Acumen research and consulting, estimates that the global smart agriculture market is anticipated to reach market size of around US$ 25,000 Mn by 2027 and is anticipated to grow at a CAGR of around 10% in terms of revenue during the forecast period 2020 – 2027. Smart agriculture can be defined by advanced technologies as a process for carrying out agricultural activities. The advanced agriculture technologies are segmented according to type, software, service, solution and use. Innovative ways of carrying out agriculture are smart agriculture, which reduces human efforts and maximizes the resources available. Automation technologies and monitoring devices are part of accurate farming. These are used to monitor the progress of agricultural activities and monitor them. Based on economic situation and scale of agriculture, the use and feasibility of smart agricultural products. A range of uses include not only yield tracking, field companies use social media, seed searching, but also irrigation control, milk processing and many more, sophisticated technology items used in smart agriculture.
A major driver of global smart agriculture is the growing use of technology in agriculture. Additional key factors are expected to boost growth on the world smart agricultural market over the forecast period, increasing governments in the developed and development countries and rising global food demand worldwide. But a major factor in limiting smart agricultural market growth is that of high costs associated with the procurement and use of smart devices in agriculture. Therefore, a lack of awareness about the new technology would impede the global smart agriculture market during the forecast period.
The market research study on “Smart Agriculture Market (By Agriculture Type: Precision farming, Livestock monitoring, Smart Greenhouse, Fish Farm monitoring, Others; By Application: Irrigation Management, Weather Tracking & Forecasting, Water Quality Management, Crop Scouting, Fish Tracking & Fleet Navigation, Yield Monitoring, Others) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global smart agriculture market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global smart agriculture market are drug class, type, distribution channel and major geographic regions. The smart agriculture market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
In the 2019 revenue segment North America dominated the market and is forecast to increase during the forecast period. Cross-projecting North America demand is projected to boost growing government initiatives and regulations for the agriculture of the region. Different farming groups have joined forces to build a platform for education and equipment for farmers for sustainable agricultural productivity in North America Climate Smart Agriculture Alliance (NACSAA). In North America, governments are actively providing subsidies to improve the application of smart agriculture with the growing concern for water conservation. For instance, the California government has provided a discount on intelligent controllers. The highest rise in the expected period is anticipated for Asia Pacific. Although smart farming is being implemented in this area, increasing funding from the government and increased awareness of farmers will push regional demand over the forecast period. For instance, In Japan, funding has been provided by the Ministry of Agriculture to develop precision agriculture. In promoting sustainable agriculture, the farmers' association and communal agencies in each country have an important role to play. The Singapore market is expected to be significantly expanding, with imports accounting for 90 % of the total food consumption. Smallholder farmers in South America are expected to be increasingly interested in organic agriculture to increase regional consumer demand over the forecast period.
Major players included in this report Trimble, Inc. (Trimble), Topcon Positioning Systems, Deere & Company, Heliospectra, DeLaval, Agribotix LLC, Autonomous Solutions, Inc., CNH Industrial, Antelliq, Afimilk Ltd., AKVA group, and others.
The global smart agriculture market is segmented as below:
Smart Agriculture Market By Agriculture Type
Fish Farm monitoring
Smart Agriculture Market By Application
Weather Tracking & Forecasting
Water Quality Management
Fish Tracking & Fleet Navigation
Smart Agriculture Market By Geography
Middle East & Africa
Growing global population coupled with rising need for agricultural outcomes to fulfill global demand is expected to drive the growth of the smart agriculture market.
The high cost of devices along with lack of awareness among the farmer regarding benefits is a major factor expected to restraint the growth of the market.
The market value of smart agriculture is anticipated to be around US$ 25,000 Mn in 2027.
It is anticipated to grow around 10% CAGR amid the forecast period.2020-2027
The key players operating in smart agriculture market such as Trimble, Inc. (Trimble), Topcon Positioning Systems, Deere & Company, Heliospectra, DeLaval, Agribotix LLC, Autonomous Solutions, Inc., CNH Industrial, Antelliq, Afimilk Ltd., AKVA group, and others.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
The report provides insights on global smart agriculture market segment by agriculture type, application, and major geographic regions.