NEW YORK, Feb. 22, 2016 /PRNewswire/ -- The smart agriculture market is expected to reach USD 18.45 billion by 2022, at a CAGR of 13.8% between 2016 and 2022. The major driving factors for the Smart agriculture market are increasing adoption of technology in agriculture, global increase in the demand for food, and assistance in monitoring livestock performance and health.
"The market for network elements is expected to grow at the highest CAGR in the hardware and network platform segment of the Smart agriculture market during the forecast period between 2016 and 2022"
The market for network elements is expected to grow at the highest CAGR in the hardware and network platform segment of the Smart agriculture market. Network elements cover the gateways and IoT platforms.
Gateways act as a link between the network domain and device domain, and help to provide information through the M2M devices attached to animals, crops, fishing boats, and others. Network elements in the smart agriculture help to connect sensors for controlling machines, tracking crop yield on field, shipping control, livestock monitoring, supplying accurate amount of light and water in smart greenhouse farming, and so on. Hence, the market for network elements is growing at the highest CAGR in the hardware and network platform segment of the Smart agriculture market.
"Precision farming held the largest share of the market segmented on the basis of application in the Smart agriculture market in 2015"
The precision farming application dominated the application segment of the Smart agriculture market as precision farming helps growers to break down fields into zones, creating a site-specific approach to maximize yields and minimize input costs. Precision farming can be used for a wide range of applications on a farm, from a single GPS-enabled guidance system for a piece of farm equipment to more complex functions such as the remote monitoring and controlling of multiple in-field devices using an integrated software platform.
"The market in Asia-Pacific is expected to grow at the highest CAGR in the Smart agriculture market on the basis of geography between 2016 and 2022"
APAC is one of the key prospective markets in precision farming owing to its large farmlands and huge population. There is a growing demand for meat and dairy products in APAC countries owing to factors such as the rise in the population and disposable income, improved quality of life, and others. Population is a major factor driving the adoption of greenhouse automation technologies in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key executives. The break-up of profile of primary participants is given below:
- By Company Type: Tier 1 – 20 %, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level – 50%, Director Level – 35%, and Others –15%
- By Region: North America – 49%, Europe – 17%, APAC –17%, and RoW – 17%
The geographic segmentation covers four major regions of the world, namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). The report also profiles major players in the Smart agriculture market. The major players in this market include Deere & Company (U.S.), Trimble Navigation Ltd. (U.S.), Ag Junction (U.S.), Raven Industries Inc. (U.S.), and AGCO Corporation (U.S.).
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