The research report
“Smart
Agriculture Market
Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK,
Germany, France, Italy, China, Australia, India, Japan, Indonesia, Argentina,
Brazil, Saudi Arabia, UAE, Kuwait, South Africa), Application Development
Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”,
global The Smart Agriculture Market size is expected
to grow at a fast pace in the forecast period.
The factors driving the
smart agriculture industry are exponential increase in population levels which
has triggered the demand for food, need of livestock monitoring, increasing the
crop yield and its quality through technological advancements, minimized use of
pesticides or fertilizers, limited availability of arable land and government’s
initiative to adopt smart technology for agriculture.
However, due to the lack
of technological knowledge of farmers and high initial investment for research
and technology development, smart agriculture will take time to spread its
roots in developing and underdeveloped regions. Nevertheless, the penetration
of internet facility in remote areas will greatly impact the agriculture
industry in the future.
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Smart agriculture is a cost-effective approach for
sustainable agriculture which aims to effectively increase the productivity in
the changing climate with the use of innovative technology. It provides the
stakeholders worldwide to identify agricultural strategies suitable to their
regions. The farmers can greatly benefit from smart agriculture as the
efficiency of inputs such as seeds, labour and fertilizers will increase,
resulting into more opportunities for income. Due to the global warming, the
weather is becoming unpredictable. Floods, cyclones and droughts have impacted
the agriculture industry. Natural calamities can be dealt with the use of
weather forecasting facility which can be a great relief to the farmers.
Corporations are already collecting a huge amount of data such as crop yield,
weather information, animal health and soil mapping. Wiser industry decisions
can be made by procuring the vast information. Solution providers, farmers and
agricultural equipment manufacturers are adopting internet of things (IoT) to
boost the smart agriculture industry.
The smart agriculture market can be broadly classified
into types, applications, offerings and regions. Based on types, smart
agriculture can be divided into five segments which are, fish farming,
precision farming, smart greenhouses, monitoring of livestock and others such
as horticulture, orchid and forestry. Based on applications, the market can be
divided into precision farming applications, livestock monitoring applications,
smart greenhouses applications, fish farming applications and others (forestry,
orchid, horticulture). In precision livestock farming, sensors are used for
monitoring and detection of health issues in animals. In fish farming, GPS,
sensors and mobile phones are widely used for fleet navigation and fish
tracking. Smart agriculture market serving the fish farming applications is
expected to witness robust growth. Smart greenhouse applications cover a wide
range such as HVAC management, fertilizer and water management and yield
monitoring.
Based on offerings, the smart agriculture industry has
been divided into three categories, hardware, software and services. The
hardware for precision farming includes automation, monitoring and sensing
systems. GPS, RFID tags and readers, transmitters, mounting equipment are
hardware for livestock monitoring. Hardware for smart greenhouse include LED
grow lights and HVAC systems. The software is web based and cloud based.
Hardware components are anticipated to hold a significant share in the smart
agriculture market between 2017 and 2024. The services section has various
components such as professional services, support and maintenance, managed
services, consulting, system integration and connectivity services.
Geographically, the smart agriculture market is
segmented into five regions, North America, Latin America, Asia Pacific,
Europe, and the Middle East and Africa. In 2016, North America held the major
share of smart agriculture market. Deep-dive research projects funded by the
government to increase the crop yield and minimizing human labour are the key
factors for the growth of smart agriculture in North America. Europe is second
in race and has lucrative opportunities owing to the investments made by the
government for research and development of robust technology.
The market in Asia Pacific has
witnessed an influential rise in smart agriculture owing to the developing
nations which are adopting smart technology for agriculture. China, Australia,
India, South Korea and Japan are witnessing a substantial growth in the market
which is expected to grow at a robust pace between 2017 and 2022.
The key market players operating in
this industry are Deere & Company, AGCO Corporation, Semiosbio Technologies
Inc., Cisco Systems Inc., Trimble, Inc., DeLaval Corporation, Raven Industries,
Inc., Advanced Ag Solutions LLC, Digi-Star LLC, etc. Players are banking on
strong partnerships and high level of investments in the market. In April 2016,
Flex technology accelerator, Lab IX and Robert Bosch Venture Capital GmbH
invested in CropX Inc., a U.S. based smart agricultural solution provider, to
enhance its product portfolio. In January 2017, Agribotix LLC signed a
partnership deal with SenseFly to offer a range of sensors, drones and
agricultural data processing technology.
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