The global smart agriculture market accounted for a value of USD 11.9 billion in 2019 and is projected to register growth at a CAGR of 8.1% during forecast period.
COVID-19 has impacted the smart agriculture market. The supply chain of various industry of smart agriculture such livestock monitoring, precision farming and forestry got disrupted due to travel restriction and lockdown implemented by governments of various countries and this resulted in increase in demand for farm management and remote monitoring technology software tools. However, the market for this software is likely to grow more post COVID-19. The demand for agriculture equipments and technologies is declining due to outbreak of corona virus. The market for smart agriculture is likely to witness higher growth post COVID-19.
For more details, visit: Global Smart Agriculture Market By Agriculture Type (Livestock Monitoring, Precision Forestry, Precision Aquaculture, Others), By Offering (Hardware, Services and Software), By Application, By Region, Forecast & Opportunities to 2026
The smart agriculture helps in providing higher returns for agribusiness. It help farmers in combating the negative effects of nature on crops by collecting geospatial data of livestock, plant, soil and other field information. The precision farming provides inputs about required quantities of water irrigation, herbicides, pesticides and nutrients. This technology helps in reducing water for irrigation and other resources. This drives growth in smart agriculture market during forecast period.
On the basis of agriculture type, the smart agriculture market is segmented into precision farming, livestock monitoring, precision forestry, smart greenhouse, precision aquaculture and others. The precision faming segment is estimate to hold largest market share during forecast period. The focus is rising towards increasing farm productivity and efficiency. The precision farming helps in changing the agriculture concept for good and it helps in making traditional agriculture activities more efficient. These technologies are used to manage the crop and soil effectively. This increases adoption of precision farming and drives growth in this segment during forecast period.
On the basis of offering, the smart agriculture market is segmented into hardware, software and services. The hardware segment is estimated hold largest market share during forecast period. The adoption of modern and new technologies in smart agriculture market is increasing around the globe. The adoption of automation and control systems such as irrigation controllers, GPS receivers and steering systems is increasing in the market and this increases the growth of hardware offering. The deployment of IoT and AI in agriculture is increasing. This drives growth in hardware offering segment during forecast period.
The North America region is estimated to grow at highest CAGR during forecast period. The government in this region is implementing various policies to enhance the agriculture sector. Various organizations related to agriculture have formed alliance and are performing various activities to educate the farmers or cultivators about new and efficient farming technologies which helps in increasing the agriculture productivity. The government in this region is also providing subsidy to enhance and improve the techniques and this increases adoption of smart agriculture technologies. Thus, drives growth in North America region during forecast period.
The key market players in smart agriculture industry are Deere & Company, Trimble, Topcon Positioning, Devlaval, Antelliq, afimilk Ltd., AKVA Group, Innovasea Systems, Heliospectra, Lumigrow, Treemetrics, Nedap NV, Agjunction, AG Leader Technology, Raven Industries, Aquabyte, Fancom B.V. and Boumatic LLC.
- What are the expected industry trends over the next three to five years?
- Which of the smart agriculture offerings is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?