According to a research report titled ‘Smart Agriculture Market Share, Size, Trends, Industry Analysis Report By Component; By Application; By Regions, Segments & Forecast, 2018 – 2026’, available with Market Study Report, global smart agriculture market is projected to accrue USD 20,635 million by the year 2026, registering an exceptional annual growth rate of 14% from 2019 to 2026.
 

As per the report, traditional farming practices have undergone enormous change in the past decade due to ever-increasing focus on sustainability, which is boosting global smart agriculture market revenue.
 

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Moreover, smart agriculture improves yield quality as well as quantity hence driving the industry growth. It appeals to farmers by providing well-organized farm management and reducing the hardships associated with traditional methods of farming.
 

Increasing food demand from growing population, along with advancements in agriculture technology are expected to stimulate the industry growth during the forecast period. Activities like maintaining and keeping track of cattle and reducing the use of pesticides and fertilizers are made easier with smart agriculture practices, hence promoting its adoption.
 

Other factors impelling worldwide smart agriculture market expansion are unavailability of manual labor, along with higher costs. However, incorporating automation in farming operations requires substantive initial investments, which is a deterring factor for market growth.
 

By application ambit, global smart agriculture market is arrayed into smart greenhouses, precision farming, yield monitoring, livestock monitoring, soil monitoring, horticulture, irrigation system, fish farming, and a few others.
 

Elaborating on component type, the industry is classified into software, hardware and services. In 2018, hardware components accounted for the highest market share owing to the intensifying demand for instruments such as sensing devices, automation & control systems, LED grow lights, and HVAC systems.
 

On the regional front, North America ranked highest in terms of revenue generated in 2018. This was majorly due to increased cognizance of smart agriculture, presence of active regulatory bodies, and extensive research & development activities in the region.
 

Key contenders in worldwide smart agriculture market are CLAAS KGaA mbH, AgJunction Inc., AG Leader Technology Inc., Precision Planting LLC, AgEagle Aerial Systems, John Deere, Autonomous Solutions Inc., Trimble Inc., DroneDeploy Inc., The Climate Corporation, Raven Industries Inc., AGCO Corporation, and CNH Industrial NV. The market space is dominated by medium and small sized companies, alongside large organizations, thus causing it to be highly fragmented.