Global smart agriculture market is anticipated to reach $20,635 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Key factors propelling the demand for smart agriculture products are enumerated below:
• The rising adoption of smart agriculture globally, on account of the flourishing agriculture industry and growing food crops demand, boosts market growth.
• The rising population and surging automation in farm operations augments market size.
• The need to enhance yield quality, maximize production, and escalate productivity supports industry growth.
• The rising need for monitoring livestock and limiting the utilization of fertilizers and pesticides boosts the implementation of smart agriculture.
• The growth in the worldwide agriculture industry, decreasing availability of farm labors, and surging labor costs would push product demand.
• Notable factors like limited accessibility of arable land, burgeoning environmental concerns, scarcity of natural resources, and increasing preference for organic food are stimulating the growth of the smart agriculture market.
According to the findings of the report, based on the component, the hardware segment led the worldwide market with respect to revenue, in the year 2017. In terms of regional penetration, North America is projected to be the chief contributor to the worldwide market revenue, in the year 2017.
According to the revelations made by the market report, it can be assumed that high initial investment associated with smart agriculture would restrict market growth to a certain extent over the predicted timeframe. However, the surging demand from developing nations and technological enhancements are slated to offer plenty of growth opportunities for the smart agriculture market in the ensuing years.
Speaking of the regional contribution, the North America market reaped the highest revenue in the global market, in the year 2017. This regional growth can be accredited to the burgeoning population and rising demand for premium quality crops. Moreover, increasing labor cost and booming automation in agricultural tasks further amplifies the regional stake in the global market. The rising number of subsidies and burgeoning investment in the agriculture market by governments are projected to elevate the implementation of the smart agriculture for improved farm productivity. Surging implementation of technologies such as GPS, Big Data, cloud services, and Internet of Things further extends smart agriculture market growth over the portended time bar.
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The report cites that the different components employed in the smart agriculture sector comprise software, services, and hardware. In the year 2017, the hardware segment captured the biggest share in the worldwide smart agriculture market. Powered by the need to enhance productivity and boost crop yield, agricultural lands are often equipped with hardware components like LED grow lights, sensing devices, HVAC systems, and Automation & control systems.
The competitive backdrop of the global smart agriculture market is highly dynamic including renowned players like CNH Industrial, CLAAS KGaA mbH, Drone Deploy, Autonomous Solutions, Inc., The Climate Corporation, Deere & Company, Agribotix LLC, AgJunction, Inc., Precision Planting, Inc., Trimble, Inc., AGCO Corporation, and AG Leader Technology among others. The report also provides significant insights about these leading organizations and their financials. These businesses invest in tactics like new product launch, merger and acquisitions, and strategic collaborations to magnify their reach in the global market.