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Smart Agriculture Market Report

RA00235

Smart Agriculture Market, By Type, (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse, and Others) By Application, (Irrigation Management, Weather Tracking and Forecasting, Water Quality Management, Crop Scouting, Field Mapping, Yield Monitoring, and Others) Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

RA00235

Pages: NA

May 2020

COVID-19

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Impact of covid-19 on Smart Agriculture Market

Smart Agriculture Market Analysis:

Smart agriculture is the incorporation of modern technology and innovations in agriculture. These activities are effective and provide better yield with efficient results. Smart agriculture activities are helpful to farmers as they reduce labor-intensive work, contribute to the utmost utilization of natural and artificial resources, increases profit, keeps soil quality intact, and maximizes productivity. Moreover, the World Bank has invested huge sums across the globe in order to promote smart agriculture amongst underprivileged and uneducated farmers.

Population explosion, Scarce fertile land, Climate changes, and Technological advancements are the key factors in Smart Agriculture market growth

Due to the rise in population and most of the land being occupied by humans for developing settlements, availability of fertile land has become another big issue for the agriculture sector; but because of the capabilities of latest technological equipment used in agriculture, it is possible to get high yield result even on a small piece of land. For instance, according to United Nations (UN), the global world population has reached approximate 7.7 billion which has caused an added pressure on the agriculture sector to increase their produce and this has played in favor of the Smart agriculture market as the technology used is capable of high yield with low damages. However, human activities have caused serious damage to the natural environment leading to improper climate which potentially is capable of damaging crops due to excessive heat, improper rain, or excess cold. Though with the availability of smart agriculture technologies, farmers now days are capable of analyzing weather conditions, taking preventive crop damage measures to avoid any uncertain scenario which could lead to crop damage. In addition, Most of the farmers across the world are getting motivated by these results and are opting for smart agriculture activities. With the added government motivation to opt to do smart agriculture activities, farmers are choosing it over traditional agricultural activity and all these have contributed to the high growth of the global smart agriculture market. For instance, the Australian government has offered $60 million in funds to local farmers who opt for smart agriculture techniques.

High investment cost, inadequate technical knowledge, and skills are negatively impacting Smart agriculture market

Smart agriculture requires high investments in order to purchase all the technology required to be installed in the field. Most of the farmers don’t have knowledge about the latest technology and possess no technical qualifications or skills which makes it tough to even understand its working in the first place, investing for such items is a far-fetched thought for them. These aforementioned factors may obstruct the growth of the global smart agriculture market, over the forecast period. 

Incorporation of Artificial Intelligence and the Internet of Things in agriculture may create massive opportunities in the global market

The smart agriculture market is expected to grow exponentially in the forecasted period as the latest technological breakthroughs have shown great results in agriculture and have provided great support in providing vital information. The latest incorporation of smart technology in agriculture includes usage of drones to capture images and scan the field, Unmanned aerial vehicles(UAV), satellite mapping, artificial intelligence, and the Internet of Things (IoT). These technological advances have helped the agriculture sector significantly in increasing production with keeping quality intact and have certainly opened new opportunities for investment inflow in the Smart agriculture market.

Smart agriculture market, by type:

Precision farming sector will be most lucrative, over the forecast period 

Precision farming will have the fastest market growth during the forecast period and is expected to generate remarkable revenue in the global market. Precision farming involves observing and monitoring of progress in agricultural-related activities. Precision farming ensures optimum utilization of land and helps in producing high-quality crops with keeping soil quality intact. Precision farming tools include GPS, GIS, grid sampling, yield monitors, and remote sensors. Due to high yielding results precision farming sector is experiencing exponential growth in terms of its users for the positive outcomes it has been giving in the agriculture sector. As per the publication of DEFRA, (Department for Environment, Food and Rural Affairs), precision farming had the largest share of almost 46%  in cereal crop production in the UK amongst the smart agriculture market.

Smart agriculture market, by application:

Yield monitoring segment will register an exponential growth till 2026

Yield monitoring segment is experiencing growth due to the increasing need for efficient crop production with the availability of scarce resources. Yield monitoring is the inclusion of technology to monitor agriculture produce in order to curb out any threats which could potentialiy damage crops. Such risk management activities ensure high yield both in terms of quality and quantity. Yield monitoring contributes most to the application segment and is used globally for better outcomes in agriculture.

Smart agriculture market, by Region:

North America region enjoys a maximum market share

North America region is known for its technological developments in the sector of artificial intelligence and crop monitoring. These developments help farmers to keep a track of the progress, plan for future activities, and also study conditions related to crop quality, soil quality, and weather conditions. People in agricultural activities from this region are highly skilled and possess great knowledge of technology. Also, this region has several large-scale farmers which contribute to the fact that a lot of investments come from this particular region.

Asia Pacific region is the fastest-growing region in Smart Agriculture Market 

Asia Pacific region was a late adopter of smart agriculture techniques but has since grown exponentially in the smart agriculture market. The region in the current scenario is much more developed and equipped with all the technologies required. The average farmer is more open to new practices and is well educated to operate all the technological equipment. Also, the rise in incomes is providing a platform to invest in such technologies. Governments are promoting and focusing on smart agriculture activities by providing low rate loans or running training and educational programs. For instance, as per the online newsletter, in August 2019 the government has come up with schemes like zero budget farming to help low-income farmers and promote extensive use of smart agriculture technologies amongst them.

To explore more about Smart Agriculture Market, get in touch with our analysts here.

https://www.researchdive.com/connect-to-analyst/235

Key participants in the Global Smart Agriculture Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Key participants in the Global Smart Agriculture Market

Some of the significant smart agriculture market players include TOPCON Positioning systems, AGCO Corporation, Deere & Company, SST Development Group, Raven Industries, AG Leader Technology, Cropmetrics, Precision Planting LLC., Trimble Inc., AG Junction.

Smart Agriculture market players are emphasizing more on advanced product development and strategic alliances. These are the multiple strategies followed by emerging as well as established ventures. To concentrate on the competitor analysis of market players, the porter’s five force model is explained in the report.

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2018

  Forecast timeline for Market Projection

  2019-2026

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Precision Farming
  • Livestock Monitoring
  • Fish Farming
  • Smart Greenhouse
  • Others

  Segmentation by Application

  • Irrigation Management
  • Weather Tracking and Forecasting
  • Water Quality Management
  • Crop Scouting
  • Field Mapping
  • Yield Monitoring
  • Others

  Key Countries Covered

U.S., Canada, Germany, France, Spain,

Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia

  Key Companies Profiled

  • TOPCON Positioning systems
  • AGCO Corporation
  • Deere & Company
  • SST Development Group
  • Raven Industries
  • AG Leader Technology
  • Cropmetrics
  • Precision Planting LLC.
  • Trimble Inc.
  • AG Junction LLC.

Source: Research Dive Analysis
 


FREQUENTLY ASKED QUESTIONS?
 

A. TOPCON Positioning systems, Deere & Company, and AGCO Corporation are the leading companies in the Smart Agriculture Market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Technological advancements, product development, along with joint ventures are the key strategies opted by the operating companies in this market.

A. Deere & Company and AG Junction LLC are investing more in R&D practices.

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