Doubts Related to the Smart Agriculture Market Explained in the Report with Major Key Companies like Dirt Road Data, AgJunction , Iteris, , Site-Specific Technology Development Group, CropMetrics

Smart agriculture or smart farming is a farming management concept that uses modern technology to increase the quality and quantity of agricultural products. Smart agriculture solution helps various entities including farmers and distributors in the value chain, in order to transform and reorient agricultural systems to optimize food productivity. This, in turn, ensures higher productivity with the effective use of resources and prevention of food loss to a certain extent. Both hardware and software components are part of smart agriculture solutions. Hardware components include sensor monitoring, smart detection, GPS enabled ranging systems, and drones.

The global Smart Agriculture Solution Market was accounted for US$ 18975.7 Mn in terms of value in 2019 and is expected to grow at CAGR of 11.2% for the period 2020-2027.

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Market Opportunities

Adoption of novel technologies can present lucrative growth opportunities
Major companies in precision agriculture are focused on providing data services, in order to aid farmers to optimize yield capacity and enhance resource utilization. For instance, in March 2016, TerrAvion launched areal data services for farmers with the aid of drones and thermal imagery technology.

Research and development activities can present business opportunities
Major companies in the market are focused on research and development activities, in order to innovate novel products. For instance, in June 2016, Agribotix LLC introduced the Agribotix Agrion system, which is an agricultural drone solution, in order to aid farmers to evaluate the entire field. Furthermore, in May 2015, SemiosBio Technologies Inc. introduced a module i.e., Forst module, for its precision farming platform in order to broaden its solution offerings.

Market Trends

Increasing partnerships with various entities
Major companies in the market are focused on partnership and collaboration activities, in order to gain a competitive edge in the market. For instance, in January 2016, Agribotix LLC partnered with Hawkins Manufacturing, Inc. in order to enhance its presence across North America. Moreover, in November 2016, Trimble Navigation Ltd. partnered with Precision AG, Agrinetix, Géo-Pro, and Avidor High Tech France and KOREC in order to enhance its presence in the markets in North America and Europe.

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Major investment by market players is another trend
Key players in the market are investing significantly in other ventures, in order to expand the market presence. In April 2016, SemiosBio Technologies Inc. received investment from Agtech community with the aid of Haywood Securities. This investment is expected to aid the company in broadening its presence and solution portfolio.

Competitive Section

Major companies operating in the global smart agriculture solution market are Dirt Road Data, Inc., AgJunction LLC, Iteris, Inc., Site-Specific Technology Development Group, Inc., CropMetrics LLC, Trimble Navigation Ltd., Agribotix LLC, AgEagle Aerial Systems Inc., Granular, Inc., AgriSight, Inc., and SemiosBio Technologies Inc.

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