Smart Agriculture Market Trends, Analysis and Forecasts, 2020 – 2030
Shifting preference towards controlled environment agriculture (CEA), rising adoption of vertical agriculture, increased investment in development of autonomous farm tools, and government initiatives to promote greenhouse farming are the key factors contributing towards the growth of the global smart agriculture market. Smart agriculture refers to utilization of advanced systems and solutions to improve the quality and quantity of yield. It offers prominent advantages over traditional agriculture methods such as increased crop yield, automated monitoring & control of agriculture resources, and seamless control of farm equipment. This has fueled the growth of smart agriculture across the globe and is anticipated to drive the global smart agriculture market during the forecast period. Rapid urbanization and population explosion have resulted in increased demand for nutrient rich food sources, thereby creating opportunity for farmers, cultivators, and farm equipment manufacturers. Smart agriculture has emerged as a viable solution to improve the quality and quantity of yield, thus is witnessing increased adoption across the globe.
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North America held the largest share of the global smart agriculture market in 2019 and is anticipated to be a dominating segment throughout the forecast period owing to strong penetration of smart agriculture solutions across the United States and Canada. Increased investment in development of advanced farm equipment and rising adoption of vertical farming methods is anticipated to drive the growth of North America smart agriculture market during the forecast period. Asia Pacific is expected to offer lucrative opportunities during the forecast period owing to rising adoption of smart agriculture solutions across major farming countries. Rising awareness and increased investment in advanced agriculture solutions is expected to contribute towards the growth of Asia Pacific smart agriculture market during the forecast period.
The global smart agriculture market is segmented on the basis of component, agriculture type, farm size, and geography. Based on component, the global smart agriculture market is segmented into hardware, software, and services. The hardware segment is further sub-segmented into automation & control systems, sensors (nutrient sensor, moisture sensor, temperature sensor, and others), monitors, HVAC system, LED grow light, RFID tags & readers, and others. The services segment is further sub-segmented into system integration & consulting, maintenance & support, managed services, and others. Based on farm size, the global smart agriculture market is segmented into small, medium, and large. Based on agriculture type, the global smart agriculture market is segmented into precision farming, livestock monitoring, precision aquaculture, smart greenhouse, precision forestry, and others. The precision farming segment is sub-segmented into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, farm labor management, and others. The livestock monitoring is sub-segmented into milk harvesting, breeding management, feeding management, animal comfort management, and others. The smart greenhouse segment is sub-segmented into water & fertilizer management, HVAC management, yield monitoring, and others. Based on geography, the global smart agriculture market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on smart agriculture. Further, market share of prominent companies in the global smart agriculture market would also be estimated. the study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the smart agriculture companies.
The global smart agriculture market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the smart agriculture business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global smart agriculture market.