Nowadays, technology is rapidly making its presence felt in the agricultural industry as well. Escalating demand for food across the globe led to the utilization of Agriculture resources in an efficient manner for maximum output along with faster decision making. This is where Smart Agriculture comes into picture. Using smart agriculture enhances the skills and knowledge of farmers, thereby improving their productivity and incomes so as to meet the demands and developmental goals. Moreover, it also helps increasing crop yield while saving costs at the same time, thereby boosting the growth of smart agriculture Market at a global level.
Drivers & Restraints
The worldwide market for smart agriculture is growing at a significant rate, owing to the following factors:
- Increasing adoption of technology in agriculture
- Growing demand for food across the globe
- Assistance in monitoring livestock performance and health
Moreover, uninterrupted supply of internet for the efficient working of connected technologies is said to further boost the growth of this market. However, the fragmented agricultural market and the lack of connectivity service providers in the M2M market are the restraining factors that will affect the growth of this market. Furthermore, data management in the IoT-based smart agriculture is a key challenge in front of the leading players involved in this market.
Market Trends and Predictions
The size of the worldwide Smart Agriculture Market which is estimated to be USD 9.02 Billion in 2016 is expected to reach USD 18.45 Billion by 2022, growing at a CAGR of 13.8% between 2016 and 2022. Among regions, North America was the dominant market in 2015, and this trend is likely to continue by 2022 as well, owing to the advancements in technology, decreasing price of equipment, and growing use of social media and online publications among others. However, Asia-Pacific is expected to grow at the highest CAGR over the forecast period.
Based on hardware and network platform, the GPS/GNSS segment held the largest market share in 2015. However, the market is expected to be dominated by the segment of sensor monitoring system by 2022. On the basis of service, system integrators dominated the market in 2015. Among application, precision farming is estimated to hold the market share over the projected period.
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Scope of the Research
The current trends of the global market have been studied and predicted by breaking it down into the following segments and sub-segments:
- Hardware and Network Platform: GPS/GNSS Devices, Sensor Monitoring Systems, Smart Detection Systems/Network Elements
- Service: Connectivity Services, System Integrators, Managed Services, Hosting Services, Assisted Professional Services (Climate Information Services, Supply Chain Management Services, Others)
- Software: Local/Web-Based, Cloud-Based
- Application: Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse, Others
- Region: North America, Europe, Asia-Pacific, RoW
Deere & Company (U.S.), Trimble Navigation Ltd. (U.S.), Ag Junction (U.S.), Raven Industries Inc. (U.S.), and AGCO Corporation (U.S.) are the major giants included in the global market for smart agriculture.