Smart Agriculture Market- The Rising Population And The Growing Demand For Food Have Encouraged The Use Of Smart And Modern Technologies For Agriculture

Global Smart Agriculture Market: Snapshot

The rising population and the growing demand for food have encouraged the use of smart and modern technologies for agriculture. The adoption of cloud-based services, Internet of Things, GPS, and many others is expected to completely change the market scenario in a positive way. The favorable government initiatives are projected to support the market growth in the coming few years. As per the research study published by Transparency Market Research, in 2016, the global smart agriculture market was worth US$6.55 bn and is likely to reach US$23.44 bn by the end of 2025. The market is likely to register a 13.50% CAGR between 2017 and 2025.

Rising Government Support for Use of Modern Techniques to Encourage Growth

A significant rise in the level of adoption of Artificial Intelligence and Internet of Things by growers and farmers and the rising focus on disease detection and livestock monitoring in order to enhance the efficiency of farming are the key factors projected to enhance market growth in the coming few years. The rise in the demand for agriculture products, thanks to the rise in the population and the increasing government support for the adoption of modern agriculture techniques are further expected to support the growth in the near future.

On the flip side, the rising cost of smart agriculture equipment and the lack of farmers with technical knowledge are expected to restrict the growth of the global market in the next few years. Moreover, the issues related to the data aggregation and data management and the lack of standardization in the smart agriculture market are the major challenges that are being faced by the key players and are likely to curb the market growth in the near future. Nevertheless, the emergence of big data in agriculture farm and the integration of smartphone with software and hardware applications are likely to offer potential growth opportunities for the players in the near future.

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Asia Pacific to Offer Growth Opportunities for Market Players

Previously, North America led the global smart agriculture market and is projected to maintain the leading position in the coming few years. The increasing investments by governments for research activities in order to minimize the human involvement and enhance the crop yield are projected to drive the smart agriculture market across North America in the near future. Europe is expected to hold the second position, thanks to the high contribution from the U.K. Furthermore, Asia Pacific is likely to observe a healthy growth and generate potential growth opportunities for the market players in the near future, owing to the increasing contribution from India and China.

The global market for smart agriculture is competitive and vastly fragmented with a huge number of players operational across the globe. The rise in the number of new entrants is expected to strengthen the competitive environment of the market in the coming few years. In addition to this, the growing focus on technological advancements and the expansion of the product portfolio are likely to support market growth in the next few years. Some of the key players operating in the smart agriculture market across the globe are TeeJet Technologies, Raven Industries Ltd., AgJunction Inc., SST Development Group Inc., Trimble Navigation Ltd., Deere & Co., Hexagon AB, Ag Leader Technology, and Iteris Inc.

Smart Agriculture Market to Expand At 13.5% CAGR Due to Rising Adoption of Artificial Intelligence

The global smart agriculture market has a fragmented vendor landscape due to the presence of a large number of players operating. Competition among the players is likely to increase as new players enter the market. Leading players in the market are focusing on technological advancements and expanding their product line to strengthen their position in the market. These players are also adopting various strategies such as mergers, collaborations, acquisition, and expansion gain competitive edge in the market. Raven Industries Ltd., SST Development Group Inc., TeeJet Technologies, Trimble Navigation Ltd., and AgJunction Inc. are some of the prominent players of the market.

According to Transparency Market Research (TMR), the global smart agriculture market is expected to rise at a staggering 13.5% CAGR over the forecast tenure between 2017 and 2025. The market is expected to touch US$23.44 bn by the end of 2025 progressing from US$6.55 bn earned in 2016.

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The demand for network management solution increases as it deals operations such as remote monitoring systems to enhance agriculture production. Smart agriculture equipment also helps in analyzing data generated from the agriculture fields. Based on regional analysis, the demand for smart agriculture is increasing considerably in Asia Pacific. This is because some of the key countries in Asia Pacific like China and India are largely involved in agricultural activities thus creating lucrative growth opportunities for this market.

Rising Concerns Related to Decreasing Arable Land to Help Market Gain Momentum

Globally, the demand for cloud based services, GPS, Internet of things, and other similar technologies are used vastly since last few years due to the technological changes that are taking place. Supportive government policies are likely to create lucrative growth opportunities for the smart agriculture market. Rising adoption of artificial intelligence and internet of things by farmers is also likely to drive the smart agriculture market. Growing adoption of modern agriculture techniques and rising need to track livestock and disease detection are also pushing the demand for smart agriculture equipment.

Furthermore, the rising population of tech-savvy and well-educated farmers, growing concerns for decreasing arable land, and availability of advanced agriculture machines and associated technologies are likely to provide a fillip to the smart agriculture market.

High Cost of Installation of Smart Agriculture Equipment to Hamper Market Performance

Though the demand for smart agriculture is rapidly increasing across the globe, certain factors are restricting its expansion to an extent. Limited knowledge among the people involved in agriculture activities about benefits of using smart agriculture. The high cost of installation of smart agriculture equipment and lack of standardization in smart agriculture are some of the main factors restricting the growth of the market. Moreover, issues related to data management and data aggregation is considered to deter market’s growth.  However, integration of smartphone with hardware and software applications and the introduction of big data in agriculture farms are expected to increase the demand for smart agriculture over the coming years.

The information presented in this review is based on a TMR report, titled “Smart Agriculture Market (Solutions – Network Management, Agriculture Asset Management, Supervisory Control and Data Acquisition, Logistic and Supply Chain Management, and Smart Water Management; Application – Precision Agriculture, Livestock Monitoring, Fish Farming, and Smart Greenhouse) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”

Smart Agriculture Market Driven Due to Increased Pressure to Improve Agricultural Yield; Market to Exhibit 13.5% CAGR

The global market for smart agriculture features a highly fragmented vendor landscape and is likely to remain highly competitive in the next few years as well, thanks to the increased entry of a number of regional companies in the market, observes Transparency Market Research in a recent report. In 2016, the leading four companies, namely Raven Industries, Inc., Trimble Navigation, Deere & Co, and AgJunction, Inc., collectively held only about 15.5% in the market, which translates to a larger access of smaller players to demand and growth opportunities.

According to the report, the global smart agriculture market will exhibit an impressive 13.5% CAGR over the period between 2017 and 2025, rising from a valuation of US$6.55 bn in 2016 to a revenue opportunity of US$23.44 bn by 2025. Of the key applications, the segment of precision agriculture accounted for nearly 50% of the overall market in 2016. Geographically, the market in North America is likely to emerge as the most promising regional market owing to the high demand for automation in the field of commercial agriculture.

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Benefits in Promoting Improved Yield and Enhanced Efficiency to Drive Demand

The global smart agriculture market is driven chiefly due to the increasing pressure on the agriculture industry to improve production to serve a steadily rising population. Rising awareness regarding the vast benefits of advanced technologies on improved production capacities and reduced time of undertaking several processes, increased focus of government bodies on making the agriculture sector more productive through several regularity reforms and funds could help the market achieve a healthy growth trajectory in the near future.

Easy availability of advanced agriculture machines and associated technologies, rising concerns regarding shrinking arable lands, and rising population of tech-savvy and well educated farmers are also likely to benefit the market in the near future.

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