Smart Agriculture Market by Type (Precision Farming, Livestock, Aquaculture, and Greenhouse), and Component (Solution, Service, and Connectivity Technology): Global Opportunity Analysis and Industry Forecast, 2021–2027
The global smart agriculture market size was valued at $16,746.7 million in 2019, and is estimated to reach $29,234.6 million by 2027 with a CAGR of 9.7% from 2021 to 2027. Agriculture is one of the most important activities in most of the countries across the globe. It has evolved from manual to a technology-based occupation in every aspect. Moreover, smart agriculture services for farmers and land managers enable them to better manage the risks and impacts of climate change and undertake actions. Moreover, smart agriculture services help farmers in decision-making about the next steps to take with their farm operation and how the data can be used that technology provides for better crop production with low cost. Furthermore, services like consulting, support & maintenance service, and others provide accuracy and precision, which are important aspects in agriculture. Thus, increase in services for farmers and land managers to mitigate the risks and to provide better crop production technology further boosts the growth of the market.
There is an increase in the adoption smartphone and other mobile devices among the farmers, as these provides the farmers with latest development in the field of agriculture. Also, farmers depend on broadband and other wireless technologies to catch the latest news in their field of interest and participate in practical knowledge sharing initiatives in the agriculture industry. Due to the wide spread of internet, agriculture resources are available in a wide range of local languages, which help farmers create awareness on the agriculture industry skills and helps in boosting the growth of the smart agriculture market.
The smart agriculture market is segmented on the basis of type, component and region. By type, the market is categorized into precision farming, livestock, aquaculture and greenhouse. By component, it is bifurcated into solution, service, and connectivity technology. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, and rest of LAMEA).
The key players operating in the smart agriculture industry include Trimble Inc., Deere & Company, Topcon Positioning Systems, DeLaval Inc., AgEagle Aerial Systems Inc., Afimilk Ltd, Raven Industries, Inc., Ag Junction LLC., AGCO Corporation, and GEA Group.
KEY BENEFITS FOR STAKEHOLDERS • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart agriculture market analysis from 2019 to 2027 to identify the prevailing smart agriculture market opportunities.
• The key countries in all the major regions are mapped on the basis of market share.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the smart agriculture market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market industry.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global smart agriculture market trends, key players, market segments, application areas, and market growth strategies.
KEY MARKET SEGMENTS
By type • Precision Farming
By Component • Solution
- HVAC System
- LED Grow Lights
- Valves & Pumps
- Sensor & Control Systems
- Network Management
- Agriculture Asset Management
- Smart Water Management
- Irrigation Management
• Service type
o System Integration and Deployment
o Support and Maintenance
• Connectivity Technology Type
o Cellular IoT
o Global Navigation Satellite System (GNSS)
o Wireless Personal Area Network (WPAN)
• By Region
o North America
- Rest of Europe
- Australia & New Zealand
- Rest of Asia-pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA
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