The global smart agriculture market size is anticipated to reach a market value of $xx Billion with a CAGR of xx% over the forecast period. Factors that are driving the growth of smart agriculture market are rise in the level of population that has increased the demand for crop yield, livestock monitoring, food and developments in technology. The reasons that are responsible for the growth of smart agriculture market are less use of fertilizers or pesticides, initiatives by government for using smart technology and restricted land available for agriculture. Although, less technological knowledge in farmers and investment for R&D activities will extend the use of smart agriculture in the developing and developed areas. Less availability of internet in remote areas will affect the growth of smart agriculture in the coming years.
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High population growth is increasing the demand for food which is propelled to grow substantially during the forecast period. On considering the increase in demand for food, farmers have to increase the production of crop by using developed methods of agriculture like precision farming and by cumulative amount of land of agriculture. Many of the livestock are prone to virus attacks and infection, which is expected to upsurge the mortality rate of livestock. To monitor the activity and health of livestock, various types of readers and RFID tags are organized.
Factors that are limiting the growth of smart agriculture market are the expensive devices used for smart agriculture and less awareness in the farmers. High cost required for producing the devices, which develops the value of the product may hinder the growth of the smart agriculture market forecast. Policies of government are supporting generation of profitable opportunities for the growth of smart agriculture industry. Increase in the acceptance of internet of things and artificial intelligence by farmers is estimated to boost the smart agriculture industry. Growth in adopting the techniques of modern agriculture and increase in the need for tracking the livestock and detection of disease are increasing the demand for equipment of smart agriculture.
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Smart agriculture market segmentation is based on software type, solution type, service type, agriculture type, application and region. On the basis of software type, smart agriculture market is divided into cloud based and web-based. Cloud based is further sub-divided into platform as a service and software as a service. Based on solution type, market is divided into agriculture asset management, network management, logistics and supply chain management, supervisory control and data acquisition, smart water management and more. On the basis of service type, market is divided into support and maintenance, system integration and consulting, managed services, connectivity services and professional services. Managed services are sub-divided into data services, analytics and farm operation services whereas professional services are sub-divided into climate information services, supply chain management services and more. Based on agriculture type, market is divided into livestock monitoring, precision farming, smart greenhouse, fish farming and more. On considering application, market is divided into field mapping, yield monitoring, weather tracking and forecasting, crop scouting, irrigation management, financial management, farm labor management, feeding management, breeding management, milk harvesting, fish tracking and fleet navigation, HVAC management, water quality management and much more.
Geographically, regions involved in increasing the global smart agriculture market size are Latin America, North America, Asia Pacific, Europe and Middle East & Africa. Asia Pacific is leading the smart agriculture market and is projected to hold the position in the coming years.
Key players involved in the development of smart agriculture market are AGCO Corporation, Deere & Company, Digi-Star LLC and more.
What to expect from the upcoming report on ‘Global Smart Agriculture Market’:
– Future prospects and current trends of the Smart Agriculture market by the end of forecast period (2018-2025)
– Information regarding technological progressions as well as innovations across the world
– Supportive initiatives by government likely to influence the market dynamics.
– In-depth analysis of different market segmentations including regional segmentations, applications and types.
– Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
– Trends, drivers, opportunities, restraints, challenges and key developments in the market
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-Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
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