Smart Agriculture Market 2021: Recent technology trends to watch in the COVID-19 pandemic

The Covid-19 pandemic is having positive impact on smart agriculture market. The yield monitoring segment will garner a considerable amount of the global market share. The precision farming is expected to witness high growth rate in the forecast period. The North America region will generate huge investment opportunities in the forecast period. The key players of the market are concentrating on various strategies to sustain in these trying times.

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The ongoing health crisis around COVID19 has affected all walks of life. COVID 19 realises the importance of all essentials items specifically food, to people owing to shortage in supplies of equipment required for harvesting. More than 120 million farmers are there in India, who contributes 40% in the country’s grain production which includes fruits, vegetables, oilseeds, rice, wheat and other crops in order to survive. This means half of the India’s population is depending on agriculture for their livelihood. Hence, food is an essential need for surviving, irrespective of the occurrence of any crisis impacting the economy.
This is possible only with good growth in agriculture sector. To ensure the flow of food in an economy and to benefit the agriculture sector during this pandemic, governments have taken various initiatives. For instance, Indian Finance Minister provided INR 1.7 trillion package to vulnerable sections including farmers and also offered INR 2000 to bank accounts of farmers as income support under PM-KISAN scheme. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global smart agriculture industry.

Our report consists of:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a recent report published by Research Dive, the global smart agriculture market is set to grow at a considerable CAGR and is projected to generate a revenue of $25.6 billion during the period of forecast from 2019 to 2027.

The report segments the global market on the basis of type, application, and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.

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Factors Affecting the Market Growth

As per the report, increasing demand for food supply coupled with growth in number of population, surge in demand of smart technologies and rise in need for food quality are driving the growth of smart agriculture market. However, high cost associated with innovative agriculture equipment can restrain the market growth.

Precision Farming Segment to Dominate the Industry

Based on type, the global smart agriculture market is segmented into precision farming, livestock monitoring, fish farming, smart greenhouse, and others. Of these, the precision farming segment held the majority of share in 2018 and is expected to grow at the fastest CAGR during the forecast period. This is mainly because precision farming involves observing and monitoring of progress in agricultural-related activities. Precision farming ensures optimum utilization of land and helps in producing high-quality crops with keeping soil quality intact.

Yield Monitoring Segment to be Most Lucrative by 2027

On the basis of application, the global market is segmented into irrigation management, weather tracking & forecasting, water quality management, crop scouting, field mapping, yield monitoring, and others. The yield monitoring segment is anticipated to grow at the highest rate during the forecast period owing to the growing need for efficient crop production with the availability of scarce resources.

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North America Region to Account for Majority of Share by 2027

Based on the region, the global smart agriculture market is divided into North America, Asia Pacific, LAMEA, and Europe. The North America market for smart agriculture accounted for the largest market share in 2018 and is anticipated to continue its trend during the forecast period. This is majorly owing to technological developments in the field of crop monitoring and artificial intelligence in agriculture.

Major Players of the Market

The major players operating in the global smart agriculture market include

• TOPCON Positioning systems,
• Deere & Company,
• AGCO Corporation,
• SST Development Group,
• AG Leader Technology,
• Raven Industries,
• Cropmetrics,
• Trimble Inc.,
• Precision Planting LLC.,
• AG Junction.

These players are implementing various strategies such as strategic alliances and advanced product developments to obtain a robust market position.

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This release was published on openPR.