Smart Agriculture Market research report segmented on the basis of Hardware and Network Platform, Service, Software, Application and Geography Analysis
The smart agriculture market is estimated to have a high growth potential till 2022. The total market segmented on the basis of application (hardware and network platform and services) is expected to reach USD 18.45 Billion by 2022 from USD 9.02 Billion in 2016, at a CAGR of 13.8% between 2016 and 2022.
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Technology is becoming an integral part of the agriculture industry. Connected technologies such as cloud computing, ZigBee, wireless sensor networks, and others help in enhancing the production and yield, which acts a driving factor for the smart agriculture market.
Moreover, smart agriculture helps in monitoring livestock productivity and health. This factor is also driving the growth of the smart agriculture market.
The increasing adoption of technology in agriculture and global rise in the demand for food are the major drivers for the market. Connected technology is used in precision farming, livestock monitoring, fish farming, smart greenhouse, and others.
Connected technologies such as cloud computing, ZigBee, wireless sensor networks, and others help in enhancing the production and yield. Cloud computing provides real-time data of the farm land to assist in planning, purchasing, inventory control, planting, harvesting, and others.
Sensors, irrigation control, variable rate technology (VRT), and other technologies helps in reducing the wastage of input and enhance the productivity of land.
The smart agriculture ecosystem comprises hardware and network platform providers, connectivity providers, satellite service providers, sensors manufacturers, components, OEMs, research organizations, distributors and suppliers, and end users such as Ag Junction (U.S.), Deere & Company (U.S.), Raven Industries Inc. (U.S.), Trimble Navigation Ltd.
(U.S.), AGCO Corporation (U.S.), SST Development Group, Inc. (U.S.), and SemiosBIO Technologies Inc.
(Canada).
The precision farming application is expected to account for the largest share of the application segment of the smart agriculture market. Smart agriculture optimizes the efficiency of fields and operational practices in use.
Precision farming helps growers to break down fields into zones, creating a site-specific approach to maximize yields and minimize input costs. Yield monitor is one of the essential elements of precision farming, which record site-specific yield data on the basis of moisture content observed by sensors inside the harvester.
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North America is expected to hold the largest market share in 2022, and APAC is expected to grow at the highest CAGR during the forecast period. North America is one of the pioneers for precision farming operations.
The use of connected technologies in North America is currently growing because of factors such as continuous advancements in the technology, reducing price of equipment, usage of social media and online publications for spreading awareness, and so on.
System integrators held the largest market size in the service segment owing to the role it plays in the integration of the software and hardware equipment. System integrators are also involved in troubleshooting and diagnosing farm management solutions, which also involves developing new concepts related to software and hardware equipment.
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