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Smart Agriculture Market worth USD 29,234.6 million by 2027
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These initiatives aim to increase the efficiency of the farmers, their productivity and provide more food security. In addition, the partnership between public-private firms in developing nations such as China, India, and Brazil has created more revenue opportunities for the farmers, which boosts the growth of the smart agriculture market. Furthermore, various agriculture industries collaborate with European governments to implement advanced technology such as IoT and machine learning to plan and execute multiple agricultural operations efficiently. Thus, providing a lucrative opportunity for market growth.
Global Smart Agriculture Market Segmentation
The overall smart Agriculture market has been segmented into type, component, and region.
By Type (Precision Farming, Livestock, Aquaculture, and Greenhouse)
By Component (Software, Service Type, and Connectivity Technology Type)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Software, by component, is estimated to hold the largest market share during the forecast period
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By component, the smart agriculture market is divided into solution, service, and connectivity technology. The solution segment highest revenue share of 57.82% in 2020 and has a CAGR of 8.9%. Smart agriculture solution includes both hardware and software for the effective operation of agriculture. Moreover, hardware and software technologies help optimize the yielding process and maintain a micro-climate environment for crops. Smart agriculture hardware is used to regulate temperature, humidity, and other parameters of the greenhouse.
Smart agriculture offers an easy solution as it can be fitted with tracks and a global positioning system (GPS) that ensure control over the system. Furthermore, software in IoT in agriculture addresses various networking areas through the embedded system, IoT platform, middleware, and partner system. Smart agriculture solution helps enhance yield production by monitoring water quality, air quality, nutrient & mineral quality, and others. Thus, farmers' increase in the use of smart agriculture solutions helps boost the market's growth.
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The Asia Pacific accounts for the largest market share during the forecast period in the smart Agriculture market
Based on the regions, the global smart agriculture market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific had the highest revenue share of 35.37% and had a CAGR of 8.3% during the forecast period 2021-2027, followed by North America and Europe.
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Asia-Pacific is an emerging smart agriculture market and is expected to provide huge opportunities for players operating globally in the future. This region is expected to show a strong growth rate during the forecast period due to the rise in urbanization and an increase in government support to adopt modern agriculture techniques. The increase in the adoption of smart agriculture, owing to rapid technological innovation and the rise in disposable income of people willing to invest in farming, is expected to provide lucrative opportunities for the market. In addition, the increase in population in countries like China and India and the rise in demand for organic food from emerging countries fuel the market's growth. In addition, various government initiatives in emerging countries to increase smart agriculture projects boost the market's growth. For instance, the Ministry of Science and Technology in China supports the development of the National High Science & Technology project on plant factory production technology.
Some of the major companies that operate in the global smart agriculture market are Trimble Inc., Deere & Company, Topcon Positioning Systems, DeLaval Inc., AgEagle Aerial Systems Inc., Afimilk Ltd, Raven Industries, Inc., Ag Junction LLC., AGCO Corporation, and GEA Group.
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