LONDON, March 27, 2017 /PRNewswire/ -- "Increasing application of technologies in agriculture and government's support to adopt modern agricultural techniques to drive the growth of the smart agriculture market"
The smart agriculture market is expected to grow from USD 5.18 billion in 2016 to USD 11.23 billion by 2022, at a CAGR of 13.27% between 2017 and 2022. Smart agriculture involves technology-driven information analysis of data acquired from the fields and the application of inputs according to the data analysis for increasing crop productivity. It includes the use of modern technologies of farming that help in improving the quality of food and increasing the yield of farms. The major restraining factors for the growth of the smart agriculture market include the high initial investments and the lack of technical awareness among the growers.
"Precision farming applications held the largest share of the smart agriculture market in 2016"
Smart agriculture tools are most widely used in precision farming as they play a vital role in improving farm efficiency and help growers in maximizing their crop yields. Yield monitoring is a major application of precision farming used to identify the field variability information, which includes weather conditions, soil properties, and fertilizers. Soil monitoring is a major application of yield monitoring, which helps to identify different soil parameters to maintain the nutrient level of the soil.
"Smart agriculture market in APAC to grow at a significant rate between 2016 and 2022"
APAC is one of the prospective markets for smart agriculture. This region has large farmlands and is witnessing a high population growth rate. APAC also has a huge regional spread, which comprises China, Japan, India, Australia, and South Korea, among others. The smart agriculture market in APAC is in an early stage of adoption life cycle and is expected to grow at a double digit rate between 2017 and 2022. In APAC, countries specifically India, Australia, China, and Japan are, currently, witnessing the high growth rate and hold a major share of the smart agriculture market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with the key experts.
The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1 -55 %, Tier 2 -20%, and Tier 3 –25%
- By Designation: C-Level Executives -75% and Managers -25%
- By Geography: Americas -40%, Europe -30%, APAC -20%, and RoW -10%
The companies that provide a range of customized solutions to customers are expected to emerge as the game changers.
The key players in the smart agriculture market profiled in the report are as follows:
1. Deere & Company (U.S.)
2. Trimble, Inc. (U.S.)
3. Raven Industries, Inc. (U.S.)
4. AgJunction, Inc. (U.S.)
5. AGCO Corporation (U.S.)
6. The Climate Corporation (U.S.)
7. AG Leader Technology (U.S.)
8. Precision Planting, Inc. (U.S.)
9. SST Development Group, Inc. (U.S.)
10. Topcon Positioning Systems, Inc. (U.S.)
11. Semiosbio Technologies, Inc. (Canada)
12. DeLaval Corporation (Sweden)
13. GEA Group AG (Germany)
14. BouMatic, LLC. (U.S.)
This report covers the smart agriculture market based on agriculture type, offering, application, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the smart agriculture market.
Key Benefits of Buying the Report
The report would help the market leaders or new entrants in the following ways:
1. This report segments the overall market comprehensively and provides the closest approximations of the global smart agriculture market size and that of the subsegments across different applications and regions.
2. The report would help stakeholders understand the pulse of the market and provide them information on key drivers, restraints, challenges, and opportunities in the smart agriculture market.
3. This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions related to the smart agriculture market.
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