Mon, 17 Jan 2022

Smart Agriculture Market smart agriculture industry was pegged at $16.74 billion in 2019, and is projected to reach $29.23 billion by 2027, growing at a CAGR of 9.7% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

Sustainable increase in agricultural productivity, climate change, and ease of crop monitoring and harvesting have boosted the growth of the global smart agriculture market. However, lack of skilled workforce to operate smart agriculture technologies and high investment costs to deploy expensive systems hamper the market. On the contrary, surge in adoption of vertical farming and rise in public-private partnerships are expected to create lucrative opportunities for the market players in the coming years.

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Based on type, the precision farming segment held the largest share in 2019, accounting for more than two-fifths of the global smart agriculture market, due to increasing revolution of technology in the field of precision farming and benefits of precision farming from service and product perspective. However, the greenhouse segment is expected to manifest the highest CAGR of 12.4% during the forecast period, owing to benefits of smart greenhouse such as maintaining a micro-climate environment for cops, minimizing manual intervention, and optimizing the yielding process.

Based on component, the service segment is expected to register the highest CAGR of 11.1% during the forecast period, as it helps farmers in decision-making about the next steps to take with their farm operation and use data gathered by sensors for better crop production with low cost. However, the solution segment held the largest share in 2019, contributing to nearly three-fifths of the global smart agriculture market, as it helps in enhancing the yield production by doing monitoring of water quality, nutrient & mineral quality.

Based on region, the market across North America is expected to manifest the highest CAGR of 12.1% during the forecast period, due to surge in population, improved lifestyle across the region, and technological advancements in crop production. However, the global smart agriculture market across Asia-Pacific held the largest share in 2019, accounting for more than one-third of the market, owing to surge in adoption of smart agriculture and rise in disposable income to invest in farming in the region.

Covid-19 scenario:

Lack of laborers, increased need for improved yield, and disruption in farm operations due to regulations regarding social distancing have increased the demand for smart agriculture. The Covid-19 pandemic has encouraged digitization of farms and integrating internet of things (IoT)in farm activities to maintain the health of crops and monitor livestock without involving labors.

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The leading market players analyzed in the global meat substitute market report include Trimble Inc., Topcon Positioning Systems, Deere & Company, AgEagle Aerial Systems Inc., DeLaval Inc., Raven Industries, Inc., Afimilk Ltd, AGCO Corporation. . These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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