According to Research Dive analysis, the global smart agriculture market is estimated to generate a revenue of $54,949.90 million by 2028, increasing from $26,642.60 million in 2020, at a healthy CAGR of 10.90%.
Impact Analysis of COVID-19 on the Global Smart Agriculture Market:
The global smart agriculture market is expected to experience a moderate growth rate during the COVID-19 pandemic. Due to strict government regulations of countries across the globe, farmers are totally dependent upon digital devices to monitor the agriculture farm. Also, lack of labors throughout the pandemic might increase the adoption global smart agriculture market. Therefore, demand for smart agriculture has increased during the pandemic.
Smart Agriculture Market Analysis:
The global smart agriculture market is expected to experience a noticeable growth due to growing trends of weather forecasting and tracking among the famers to monitor the variability and changes in the climate. The global players that are operating in smart agriculture are adopting various product innovations to provide best smart agriculture options to hold a leading position. For instance, Raven Industries, the US based manufacturer of precision agriculture products, announced in January 2019, that they acquired AgSync, company that develops solutions in agriculture. The main aim of the acquisition is to offer seamless logistics solution for custom applicators and agriculture retailers. Such type of elements may lead to a surge in the demand for smart agriculture and market growth during the analysis frame.
High cost of smart agriculture and lack of knowledge about how to use smart agriculture technologies will be restricting factors which may create a negative impact on the market during the forecast period.
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The smart agriculture industry is growing rapidly owing to the adoption of guidance technology by farmers, which may help in the reduction of equipment overlapping and also save the time, fuel, and soil compaction. Thus, key players operating in smart agriculture are opting for various strategies to hold a leading position in the market. For example, Deere & company, global leader in manufacturing of advanced agriculture products, announced that they have launched advanced guidance and machine data sharing technologies known as AutoTrac, which will help farmers in various application throughout the agricultural farming.
This type of advancements in the market may increase the growth of the sector during the forecast period.
Based on agriculture, the global market for smart agriculture platform is divided into precision agriculture, livestock, aquaculture, and greenhouse. The precision agriculture type sub-segment is predicted to have the fastest as well as dominant market growth and generate a revenue of $19,743.00 million by 2028.
Based on component type, the market is classified into the solution, service, and connectivity technology. The service sub-segment garnered $9,061.50 million in 2020 and is projected to grow exponentially by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific smart agriculture market is anticipated to rise at a growth rate of 10.10% by 2028 from the revenue generated in 2020.
The companies involved in the global smart agriculture market are AgJunction, AGCO, AgEagle Aerial Systems, Inc., DEERE & COMPANY, Raven Industries, Inc., Trimble Inc., Afimilk, LumiGrow, Inc., Topcon Positioning Systems, Inc., and DeLaval.