A recent report published by Infinium Global Research on smart agriculture market provides in-depth analysis of segments and sub-segments in the global as well as regional smart agriculture market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart agriculture market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart agriculture market. According to the report, the global smart agriculture market is projected to grow at a CAGR of 13.45% over the forecast period of 2018-2024.
Smart agriculture is defined as the method of performing agricultural activities with the help of advanced technologies. It increases the quantity and quality of agricultural products. It is an advanced way of carrying out farming activities. Smart agriculture decreases human efforts and makes maximum use of the available resources. It uses technology such as Big Data, cloud-based services, GPS, and IoT. The farmers can make accurate decisions and grow a high-quality crop with the help of smart agriculture. It helps in automated farming, collecting data from the field, and analyses it. The field data are collected with the help of cameras, actuators, sensors, and microcontrollers. The data are transferred through the internet to the farmer for making decisions.
The increasing demand for agricultural production globally due to the increase in the population, growth in need of livestock health and the growing prevalence of diseases are driving the growth for the smart agricultural market. Further, diminishing the use of fertilizers and pesticides, improve crop quality, and assimilation of advanced technologies to upsurge food production boosts the adoption of this market. Accumulative labor costs result in the shortage of labor on farms raise the demand for the smart agriculture market. In addition, the availability of limited cultivable land, the fluctuating trend towards organic food, and distresses about the scarcity of natural resources are few factors that support the growth of the market. On the other side, high cost of the devices used in smart agriculture and lack of awareness regarding the use of agriculture devices among the farmers are some of the factors hampering the growth of smart agriculture market. Besides, a combination of a smartphone with software applications and hardware devices is predicted to raise the demand for smart agriculture over the forecast period.
Among the geographies, North America accounted for the largest market for smart agriculture followed by the Asia-Pacific region. Factors such as advancement in technology, limited availability of cultivatable land and rising environmental concern are driving the growth of smart agriculture market. In Asia-Pacific region, increasing demand for food and other dairy products due to increasing population in countries such as India, China, and other Asian countries has resulted in the growth of smart agriculture market in this region.
The report on global smart agriculture market covers segments such as solutions, application, and hardware. On the basis of solutions, the sub-markets include agriculture asset management, logistics and supply chain management, supervisory control and data acquisition, and smart water management. On the basis of application, the sub-markets include the smart greenhouse, precision agriculture, fish farming, and livestock monitoring. On the basis of hardware, the sub-markets include automation and control systems, drones, GPS, led grow lights, RFID, and sensors.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in this region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as Teejet Technologies Illinois, LLC, Hexagon AB (publ), Site-Specific Technology Development Group, Inc., AgJunction Inc., Trimble Navigation Ltd., Iteris, Inc., Ag Leader Technology, Inc., AGCO Corporation, Raven Industries Inc., and Deere & Company
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart agriculture market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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