PUNE, India, March 21, 2017 /PRNewswire/ --
The report "Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse), Hardware (GPS, Drones, Sensors, RFID, LED Grow Lights), Software, Services, Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the 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.
Browse 65 market data Tables and 76 Figures spread through 210 Pages and in-depth TOC on "Smart Agriculture Market"
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The factors such as increasing application of technologies in agriculture, rising need of monitoring livestock performance and health, government's support to adopt modern agricultural techniques, and increasing demand for food worldwide are driving the growth of the smart agriculture market.
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Hardware components to hold a major share of the smart agriculture market between 2017 and 2022
Hardware component is expected to hold a major share of the smart agriculture market between 2017 and 2022, owing of their widespread use in the smart agriculture industry. Smart agriculture involves hardware devices and tools to minimize input and increase output productivity of lands and crop yields. Automation and control systems such as global positioning system (GPS) receivers, guidance and steering devices, and variable rate technology (VRT) tools play a major role in the smart agriculture industry.
Smart agriculture market for fish farming applications to grow at a significant rate between 2016 and 2022
Smart agriculture pertaining to fish farming involves the use of techniques and tools such as sensors, GPS, and mobile phones to improve productivity. The implementation of smart technologies in fish farming helps in monitoring feeding patterns, detecting diseases in fish in advance, controlling water quality, combating illegal fishing, and so on. The GPS technology is used in fishing fleets to navigate efficient fishing locations and track fish migration, among others. The increasing demand for fish tracking and river mapping services is a major reason behind the market's high growth rate.
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Americas held the largest share of the smart agriculture market in 2016
The Americas accounted for a major share of the smart agriculture market in 2016, and the same trend is expected to follow during the forecast period as it is home to several players in the smart agriculture market such as Deere & Company (U.S.), Trimble, Inc. (U.S.), Raven Industries Inc. (U.S.), AgJunction, Inc. (U.S.), and AGCO Corporation (U.S.). These companies have contributed to the growth of the smart agriculture market by launching innovative products and services and by spending extensively on the R&D of smart agriculture solutions.
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