Global Smart
Agriculture Market: Snapshot
The demand for smart
technologies such as Big Data, cloud-based services, GPS, and the IoT
is gaining pace in the agriculture industry. Driven by the rising
need for high precision crop analysis, automated farming techniques,
and collection of data from the field, the world is likely to witness
the agriculture industry get smarter with the implementation of
aforementioned technologies in the coming years. Data thus derived
from implementing smart technologies can help farmers yield high
quality and larger quantity of crops. Spurred by these factors, the
global smart agriculture market is projected to report a CAGR of
13.5% between 2017 and 2025. At this pace, the market’s valuation
will rise from US$6.55 bn in 2015 to US$23.44 bn by the end of 2025.
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Besides rising
population, which triggers demand for food, the global smart
agriculture market is expected to gain from favorable government
initiatives. However, the journey is likely to be more difficult in
underdeveloped economy where the agriculture sector is reeling under
lack of knowledge among farmers. The high cost of smart devices is
making the matter worse. Nevertheless, in the coming years the market
is likely to gain from the rising penetration of high-speed internet
even in remote areas.
North America
Emerges as Leading Market for Smart Agriculture
The smart
agriculture market is segmented on the basis of solutions,
application and geography. Regionally, the global smart agriculture
market is segmented into North America, Europe, Asia Pacific, Latin
America, and the Middle East and Africa. Of these, the dominance was
with the smart agriculture market in North America, which held over
44.14% of the overall market in 2016. Extensive researches funded by
governments across the region to minimize human involvement and boost
crop yield has fuelled the demand for smart agriculture technologies
in North America.
Europe emerged as
the second-leading and is expected to continue exhibiting lucrative
market opportunities. In the U.K. especially the market is forecast
to witness accelerated pace of gains as the government make huge
investments in the research and development of robust technologies.
Besides this, rate of growth in Italy is predicted to remain high
through the forecast period.
During the same
time, the Asia Pacific smart agriculture market is forecast to rise
at an influential rate. Countries such as Japan, China, and Australia
will strong agriculture sector are expected to emerge at the fore of
the regional market. China held the leading share in the Asia Pacific
smart agriculture market. However, in the forthcoming years Japan is
expected to showcase more attractive opportunities for the market.
Network
Management and Precision Agriculture Emerge Dominant Based on
Solution and Application, Respectively
The global market
for smarty agriculture is segmented on the basis of solutions,
application and geography. Based on solution, the market for smart
agriculture is further segmented as network management, agriculture
asset management, supervisory control and data acquisition, logistic
and supply chain management, smart water management, and other. Of
these, the network management segment held the dominant share of
21.20% in the overall market in 2016. However, over the course of the
forecast period, the demand for smart water management solutions is
expected to rise at a higher pace. A major section of the agriculture
sector still depends on vagaries of monsoon for farming. Smart water
management and irrigation solutions have therefore become popular
among farmers to boost their crop yield and ensure minimum water
wastage.
On the basis of
application, the smart agriculture market has been segmented as
precision agriculture, livestock monitoring, fish farming, smart
greenhouse and others. Of these, the precision agriculture segment
held the leading share of 49.09% in the overall market in 2016. The
practice helps farmers grow high quality crop with less human effort,
which are key factors fuelling the demand for precision agriculture
around the world.
The major players in
the smart agriculture market are Deere & Co., Trimble Navigation
Ltd., Raven Industries Ltd., AgJunction Inc., AGCO Corporation, SST
Development Group Inc., Ag Leader Technology, Hexagon AB, Iteris
Inc., TeeJet Technologies.
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