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Smart Agriculture Market: Segmented: by Agriculture Type (Livestock Farming, Precision Farming, Precision Aquaculture, Smart Greenhouse, Precision Forestry and Others); by Farm Size (Small, Medium and Large); by Offerings (Hardware, Software and Services); by Application (Livestock Monitoring Application, Precision Farming Application, Precision Aquaculture Application, Smart Greenhouse Application, Precision Forestry Application, Yield Monitoring and Others); by Region (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa) - Forecast To 2019-2030
Smart Agriculture Market is estimated to grow from USD 12.8 billion in 2019 to USD 30.5 billion in 2030 with a CAGR of 8.16%.
Smart Agriculture uses modern and innovative agricultural technologies to deliver better and more efficient crop management results, soil analysis, and the deployment of new crop cultivation and harvesting techniques. Using specific equipment such as the Internet of Thing models, sensors and actuators, geo-positioning systems, Big Data, Unmanned Aerial Vehicles (UAVs or drones), robotics and fertilizers, irrigation management, and so on, farmers can improve their production and harvest while reducing the time, energy and work needed for these tasks. Thanks to the alert management system, the quality of the crops is also dramatically increased. Smart agriculture helps and assists in evaluating and taking decisions to boost crop growth and production.
Smart Agriculture Market is expected to project a CAGR of 8.16% during the forecast period, 2019-2030
Growth in the smart agriculture market is driven by factors such as increasing pressure on the food supply system due to the rapidly growing population, rising use of modern technologies in agricultural holdings, rising income levels and demand for protein-rich aqua-food, increasing focus of farmers on livestock monitoring and disease detection, and increasing emphasis on reducing management costs. Moreover, the growing adoption of advanced technologies such as the Internet of Things and Artificial Intelligence in agriculture, livestock management, and aqua-farming to improve the yield is boosting the overall growth of the smart agriculture market.
Precision Farming Market to grow at a CAGR of 13.6% during the forecast period
In 2019, precision farming reported the highest market share of over 49 percent based the form of agriculture. It is also projected to rise in the forecast period with the highest CAGR of about 13 percent. The growth in precision agriculture is due to its advantages. In precision farming, with the help of sensing and monitoring devices, the amount of fertilizers and water used to produce the crop is controlled. The exact amount of nutrients, pesticides, and water used in this type of farming is used to obtain maximum crop yield.
Hardware offerings are anticipated to be the fastest-growing over 2020-2030
The hardware segment is projected to have the largest share of demand for smart agriculture in 2020. The growing adoption of new technologies and modern smart agricultural devices during the forecast period is expected to drive the growth of the smart agricultural market for hardware offerings. Increased adoption of automation and control systems, such as GPS / GNSS receivers, irrigation controls, and guidance and steering systems has created a new approach to farming practices that stimulates market growth.
Yield Monitoring Application and feeding management to hold a significant share
Precision farming devices are commonly used in applications for yield monitoring; this technology thus had the largest market share in 2019. With the availability of a limited number of resources, precision farming tools are gaining tremendous popularity among farmers for yield monitoring applications because of the increasing need for optimum crop production. Due to the growing demand for automatic feeding systems and dry feeding systems, the applications for feeding management are expected to continue to account for the largest size of the livestock monitoring market during the forecast period.
Increasing Population
Growing global demand for food, increasing the need for livestock health and performance monitoring, and increasing government support for the adoption of modern farming techniques are key factors driving the market growth. The growing population has increased food demand. According to the United Nations, the most recent census represents a human population of 7.3 billion and is projected to reach 9.7 billion by 2050. The demand for food is also expected to increase exponentially over the forecast period, in direct proportion to the growing population. Taking into account the increase in food demand, farmers need to increase crop production either by increasing the amount of agricultural land or by adopting advanced agricultural methods such as precision farming.
High Procurement Cost
Some of the factors limiting the growth of the smart agriculture market are the high cost of devices used in smart agriculture and the lack of awareness among farmers. High costs incurred in the production of smart agricultural equipment, in turn, increase the price of the final product, which is likely to restrict the growth of the market over the forecast period.
The global Smart Agriculture market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world are classified as Middle-East and Africa.
North America contributed the highest market share of 36.4% in 2019 and is expected to grow at a CAGR of 12.4%. Europe is expected to grow at a CAGR of 13.9% during the forecast period and it contributed a market share of 24.6% in 2019. However, Asia-Pacific is estimated to grow at a CAGR of 14.22% over 2020-30. Agriculture and related businesses in the Asia Pacific region are likely to spur due to growing food and other dairy products demands. The demand for food products has increased considerably due to the increasing population in countries such as India, China, and other Asian countries.
Trimble Inc
Company overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Smart Agriculture Market size was estimated at USD 12.8 billion in 2021 and is expected to reach USD 30.5 billion in 2030
Trimble Inc, Topcon Positioning Systems, Deere & Company, DeLaval, Heliospectra, AKVA group, InnovaSea System, AgJunction, The Climate Corporation,Others
Precision Farming Market and Yield Monitoring Application are anticipated to hold the Smart Agriculture Market
Drivers Increasing Population
Smart Agriculture uses modern and innovative agricultural technologies to deliver better and more efficient crop management results, soil analysis, and the deployment of new crop cultivation and harvesting techniques.
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