The global smart agriculture market witnesses a facelift across the globe. The subject of climate change has become a matter of national importance in various countries with an urgent need to curtail greenhouse gas emissions, mitigate land encroachment issues and enhance food supplies. Various NGOs are now thriving to improve agricultural productivity, enhance farming techniques, to leverage food-security and development goals via sustainable agriculture. Thus, the rising wave of digitization for agriculture exhibits lucrative opportunities and enables farmers to maximize their production resulting into reduced manual labor.
The growth drivers include rise in innovation and technological advances coupled with increasing use of sensors for all device and equipment. The tools used for agriculture with a SMART objective encompass semiconductor devices for computation and data storage. Data collection techniques via various digital channels ensure enhanced crop yield and reduction in manual labor which in turn accounts for higher market share across the globe.
Extensive R&D to study climate change and its impact on seasonal and annual crops also contributes to the market growth in the near future. From a commercial aspect, a number of regional players are collaborating with big players with an objective to gain maximum crop yield. This results in an influx of regional players in the global smart agriculture market. Overall, the big players are also banking upon efficient merger & acquisition and strategic collaborations on an international scale to result in more innovation and facelift agricultural techniques all across the globe.
Smart agriculture market segmented by application comprises precision farming, fish farming, livestock monitoring and smart greenhouse. Precision farming gained a higher traction in the past and continues to display an upward growth trend in the near future due to use of smart techniques for data collection and computation. Fish farming on the other hand resulted as a leading segment due to enhanced productivity in fishing business.
The smart agriculture market segmented by hardware is inclusive of sensors, GPS Drones, LED Grow Lights. GPS drones and sensors have accounted to be the growing segments across the global market due to user-friendly approach. By solution, the smart agriculture market includes agriculture asset management, network management, logistic & supply chain management, smart water management, data acquisition and supervisory control.
Geographical segmentation for smart agriculture market include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America turns out to be a leading market on a global scenario due to the use of smart techniques and extensive R&D for agriculture throughout the year. Significant funding and government support is another reason for the market growth in U.S. region. Europe stands second in the global ranking as it exhibits a high potential for market development and is anticipated to witness an acceleration due to enormous funding by the government. Asia-Pacific market is expected to gain a significant traction in the forecast period owing to the large size of market, greater population and agriculture being the prime occupation in most of the APAC regions. Middle East and African market is anticipated to witness moderate growth in the near future owing to slow pace adoption to digital techniques for agriculture practice.
Prominent players in the smart agriculture market include Deere & Co., SST Development Group Inc., Raven Industries Ltd., Trimble Navigation Ltd., AGCO Corporation, AgJunction Inc., Hexagon AB, Iteris Inc., Ag Leader Technology and TeeJet Technologies.