Smart Agriculture Market Size to Garner $29.23 Bn, Globally, by 2027 at 9.7% CAGR

Allied Market Research recently published a report, titled, "Smart Agriculture Market by Type (Precision Farming, Livestock, Aquaculture, and Greenhouse), and Component (Solution, Service, and Connectivity Technology): Global Opportunity Analysis and Industry Forecast, 2021-2027".

Get Sample Report at: https://www.alliedmarketresearch.com/request-sample/5578

Smart agriculture enables farmers to minimize cost and the efforts associated agricultural activities. Moreover, smart agriculture increases productivity by guiding farmers to expertly invest both resources and time in the appropriate way to achieve and increase the yield production. Furthermore, increase in global population is the major reason for enhancing agriculture productivity. As per a UN report, in 2017, the global population was 7.6 billion, which is expected to grow to 8.6 billion by 2030 and 9.8 billion by 2050-an increase of 13% and 29%, respectively. Therefore, the farmers are increasingly adopting internet-based technology such as smartphone in their day-to-day activities, owing to data-driven methodology for optimizing and managing the production of farm which also results in boosting the growth of the Smart Agriculture Market.

The global smart agriculture industry was pegged at $16.74 billion in 2019, and is projected to reach $29.23 billion by 2027, growing at a CAGR of 9.7% from 2021 to 2027.

Major market players

Trimble Inc.
Topcon Positioning Systems
Deere & Company
AgEagle Aerial Systems Inc.
DeLaval Inc.
Raven Industries, Inc.
Afimilk Ltd
AGCO Corporation
Ag Junction LLC.
GEA Group

COVID-19 scenario:

Lack of laborers, increased need for improved yield, and disruption in farm operations due to regulations regarding social distancing have increased the demand for smart agriculture.
The COVID-19 pandemic has encouraged digitization of farms and integrating internet of things (IoT)in farm activities to maintain the health of crops and monitor livestock without involving labors.

Buy This Report (263 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/1cd15104de80d7c6aa801d1940ed131f

The precision farming segment dominated the market

By type, the precision farming segment held the largest share in 2019, accounting for more than two-fifths of the global smart agriculture market, due to increasing revolution of technology in the field of precision farming and benefits of precision farming from service and product perspective. However, the greenhouse segment is expected to manifest the highest CAGR of 12.4% during the forecast period, owing to benefits of smart greenhouse such as maintaining a micro-climate environment for cops, minimizing manual intervention, and optimizing the yielding process.

The service segment to manifest the highest CAGR through 2027

By component, the service segment is expected to register the highest CAGR of 11.1% during the forecast period, as it helps farmers in decision-making about the next steps to take with their farm operation and use data gathered by sensors for better crop production with low cost. However, the solution segment held the largest share in 2019, contributing to nearly three-fifths of the global smart agriculture market, as it helps in enhancing the yield production by doing monitoring of water quality, nutrient & mineral quality.

For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/5578

North America to portray the highest CAGR by 2027

By region, the market across North America is expected to manifest the highest CAGR of 12.1% during the forecast period, due to surge in population, improved lifestyle across the region, and technological advancements in crop production. However, the global smart agriculture market across Asia-Pacific held the largest share in 2019, accounting for more than one-third of the market, owing to surge in adoption of smart agriculture and rise in disposable income to invest in farming in the region.

Contact:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.