The global smart agriculture market is bifurcated into solution, application and geography. By solution, the market is further segmented into agriculture asset management, network management, supervisory control & data acquisition, smart water management, logistics & supply chain management, and others.
Global Smart Agriculture Market Report, published by Variant Market Research, forecast that the global market was valued at $7 billion in 2016 and is expected to reach $20 billion by 2024; growing at a CAGR of 14.1% from 2016 to 2024. In geographical segments, Asia Pacific and RoW are expected to grow at a CAGR of 15.6% and 15%, respectively, during the forecast period 2016-2024.
Increase in demand for usage of latest technologies in agriculture, surging need for livestock monitoring, rising global food demand, and growing popularity of greenhouse farming are the major key factors driving the global smart agriculture market. However, due to high initial investment for research & development, lack of technical knowledge of farmers, and high cost of smart devices may act as restraining factor for the market.
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The global smart agriculture market is bifurcated into solution, application and geography. By solution, the market is further categorized into agriculture asset management, smart water management, supervisory control & data acquisition, network management, logistics & supply chain management, and others.
In 2016, Logistics & supply chain management and network management dominated the solution type segment accounting about 22.3% and 21.7% respectively. Application segment includes livestock monitoring, precision agriculture, smart greenhouse, fish farming, and others.
Furthermore, in 2016, livestock monitoring is likely to dominate the market in the application segment with highest CAGR during the forecast period 2016-2024, owing to increasing research and development on animal science & technology along with high demand for livestock products.
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Geographically, the global smart agriculture market is categorized into North America, Europe, Asia-Pacific and Rest of the world (RoW). In 2016, owing to high adoption of latest technologies and increased support in monitoring livestock health and performance, North America accounted for the largest market share of 31.5%.
However, due to the high investment on research & development on agricultural solutions and launching innovative and efficient products, Asia Pacific is likely to dominate the market with fastest CAGR during the forecast period.
The prominent players in the smart agriculture market are Deere & Company, AGCO Corporation, Semiosbio Technologies Inc., Cisco Systems Inc., Trimble, Inc., DeLaval Corporation, Raven Industries, Inc., Advanced Ag Solutions LLC, Digi-Star LLC, Cisco Systems etc.
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Scope of Smart Agriculture Market
- Agriculture Asset Management
- Network Management
- Supervisory Control & Data Acquisition
- Smart Water Management
- Logistics & Supply Chain Management
- Livestock Monitoring
- Precision Agriculture
- Smart Greenhouse
- Fish Farming
- North America
- South America
- Middle East
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