Smart Agriculture Market: Pressure for Improving Crop Yield and Minimizing Labor
A growing number of players in the global smart agriculture market are looking to generate larger market shares through innovation and improvements in technologies, expanding regional grasp through finding lucrative opportunities around the world, and establishing more product and service units. Mergers and acquisitions also forms a core market strategy employed by some of its leading players.
The global smart agriculture market is expanding at a very optimistic CAGR of 13.5% within a forecast period from 2017 to 2025. The market’s valuation in 2016 was US$6.55 bn, and the market’s overall value is expected to reach US$23.44 bn by the end of 2025. North America was the leading region in the global smart agriculture market for 2016, owing to a high rate of development and a strong demand for automation in commercial agriculture. The region is expected to maintain its dominance. Based on application, precision agriculture was at fore with a share of 49.09% in the overall market in 2016. While network management held the top spot in the market in 2016, solutions in smart water management are expected to skyrocket over the coming years.
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Smart Agriculture Technologies Promote Enhanced Efficiency and Yield
“The inception of smart technologies across multiple industry verticals has been a primary evolutionary factor over the recent past. This also includes the agriculture industry, where a growing demand for products is pushing for the implementation of innovations. Some of the current developments in agriculture are aimed at reducing the aggregate human labor while still augmenting the agricultural yield. Key technologies include microcontrollers, cameras, sensors, cloud- or web-based platforms, and smart devices,” states a TMR analyst.
The demand for smart technologies in agriculture is essentially a result of the global population boom. The growing global population and its correlated industrial expansion is creating a massive stress on food production, while simultaneously reducing the overall area of arable land available.
Low Awareness on Smart Agriculture Developments Inhibits Optimal Implementation Rate
The global smart agriculture market is currently facing a key restraint of lack of awareness regarding advanced farming technologies. The scenario is especially prominent in emerging economies, where farmers are still coping with feudalistic methods, water and supply shortages, and no updated knowledge of the market developments. To a lot of those farmers and companies in the know, high cost of smart devices is a large obstacle, resulting in a large untapped market across multiple regions.
The growing proliferation of the Internet across remote and rural areas is expected to improve awareness rates over time. Additional support for smart agriculture technologies implementation is expected to come in the form of favorable government initiatives to educate farmers about the benefits of implementing smart technologies will aid in the market’s expansion.
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