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Impact Of Covid-19 On Smart Agriculture Market | AGCO Corporation, Deere & Company, Raven Industries, AG Leader Technology, Precision Planting LLC., SST Development Group
Smart Agriculture Market
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Smart agriculture can be defined as an innovative way of performing agricultural activities by using modern technologies such as big data, cloud data based services, livestock biometrics, agricultural robots, GPS, and Internet of things. These technologies are accepted in the agricultural sector as they help reduce human efforts, maximize utilization of the available resources, maximizing profitability, sustainability, quality, and productivity. There are different types smart agriculture which are practiced includes precision farming, livestock monitoring, fish farming and smart greenhouse. Precision agriculture is one of the key components of modern agriculture, which includes sensing devices, camera, and actuators connectivity modules, micro-controllers, and automation systems that help control and monitor the progress of agricultural activities.
Reduction of agricultural land due to increase in urbanization is projected to drive the growth of the smart agriculture market. In addition, changes in earth's climate due to human activity has led to changes in average temperature, rainfall, and heat. This affects the crop production resulting in adoption of smart technologies for agriculture which has propelled the growth of smart agriculture market. Moreover, according to the United Nation world population prospect 2017, the world human population is expected to increase from 7.7 billion in 2019 to 9.7 billion in 2050. This rise in the population is expected to increase the food demand and therefore, the farmers will need to increase the crop production by using advanced technologies. This is estimated to boost the growth of smart agriculture in the upcoming years.
Furthermore, due to various initiatives taken by governments of different countries to support farmers, increase productivity as well as quality and adoption of advanced agricultural methods are anticipated to fuel the growth of the smart agriculture market in the future. However, high price of these advanced technologies used in agriculture is restraining the growth of the smart agriculture market. In addition, lack of awareness among farmers is anticipated to limit the growth of the smart agriculture market. Moreover, lack of technical knowledge and skills in farmers for using these technologies are restricting the growth of the smart agriculture market. Furthermore, lack of infrastructure in developing countries to support advanced technologies has also restricted the growth of smart agriculture. Nevertheless, integration of hardware devices and software application with smartphones is anticipated to fuel the growth of the smart agriculture market in the upcoming years. Furthermore, educating farmers on using advanced technologies to carry out smart agriculture is also expected to fuel the growth of the smart agriculture market.
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The smart agriculture market is segmented based on type, application, and region. Based on type, the market is divided into precision farming, livestock monitoring, fish farming, smart greenhouse, and others. By application, it is classified into irrigation management, weather tracking and forecasting, water quality management, crop scouting, field mapping, yield monitoring and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major Players: AGCO Corporation, Deere & Company, Raven Industries, AG Leader Technology, Precision Planting LLC., SST Development Group, Trimble Inc., TOPCON Positioning systems, AG Junction, and Cropmetrics.
Key Benefits
o The report provides a qualitative and quantitative analysis of the current Smart agriculture market trends, forecasts, and market size from 2020 to 2027 to determine the prevailing opportunities.
o Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make strategic business decisions and determine the level of competition in the industry.
o Top impacting factors & major investment pockets are highlighted in the research.
o The major countries in each region are analyzed and their revenue contribution is mentioned.
o The market report also provides an understanding of the current position of the market players active in the Smart agriculture industry.
Highlights of the Report
o Competitive landscape of the Smart agriculture Market.
o Revenue generated by each segment of the Smart agriculture market by 2027.
o Factors expected to drive and create new opportunities in the Smart agriculture industry.
o Strategies to gain sustainable growth of the market.
o Region that would create lucrative business opportunities during the forecast period.
o Top impacting factors of the Smart agriculture market.
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