The smart agriculture market is expected to grow from USD 12.9 billion in 2021 to USD 20.8 billion by 2026; it is expected to grow at a CAGR of 10.1% during the forecast period. The major driving factors for the growth of the smart agriculture market include the implementation of advanced technologies like IoT and AI and the increase in population across the globe.
RFID tags and readers to have the largest share of livestock monitoring hardware during the forecast period
RFID tags and readers to account for the largest share of the livestock monitoring hardware market during the forecast period. The market growth can be attributed to the rising demand for livestock monitoring systems, increasing preference for automated hardware and systems, and the rising number of dairy cattle across the world, along with technological advancements. GPS technology is gaining popularity among livestock owners owing to its low cost and compatibility with other devices such as cell phones, tabs, and laptops.
Precision farming application to dominate the smart agriculture market during the forecast period.
Major factors fueling the growth of the precision farming market include the high pressure on the global food supply system owing to the growing world population, substantial cost-cutting made possible with the adoption of precision farming technology, and strong support and initiatives by several governments across the world to adopt modern agricultural techniques.
The Americas to have the largest market share during the forecast period
The Americas accounted for the largest share of the smart agriculture market in 2020, and a similar trend is likely to be observed during the forecast period due to the presence of several major players in the smart agriculture market, such as Deere & Company (US), Trimble (US), and Topcon Positioning Systems (US). These companies have contributed to the growth of the smart agriculture market by launching innovative products and services, as well as by spending extensively on the R&D of smart agriculture solutions.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the smart agriculture market. Following is the breakup of the profiles of primary participants for the report.
- By Company Type: Tier 1 – 20 %, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
- By Region: Americas– 45%, Europe – 25%, APAC – 20%, and RoW – 10%
The report profiles key players in the smart agriculture market and analyzes their market shares. Players profiled in this report are John Deere (US), Trimble (US), Topcon Positioning Systems (US), DeLaval (Sweden), AKVA(Norway) Antelliq(France), Afimilk(Israel), InnovaSea Systems(US), Heliospectra(Sweden) and LumiGrow(US), ABACO(Italy), Treemetrics(Ireland), Raven Industries(US), AG Leader Technology(US), AgJunction(US), The Climate Corporation(US), Nedap(Netherlands), BouMatic(US), Fancom(Netherlands), Aquabyte(US), Steinsvik(Norway), VEMCO(Nova Scotia), Nexus Greenhouse Systems(US), Certhon (Netherlands), NV5 Geospatial(US), Hitachi Construction Machinery(Japan), Akuakare(Turkey), Gamaya(Switzerland), ec2ce(Spain), Eruvaka Technologies(India) and CropX Technologies(Israel).
This report segments the smart agriculture market based on agriculture type, offering, application, farm size and region. It also describes major drivers, restraints, challenges, and opportunities about this market, as well as includes market share analysis, value chain analysis, porter’s five forces analysis, trade analysis, ecosystem, technological trends, pricing analysis, key patents, standards and frameworks, and case studies/use cases.
Reasons To Buy This Report
The report will help leaders/new entrants in the smart agriculture market in the following ways:
- The report segments the smart agriculture market comprehensively and provides the closest market size estimation for all subsegments across regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities about the smart agriculture market.
- The report will help stakeholders understand their competitors better and gain insights to improve their position in the smart agriculture market.
- The competitive landscape section describes the competitor ecosystem.