According to the report available on Alexa Reports, smart agriculture industry was valued at USD 7.1 billion in 2017, demonstrating a CAGR of 12.5% over the assessment period i.e. from 2018 to 2025. Further, market is estimated to expand and reach USD 17.9 billion by the end of 2025. The overall market is driven by adoption of enhanced technologies in several agricultural sectors such as fish farm monitoring, precision farming, livestock monitoring, and smart green house.
Rising use of big data in agriculture, and integration of software and hardware devices are the factors creating new opportunities for smart agriculture market. Private and government sector are taking initiative by investing in infrastructure and technology in areas like distribution, quality, logistics, and traceability.
The UN Food and Agriculture Organization predict that a human populace of 7.3 billion is estimated to reach 9.7 billion by 2050. In directly it states that farmers need to increase crop production by adopting more agricultural land or by using enhanced agricultural method like precision farming. However, high cost of investment and lack of knowledge among populace regarding benefits of smart agricultural equipments are the factors estimated to restrain industrial development in the years to come. However, the impact of propelling factors is projected to conquer the consequence of restraints.
- Based on type, precision farming sector accounted for high industrial share owing to high demand for advanced precision farming technologies like variable rate technology, positioning system, guidance system, and remote sensing. Moreover, smart greenhouse, livestock monitoring, and fish farm monitoring are other types of smart farming techniques.
- By offerings, hardware sector accounted high market share owing to the acceptance of automation and control devices. Also, the sector comprises services and software sectors that further are estimated to grow at fastest pace in the future.
- Application wise, yield monitoring is exclusively preferred application with the highest market size owing to its usage in controlling interaction and integration of several components like ground speed sensor, mass flow sensors, GPS receivers, and moisture sensors.
- Globally, Americas accounted for the highest market share of smart farming owing to acceptance of smart technologies and the presence of key producer countries the US and Canada.
- However, Asia Pacific is estimated to grow at the fastest pace in the upcoming period owing to growing population and rising awareness regarding smart agriculture systems and equipments. China and India are known to be major consumers of advanced technology.
The global market is dominated by several leading manufacturers. The key manufacturers in the market are engaged in product approvals, acquisitions, and strategic associations to reinforce their market position. Key players of the smart agriculture industry are Dairy Master, Deere & Company, Topcon Positioning System, Trimble, Teejet Technology, Agco, AG Leader Technology, Agjunction, Delavai, and Raven Industries.