Global Smart Agriculture Market: Snapshot
The rising population and the growing demand for food have encouraged the use of smart and modern technologies for agriculture. The adoption of cloud-based services, Internet of Things, GPS, and many others is expected to completely change the market scenario in a positive way. The favorable government initiatives are projected to support the market growth in the coming few years. As per the research study published by Transparency Market Research, in 2016, the global smart agriculture market was worth US$6.55 bn and is likely to reach US$23.44 bn by the end of 2025. The market is likely to register a 13.50% CAGR between 2017 and 2025.
Rising Government Support for Use of Modern Techniques to Encourage Growth
A significant rise in the level of adoption of Artificial Intelligence and Internet of Things by growers and farmers and the rising focus on disease detection and livestock monitoring in order to enhance the efficiency of farming are the key factors projected to enhance market growth in the coming few years. The rise in the demand for agriculture products, thanks to the rise in the population and the increasing government support for the adoption of modern agriculture techniques are further expected to support the growth in the near future.
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On the flip side, the rising cost of smart agriculture equipment and the lack of farmers with technical knowledge are expected to restrict the growth of the global market in the next few years. Moreover, the issues related to the data aggregation and data management and the lack of standardization in the smart agriculture market are the major challenges that are being faced by the key players and are likely to curb the market growth in the near future. Nevertheless, the emergence of big data in agriculture farm and the integration of smartphone with software and hardware applications are likely to offer potential growth opportunities for the players in the near future.
Asia Pacific to Offer Growth Opportunities for Market Players
Previously, North America led the global smart agriculture market and is projected to maintain the leading position in the coming few years. The increasing investments by governments for research activities in order to minimize the human involvement and enhance the crop yield are projected to drive the smart agriculture market across North America in the near future. Europe is expected to hold the second position, thanks to the high contribution from the U.K. Furthermore, Asia Pacific is likely to observe a healthy growth and generate potential growth opportunities for the market players in the near future, owing to the increasing contribution from India and China.
The global market for smart agriculture is competitive and vastly fragmented with a huge number of players operational across the globe. The rise in the number of new entrants is expected to strengthen the competitive environment of the market in the coming few years. In addition to this, the growing focus on technological advancements and the expansion of the product portfolio are likely to support market growth in the next few years. Some of the key players operating in the smart agriculture market across the globe are TeeJet Technologies, Raven Industries Ltd., AgJunction Inc., SST Development Group Inc., Trimble Navigation Ltd., Deere & Co., Hexagon AB, Ag Leader Technology, and Iteris Inc.
Rise of AI and Other Advanced Technologies to Help Global Smart Market Growth
The modest income of farmers and increasing pressure on natural resources like land, water, among others has brought the agriculture sector in focus conventionally. However unlike in the distant past, today technology exists to modernize agriculture sector to monitor diseases in crops, their nourishment, and provide 24/7 water supply as necessary provide new opportunities for growth keeping in mind conventional challenges in the sector. Crop diseases can result in destruction of healthy food supply.
Additionally, growing research in different genetic varieties, and their decreased resistance to diseases are major concerns for farmers and large scale commercial producers of agricultural products. The rising demand for agricultural products in the food and beverage industry, with brands like Coca Cola and Pepsi launching their natural drinks in recent times has brought back focus on growth for the smart agriculture market.
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The smart agriculture market is expected to witness gradual recovery in the second half of 2024. The market witnessed a slump in revenue and sales as the COVID-19 pandemic broke out. Several governments issued strict lockdowns and travel restrictions that affected the manufacturing processes. This led to stopping of production processes and logistical operation, hampering market growth. However, with the gradual opening of the global economy, the smart agriculture market is expected witness staggered recovery in the coming months.
A significant rise in the level of adoption of Artificial Intelligence and Internet of Things by growers and farmers and the rising focus on disease detection and livestock monitoring in order to enhance the efficiency of farming are the key factors projected to enhance market growth in the coming few years. The rise in the demand for agriculture products, thanks to the rise in the population and the increasing government support for the adoption of modern agriculture techniques are further expected to support the growth in the near future.
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