Global Smart Agriculture Market: Snapshot
The demand for smart technologies such as Big Data, cloud-based services, GPS, and the IoT is gaining pace in the agriculture industry. Driven by the rising need for high precision crop analysis, automated farming techniques, and collection of data from the field, the world is likely to witness the agriculture industry get smarter with the implementation of aforementioned technologies in the coming years. Data thus derived from implementing smart technologies can help farmers yield high quality and larger quantity of crops. Spurred by these factors, the global smart agriculture market is projected to report a CAGR of 13.5% between 2017 and 2025. At this pace, the market’s valuation will rise from US$6.55 bn in 2015 to US$23.44 bn by the end of 2025.
Besides rising population, which triggers demand for food, the global smart agriculture market is expected to gain from favorable government initiatives. However, the journey is likely to be more difficult in underdeveloped economy where the agriculture sector is reeling under lack of knowledge among farmers. The high cost of smart devices is making the matter worse. Nevertheless, in the coming years the market is likely to gain from the rising penetration of high-speed internet even in remote areas.
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North America Emerges as Leading Market for Smart Agriculture
The smart agriculture market is segmented on the basis of solutions, application and geography. Regionally, the global smart agriculture market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, the dominance was with the smart agriculture market in North America, which held over 44.14% of the overall market in 2016. Extensive researches funded by governments across the region to minimize human involvement and boost crop yield has fuelled the demand for smart agriculture technologies in North America.
Europe emerged as the second-leading and is expected to continue exhibiting lucrative market opportunities. In the U.K. especially the market is forecast to witness accelerated pace of gains as the government make huge investments in the research and development of robust technologies. Besides this, rate of growth in Italy is predicted to remain high through the forecast period.
During the same time, the Asia Pacific smart agriculture market is forecast to rise at an influential rate. Countries such as Japan, China, and Australia will strong agriculture sector are expected to emerge at the fore of the regional market. China held the leading share in the Asia Pacific smart agriculture market. However, in the forthcoming years Japan is expected to showcase more attractive opportunities for the market.
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Network Management and Precision Agriculture Emerge Dominant Based on Solution and Application, Respectively
The global market for smarty agriculture is segmented on the basis of solutions, application and geography. Based on solution, the market for smart agriculture is further segmented as network management, agriculture asset management, supervisory control and data acquisition, logistic and supply chain management, smart water management, and other. Of these, the network management segment held the dominant share of 21.20% in the overall market in 2016. However, over the course of the forecast period, the demand for smart water management solutions is expected to rise at a higher pace. A major section of the agriculture sector still depends on vagaries of monsoon for farming. Smart water management and irrigation solutions have therefore become popular among farmers to boost their crop yield and ensure minimum water wastage.
On the basis of application, the smart agriculture market has been segmented as precision agriculture, livestock monitoring, fish farming, smart greenhouse and others. Of these, the precision agriculture segment held the leading share of 49.09% in the overall market in 2016. The practice helps farmers grow high quality crop with less human effort, which are key factors fuelling the demand for precision agriculture around the world.
The major players in the smart agriculture market are Deere & Co., Trimble Navigation Ltd., Raven Industries Ltd., AgJunction Inc., AGCO Corporation, SST Development Group Inc., Ag Leader Technology, Hexagon AB, Iteris Inc., TeeJet Technologies.