Smart Agriculture Solution Market: Focussing on providing data services in order to aid farmers to maximise yield capacity and enhance resource utilisation
The global smart agriculture solution market was estimated to be valued in excess of US$ 10 Bn by the end of 2016, reflecting a Y-o-Y growth rate of more than 5% over 2015. By 2026, the market is expected to reach a value close to US$ 40 Bn, increasing at a CAGR of 11.2% during the forecast period. The global smart agriculture solution market is forecast to represent incremental $ opportunity of a little more than US$ 25 Bn during the projected period. In terms of basis point share, the hardware sub-segment of the component segment is likely to grab more than half of the share of the global smart agriculture solution market in 2026. By solution, the variable rate technology segment is expected to register a CAGR of 13.4% amongst the other sub-segments in the global smart agriculture solution market.
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Rising investments and increasing partnerships are the newly observed trends in the global smart agriculture solution market
Various small- and medium-sized precision agricultural solution providers focus on developing and introducing solutions for precision farming with the aid of imaging technologies and drones. In addition, these companies are focussing on providing data services in order to aid farmers to maximise yield capacity and enhance resource utilisation. These factors are expected to drive the global smart agriculture solution market in the years to come. For instance, in March 2016, TerrAvion, a U.S. based aerial imagery service provider introduced aerial data services for farmers with the aid of drones and thermal imagery technology. This, in turn, would enhance its data imagery analytics, which is expected to aid farmers in enhancing productivity.
Increasing investment in smart agriculture solutions is another trend observed by our team of analysts while studying the global smart agriculture solution market. Key sensor manufacturers are focussing on investing in various small- and medium-sized agricultural solution providers in order to enhance the presence of their offerings in the market. For example, in April 2016, Robert Bosch Venture Capital GmbH (RBVC) and Flex technology accelerator, Lab IX, invested in CropX Inc., which is a U.S. based smart agricultural solution provider, in order to enhance its product portfolio as well as its presence in the market.
Similarly, increasing partnerships with various entities in the value chain is also anticipated to create a positive impact on the global smart agriculture solution market in the estimated period. 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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APEJ is anticipated to record a significantly high CAGR among all the regions in the global smart agriculture solution market
The smart agriculture solution market in North America was estimated to reach more than US$ 5,000 Mn by the end of 2016, while by 2026 the North America smart agricultural solution market is expected to reach a value of more than US$ 15 Bn, increasing at a CAGR of 9.8% during the forecast period. Latin America is expected to record a CAGR of 12.3% during the forecast period along with reflecting a Y-o-Y growth rate of 12.1%. The APEJ smart agricultural solution market is forecast to represent incremental $ opportunity of more than US$ 5,000 Mn between 2016 and 2026, increasing at a CAGR of 13.7% during the forecast period.
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