Remote sensing and innovative technology is driving the growth of smart agriculture: Rapid growth in food demand due to increasing population across the globe. Quality crop with high production can be achieved with the application of big data, internet of things (IoT) and GPS in farm management. Growing demand of livestock monitoring, precision farming and rise in greenhouse farming is surging the demand for the implementation of advance technology in agriculture.
Global smart agriculture market is segmented based on components such as hardware, software and platform. Among these segments platform section are expected to witness healthy growth. Increasing R&D investment in advanced technologies is expected to increase the market share of platforms during the time period of 2016 to 2024.
Precision farming market is expected to reach USD 8.4 billion by the end of 2024. Rising penetration of internet provided the ease of precision livestock monitoring and farm management is projected to increase the demand for precision farming over the forecast period.
Geographically, Asia-Pacific is expected to witness notable growth rate due to rising acceptance of digital technologies in countries such as China, Japan and India. High investment in improving agricultural facilities by government in developing countries is expected to boost the smart agriculture market in the region.
Flying Robotic Future: Drones
Drones are the biggest part of smart farming. Continuous development in drone technology is majorly boosting the market of smart agriculture. The ongoing advancement in drone technology is expected to increase the crop production up to 65%. These flying robots are capable of collecting and analysing agricultural data which can improve the crop quality and increase field production. Cost-effective operation and remote monitoring feature is the key factor which is enhancing the market popularity of drones. These benefits are expected to meet all the future challenges of agriculture.
Precision Farming: A Green Revolution
Precision farming is as one of the innovative way of farming. Water scarcity will be a major challenge for agriculture in future. However, with the implementation of precision farming water can be used in agriculture efficiently. Smart devices offer precision livestock monitoring and effective farm management. Precision farming also provides accurate application of seeds, water and other inputs in field which improves crop production and quality in less time.
“Global Smart Agriculture Market Outlook 2024” contains detailed overview of the global smart agriculture market in terms of market segmentation by component type, and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Sacle) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global smart agriculture market which includes profiling of companies of AGCO Corporation, Deere & Company, Cisco Systems etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global smart agriculture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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