Global Smart Agriculture Market is estimated to reach $20 billion by 2024; growing at a CAGR of 14.1% from 2016 to 2024.
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. Some of the major drivers of global smart agriculture market are surging need for livestock monitoring, increase in demand for usage of latest technologies in agriculture, rising global food demand, and growing popularity of greenhouse farming.
Though, high initial investment for research & development, lack of technical knowledge of farmers, and high cost of smart devices may hamper the market growth.
The global smart agriculture market is categorized into solution, application and geography.
Solution segment comprises agriculture asset management, supervisory control & data acquisition, smart water management, network management, logistics & supply chain management, and other solutions. 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. Livestock monitoring is expected to growth at a highest CAGR during the forecast period 2016-2024.
The growth is attributed to growing research and development on animal science & technology along with high demand for livestock products.
The global smart agriculture market by geography is bifurcated into North America, Europe, Asia-Pacific and Rest of the world (RoW). North America accounted for the largest market share of 31.5%.
Asia Pacific is anticipated to grow at a fastest CAGR during the forecast period, driven by high investment on research & development on agricultural solutions and launching innovative and efficient products.
The prominent players in the smart agriculture market are Deere & Company, AGCO Corporation, Semiosbio Technologies Inc., Trimble, Inc., DeLaval Corporation, Cisco Systems Inc., Raven Industries, Inc., Advanced Ag Solutions LLC, Digi-Star LLC, Cisco Systems.
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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