Smart Agriculture Market is Expected to Reach Over USD 18.0 Billion by the End of 2024

Global smart agriculture market is expected to expand at a compound annual growth rate (CAGR) of 28.28% over the forecast period i.e. 2016-2024.

Market Landscape

Global Agriculture and food industry are one of the largest sectors that will account of worth over USD 6.0 trillion by 2020, which is augmented by the growing global population and expected an upsurge in demand for food crops in coming years. Hence to meet the future demand, high crop production is required which is considerably enhancing the adoption of smart agriculture practices around the world. Advanced agricultural technologies have solid business opportunities strengthened with a deployment of advanced technologies such as big data analytics, cloud-based platforms and IoT (Internet of Things). Not only developed nations but developing countries are also investing in this high potential market to exploit market opportunities. For instance, in 2015, over 25 IoT based agricultural technology startups were established in India. Moreover, United States based startups associated with smart agriculture generated over USD 2.0 billion from connected agricultural projects in 2016.

The agriculture sector is significantly benefited from the incorporation of drone technology, biosensors, and IoT platforms into their business. Integration of drone technology has considerably enabled the agriculture sector to become a highly data-driven industry, which ultimately will lead to the upsurge in productivity and crop yields.

Global Smart Agriculture Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the smart agriculture industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler, and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, Smart agriculture manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall smart agriculture industry.

Global Smart Agriculture Market Segmentation can be classified on the basis of:-

  •  Based on Components
    • Hardware
      • Drones
      • Sensors
      • RFID Tags
      • Others(Transmitters, Sprinklers)
    • Software
      • Data Management
      • Network Management
      • Security
      • Remote Monitoring
      • Real Time Streaming Analysis
    • Platforms
  • Based on Application
    • Precision Farming
    • Aquaculture(Fish Farming)
    • Precision Livestock Monitoring
    • Smart Greenhouse
    • Other ( Horticulture, Animal Husbandry)
  • Based on Geography
    • North America (U.S. & Canada)  {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
    •  Latin America (Brazil, Mexico & Rest of Latin America) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
    • Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
    • Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}
    • The Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Billion), Growth Analysis (%) and Opportunity Analysis}

       

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 Market Trends, Drivers, and Challenges

Volatile climatic conditions highly disturb the cultivated production. Recently, Brazil has witnessed nearly 10-18% of reductions in the agricultural production of soy and corn in past due to extreme heat conditions. But the deployment of IoT based solutions are able to efficiently monitor the climate variations and can improve the crop yielding. IoT based solutions also help in conservation and its effective consumption of water in agriculture. Huge inclination towards the adoption of smart equipment such as drones and GPS tracking has been witnessed among the farmers of the United States which is helping in the improvement of agricultural activities and dipping the operational cost and human labor. More than 85% of farmers in the United States are using GPS enabled technologies in farm machinery and real-time livestock monitoring. These are some of the key factors which are fueling the smart agriculture market globally.

Global smart agriculture industry report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global smart agriculture market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.

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