Global Smart Agriculture Market is estimated to reach $20 billion by 2024; growing at a CAGR of 14.1% from 2016 to 2024. Improving the agriculture productivity is very essential so as to meet the rapidly growing demand for food globally. According to the United Nations Food and Agriculture Organization, about 795 million people out of the 7.3 billion people in the world were suffering from chronic undernourishment in 2014-2016. Almost all the hungry people, about 780 million people live in developing countries and 11 million people undernourished in developed countries. To meet the ever-growing demand for food, smart and innovative techniques have to be introduced in farming to boost the yield. As smart farming totally depends on the technology, expansion of IT in emerging economies will open up a new era of growth. Smart agriculture has also let the farmers use their smartphones to remotely monitor their crops and livestock along with drones to survey their lands and to generate essential data. Moreover, introduction of robots, artificial intelligence and automatic control at all the levels of agriculture have fueled the production in a positive way.
Technological advancements and ever increasing population coupled with rising demand for food globally are the key driving factor of the smart agriculture market. Growing popularity of greenhouse farming and need for automated farming techniques would also support the growth of the smart agriculture market. However, lack of technical knowledge among farmers in rural areas and high cost of smart devices or machines may hamper the growth of the market. Furthermore, rising awareness among farmers and entry for new players could provide growth opportunities for the smart agriculture market in the coming years.
Solutions, application and geography are the major segments of the global smart agriculture market. Based on the solution, the market is segmented into agriculture asset management, network management, logistics & supply chain management, supervisory control & data acquisition, smart water management and others. Furthermore, application segment has been segmented into fish farming, precision agriculture, smart greenhouse, livestock monitoring, and others.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the geographical segments of the global smart agriculture market. The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Germany, Italy, France and others. Asia-Pacific covers China, Japan, India and others. RoW covers South America, Middle East and Africa.
Key players in this market include Cisco Systems, Deere & Co., AGCO Corporation, AgJunction Inc., Raven Industries Inc., SST Development Group, Inc., Hexagon AB, Trimble Navigation Ltd., Iteris Inc., and Teejet Technologies, among others.
The key takeaways from the report
- The report will provide detailed analysis of Smart Agriculture Market with respect to major segments such as solution and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Smart Agriculture Market has been included in the report
- Profile of the key players of the Smart Agriculture Market, will be provided, which include key financials, product & services, new developments and business strategies
Scope of Smart Agriculture Market
- Agriculture Asset Management
- Network Management
- Supervisory Control & Data Acquisition
- Smart Water Management
- Logistics & Supply Chain Management
- Livestock Monitoring
- Precision Agriculture
- Smart Greenhouse
- Fish Farming
- North America
- ·South America
- ·Middle East