturers are adopting internet of things (IoT) to boost the smart agriculture industry.
The smart agriculture market can be broadly classified into types, applications, offerings and regions. Based on types, smart agriculture can be divided into five segments which are, fish farming, precision farming, smart greenhouses, monitoring of livestock and others such as horticulture, orchid and forestry. Based on applications, the market can be divided into precision farming applications, livestock monitoring applications, smart greenhouses applications, fish farming applications and others (forestry, orchid, horticulture). In precision livestock farming, sensors are used for monitoring and detection of health issues in animals. In fish farming, GPS, sensors and mobile phones are widely used for fleet navigation and fish tracking. Smart agriculture market serving the fish farming applications is expected to witness robust growth. Smart greenhouse applications cover a wide range such as HVAC management, fertilizer and water management and yield monitoring.
Based on offerings, the smart agriculture industry has been divided into three categories, hardware, software and services. The hardware for precision farming includes automation, monitoring and sensing systems. GPS, RFID tags and readers, transmitters, mounting equipment are hardware for livestock monitoring. Hardware for smart greenhouse include LED grow lights and HVAC systems. The software is web based and cloud based. Hardware components are anticipated to hold a significant share in the smart agriculture market between 2017 and 2024. The services section has various components such as professional services, support and maintenance, managed services, consulting, system integration and connectivity services.
Geographically, the smart agriculture market is segmented into five regions, North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In 2016, North America held the major share of smart agriculture market. Deep-dive research projects funded by the government to increase the crop yield and minimizing human labour are the key factors for the growth of smart agriculture in North America. Europe is second in race and has lucrative opportunities owing to the investments made by the government for research and development of robust technology.
The market in Asia Pacific has witnessed an influential rise in smart agriculture owing to the developing nations which are adopting smart technology for agriculture. China, Australia, India, South Korea and Japan are witnessing a substantial growth in the market which is expected to grow at a robust pace between 2017 and 2022.
The key market players operating in this industry are Deere & Company, AGCO Corporation, Semiosbio Technologies Inc., Cisco Systems Inc., Trimble, Inc., DeLaval Corporation, Raven Industries, Inc., Advanced Ag Solutions LLC, Digi-Star LLC, etc. Players are banking on strong partnerships and high level of investments in the market. In April 2016, Flex technology accelerator, Lab IX and Robert Bosch Venture Capital GmbH invested in CropX Inc., a U.S. based smart agricultural solution provider, to enhance its product portfolio. In January 2017, Agribotix LLC signed a partnership deal with SenseFly to offer a range of sensors, drones and agricultural data processing technology.
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