Press release
Smart Agriculture Market Latest, Outlook 2030 | CAGR of 14%
New York , United States- Report Ocean published the latest research report on the Smart Agriculture market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Smart Agriculture market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.The global smart agriculture market is projected to reach USD 20,635 million by 2026 growing at a CAGR of more than 14% from 2019 to 2026, as per a new research report published by Report Ocean.
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The report 'Smart Agriculture Market, [By Component (Hardware, Software, Services);
By Application (Precision Farming, Yield Monitoring, Soil Monitoring, Irrigation System, Fish Farming, Horticulture, Livestock Monitoring, Smart Greenhouse, Others);
By Region]: Market Size & Forecast, 2019 - 2026' offers a wide analysis of different applications in smart farming along with insights related to current and future trends in the market.
During the last decade, the agriculture industry has undergone enormous transformation due to ever increasing demand for sustainable practices in farming. Multiple companies are involved in developing sustainable solutions and systems for farming. Also, it is observed that due to benefits of smart agriculture solutions, farmers gain the capability to improve yield via optimizing inputs and well-organized management of their farms. These factors have collectively resulted in rapid deployment of the smart farming solutions in various applications. Consequently, significant growth is anticipated in this market owing to the attractiveness of well suited and smart agriculture solutions over the risks associated with traditional farming methods.
Growth in population, and increasing preference towards automation of farm operations is expected to further support the market growth. The need for automation in faming operations is driven by the capability of improvement in produced crop quality, maximization of crop production, and enhanced productivity. Increased necessity to monitor livestock, along with the need to minimize the use of pesticides and fertilizers further boosts the adoption of smart agriculture. Other factors driving the growth of smart farming market include growth in the global agricultural industry, reducing availability of labour, and high labour costs. However, high initial investment costs associated with adoption of smart agriculture systems might restraing the growth in this market. Demand from emerging economies coupled with technological advancements are factors expected to present numerous opportunities for the growth in smart farming market during the forecast period.
North America accounted for the highest revenue share among all regions in the smart farming market during 2018. This is primarily due to high market penetration in U.S. and is further supported by extensive R&D activities by companies and presence of proper regulatory environment in this region. The different components used in precision farming include hardware, software, and services. During 2018, the hardware component segment accounted for the largest share in this market due to popularity and demand of hardware components such as Automation & control systems, sensing devices, LED grow lights, and HVAC systems which are widely used in farms to increase crop yield and improve productivity.
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Some of the key players profiled in the smart farming market report include AG Leader Technology, AGCO Corporation, Trimble Inc., Precision Planting, Inc., AgJunction, Inc., Agribotix LLC, Deere & Company, The Climate Corporation, Autonomous Solutions, Inc., Drone Deploy, Raven Industries, CLAAS KGaA mbH, and CNH Industrial. Due to presence of higher amount of small and medium sized companies along with the large enterprises operating in this space, the market is observed to be highly fragmented.
In 2020, the COVID-19 epidemic had a negative impact on ICT investment. The traditional hardware market took a hit as a result of the COVID-19 outbreak. On the other hand, traditional software is a huge contributor to productivity and is a big benefactor of ICT spending. Cloud computing and mobile devices are emerging as new platforms for delivering the most up-to-date software tools and applications.
Report Ocean has segmented the global Smart Agriculture market on the basis of component, Application and region:
Smart Agriculture by Component Outlook (Revenue, USD Million, 2016 - 2026)
Hardware
Software
Services
Smart Agriculture by Application Outlook (Revenue, USD Million, 2016 - 2026)
Precision Farming
Yield Monitoring
Soil Monitoring
Irrigation System
Fish Farming
Horticulture
Livestock Monitoring
Smart Greenhouse
Others
Request Full Report :-https://reportocean.com/industry-verticals/sample-request?report_id=5149
Smart Agriculture by Region Outlook (Revenue, USD Million, 2016 - 2026)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East and Africa
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
Access full Report Description, TOC, Table of Figure, Chart, etc.-https://reportocean.com/industry-verticals/sample-request?report_id=5149
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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