Global Smart Agriculture Market Report, published by Variant Market Research, forecast that the global market is expected to reach $20 billion by 2024 from $7 billion in 2016, growing at a CAGR of 14.1% from 2016 to 2024. The smart agriculture market is majorly driven by factors such as requirement for automated farming techniques, ever-increasing demand for food owing to increasing population and high penetration of greenhouse farming. Nevertheless, high initial cost of devices and lack of awareness is likely to hamper the growth of the market. Opportunities is expected to arise in coming years due to entry of new players and increasing awareness and knowledge among farmers.
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Solution, application and geography are the major segments of the global smart agriculture market. Solution has been segmented into smart water management, network management, logistics & supply chain management, agriculture asset management, supervisory control& data acquisition and others. Additionally, application segment includes fish farming, livestock monitoring, precision agriculture, smart greenhouse and others. Livestock monitoring is anticipated to dominate the market with highest CAGR, driven by increased demand for livestock products and high R&D on animal science and technology.
The global smart agriculture market by geography is bifurcated into North America, Europe, Asia-Pacific and Rest of the World (ROW). North America held the major market share of 31.5%, due to high acceptance of new technologies and increased importance of livestock health and performance. In terms of growth rate, Asia-Pacific dominated the market share with highest CAGR driven by introduction of innovative techniques and high investments on R&D.
Various strategies have been adopted by the market players to increase their geographical presence and product portfolio. For instance, John Deere launched a new C850 Air Cart in February 2017, for small grain producers. A complete air-seeding approach along with technology integration which provides profitability for large and small grain producers. The major players in the smart agriculture market include Trimble Navigation Ltd., Raven Industries Inc., AGCO Corporation, Deere & Co., AgJunction Inc., Iteris Inc., SST Development Group, Inc., Hexagon AB, Teejet Technologies and Cisco Systems, among others.
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