Global smart agriculture market is expected to grow from US$ 11.30 billion in 2016 to US$ 30.01 billion by 2025 at a CAGR of 11.5% between 2017 and 2025.
Along with the rising trend of globalization, the people are getting more educated regarding healthy diet and thus the food and beverages industry is experiencing a sturdy shift in the food consumption pattern. More number of people today, have started including non-vegetarian food produces, which is subsequently leading to rising demand for smart agriculture market.
Key trend which will predominantly effect the smart agriculture market in coming year is upcoming technological advancement in this field. It is predicted that the upcoming technological advancements in this industry would enable the farmers to regulate the requirements of a crop at any explicit location and instant in a way that will be increasingly accurate, and from a distance. The companies that survive in the ecosystem would be on account of innovations and to support the development and adoption of smart agriculture techniques. The future technological advancement in the smart agriculture is expected to ease out the lengthy procedures involved in crop production and also support in making the supply chain of smart agriculture market more effective. The needs and wants of customer increase each passing day and to meet such rapidly increasing demands, it has become very important to adopt technologies that provide better result in less time and cost.
Global smart agriculture market has been categorized by Product type majorly into three categories; hardware, software and services. The hardware segment further comprises of sensors based monitoring system, smart detection systems, GPS enabled ranging system and drones. Whereas the services segment comprises of supply chain management, climate information and other (System Integration, Maintenance and Consulting Service). The software and services market is expected to witness highest growth rates, whereas the hardware segment is expected to grow at a moderate growth rate.
The overall Smart agriculture market size has been derived using both primary and secondary source. The Smart agriculture market research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Smart agriculture market.
Asia Pacific is one of the prominent regions in smart agriculture market which will contribute highest revenue globally due to technological developments and considerable application of smart agriculture solutions. Rapidly growing economies in Asia-Pacific (APAC) with significant growth construction sector will pave the path for increasing adoption and propel the market for smart agriculture market. The APAC region is also expected to lead the market with highest CAGR during the forecast period. Some of the key players of smart agriculture market include AGCO Corporation, Ag Junction Inc., AG Leader Technology, Deere & Company, Raven Industries, Inc., Semiosbio Technologies Inc., SST Development Group, Inc., Teejet Technologies, Topcon Precision Agriculture and Trimble Navigation Limited, among others.
Table of Contents1.1 List of Tables
List of TablesTable 1: Global Smart Agriculture Market Revenue and Forecasts to 2025 (US$ Mn)
List of FiguresFigure 1: Smart Agriculture, Global Revenue (US$ Mn), 2016 & 2025
The List of Companies - Smart Agriculture Market1. AGCO Corporation