Increase in demand for food to drive the smart agriculture market in the forecast period, 2023-2027. According to the TechSci Research report, “Smart Agriculture Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global smart agri market is anticipated to grow at a significant rate in the forecast period, 2023-2027.
The Important Elements of the Smart Agriculture Market
The increase in demand for food and the adoption of advanced technologies are the primary factors driving the growth of the global smart agri market. The growing expansion of infrastructure development in agriculture and support from governments are expected to influence market demand. The increasing awareness among farmers in developing as well as developed countries is increasing the growth of the smart agri market, globally.
However, the high cost of the development of modern agricultural equipment and the fragmented agriculture industry is likely to hamper the growth of the global smart agricultural market. Also, the management of large volumes of data for productive decision-making is challenging the growth of the market.
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The global smart agri market is segmented into offering, application, and company.
Based on the offering, the market is divided into hardware, software, and services. The Hardware is further segmented into sensing devices, HVAC systems, grow lights, automation & control systems, and others. The software segment is further segmented into web-based and cloud-based. The service segment is further classified into professional and managed. Among them, the software segment is expected to witness the largest market share as it is an essential part of the smart agric market. It instructs the hardware to automate farming according to the set standards and rules.
Based on application, the market is divided into precision agriculture, livestock monitoring, smart greenhouses, and others. Based on smart greenhouses, the market is divided into water & fertilizer management, HVAC management, and others. The precision agriculture segment is projected to grow at a significant rate over the forecast period as it helps to monitor the yield of the crops. Also, water scarcity and growing environmental concerns are curbing the expansion of the segment.
Major operating companies operating in the global smart agricultural market are:
- AGCO Corporation
- AgJunction, Inc.
- Ag Leader Technology, Inc.
- AgEagle Aerial Systems Inc.
- Autonomous Solutions, Inc.
- Argus Control Systems Ltd
- BouMatic Robotic B.V.
- GEA Group Aktiengesellschaft
- Topcon Positioning Systems, Inc.
- DeLaval Holding AB
- Allflex USA, Inc.
- Afimilk Agricultural Cooperative Ltd.
- AKVA Group
- Heliospectra AB
- LumiGrow Inc.
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“Asia-Pacific dominates the market in 2021 and is expected to maintain its dominance in the coming years due to the rise in population and the high adoption of smart agriculture practices. Also, growing government initiatives for the agriculture sector and improved awareness of smart agriculture solutions among growers, the expansion of smart agriculture solutions in these nations are expected to propel the global smart agri market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Smart Agricultural Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Offering (Hardware, Software, Services), By Application (Precision Agriculture, Livestock Monitoring, Smart Greenhouses, Others), By Company and By Region”, has evaluated the future growth potential of global smart agriculture and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global smart agri market.
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