Recently, Market Study Report, LLC, documented a study on the ‘Smart Agriculture market’ which encompasses significant inputs with respect to market share, market size, regional landscape, contributing players, and revenue projection of this industry vertical. The report also educates investors regarding the existing tends, prime challenges, and current expansion strategies applied by the key organizations that constitute the hyperactive competitive gamut of this business sphere.
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The global smart agriculture market is anticipated to reach $20,635 million by 2026 according to the new research. In 2017, the hardware segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue in 2017.
North America generated the highest revenue in the market in 2017. The increasing population, and growing demand for high quality crops drives the growth of smart agriculture market. Growing cost of labor, and increasing automation in agricultural practices further support market growth. Increasing investments and subsidies in the agriculture sector by governments are expected to boost the adoption of smart agriculture for increased productivity in farms. Increasing adoption of technologies such as Big Data, cloud-based services, GPS, and IoT among others further supplements smart agriculture market growth during the forecast period.
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The different components used in smart agriculture include hardware, software, and services. In 2017, the hardware segment accounted for the largest share in the global smart agriculture market. Hardware components such as Automation & control systems, sensing devices, LED grow lights, and HVAC systems among others are widely used in farm to increase crop yield and improve productivity.
The global smart agriculture market is majorly driven by an increasing adoption of smart agriculture across the world owing to growing agricultural industry, and high-demand for food crops. The growing population, and increasing automation of farm operations further supports market growth. The global smart agriculture market is driven by the increasing need to improve the quality of crops produced, maximize crop production, and enhance productivity. The growing requirement to monitor livestock, and minimizing the use of pesticides and fertilizers boosts the adoption of smart agriculture. Other factors driving the growth of smart agriculture market include growth in the global agricultural industry, reducing availability of labors, and increasing labor costs. Limited availability of arable land, growing environmental concerns, shifting focus towards organic food, and concerns regarding scarcity of natural resources are other factors supporting the growth of smart agriculture market. However, high initial investment restricts the growth of the smart agriculture market. While, growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the for the smart agriculture market in the coming years.
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Major players in the global smart agriculture market include AG Leader Technology, AGCO Corporation, Trimble, Inc., Precision Planting, Inc., AgJunction, Inc., Agribotix LLC, Deere & Company, The Climate Corporation, Autonomous Solutions, Inc., Drone Deploy, CLAAS KGaA mbH, and CNH Industrial among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Smart Agriculture Market share by Major regions included:
Middle East & Africa
Table of Contents
1.Overview and Scope
1.1.Research goal & scope
1.3.1.Primary data sources
1.3.2.Secondary data sources
3.Smart Agriculture Market Insights
3.1.Smart Agriculture – Industry snapshot
3.2.Smart Agriculture – Ecosystem analysis
3.3.Smart Agriculture Market Dynamics
3.3.1.Smart Agriculture – Market Forces
18.104.22.168.Smart Agriculture Market Driver Analysis
22.214.171.124.Smart Agriculture Market Restraint/Challenges analysis
126.96.36.199.Smart Agriculture Market Opportunity Analysis
3.4.Industry analysis – Porter’s five force
3.4.1.Bargaining power of supplier
3.4.2.Bargaining power of buyer
3.4.3.Threat of substitute
3.4.4.Threat of new entrant
3.4.5.Degree of competition
3.5.Smart Agriculture Market PEST Analysis, 2016
3.6.Smart Agriculture Market Value Chain Analysis
3.7.Smart Agriculture Industry Trends
3.8.Competitive Ranking Analysis
4.Smart Agriculture Market Size and Forecast by Component, 2018-2026
5.Smart Agriculture Market Size and Forecast by Application, 2018-2026
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