The smart agriculture market is estimated to be worth USD 7.53 billion in 2018 and is projected to reach USD 13.50 billion by 2023, at a CAGR of 12.39% between 2018 and 2023
LONDON, August 7, 2018 /PRNewswire/ -- Smart agriculture market anticipated to grow at a CAGR of 12.39% from 2018 to 2023
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The smart agriculture market is estimated to be worth USD 7.53 billion in 2018 and is projected to reach USD 13.50 billion by 2023, at a CAGR of 12.39% between 2018 and 2023. Major factors contributing to the growth of the smart agriculture market include the increasing adoption of advanced technologies in various agriculture applications such as precision farming, smart green house, livestock monitoring, and fish farm monitoring. Farmers or growers across the globe are increasingly adopting advanced farming devices and equipment such as steering and guidance technology, sensors, display devices, and farm management software. Major restraints for the smart agriculture market include high initial investment and the lack of technical knowledge among farmers. Smart agriculture requires large initial investment, efficient farming tools, and skilled labor. Major restraining factors for the growth of the smart agriculture market include high initial investments and the lack of technical awareness among growers.
Fish farming applications expected to grow at the highest CAGR during the forecast period
The increasing demand for fleet navigation and fish tracking services is the major reason behind the high growth of smart agriculture market in fish farm monitoring.Furthermore, as the world population is expected to reach 9 billion by 2050, demand for aquaculture products will play a key role in ensuring food and nutrition security as the increased demand for food will challenge fish production in the future.
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 monitor feeding patterns, detect diseases in fish in advance, control water quality, combat illegal fishing, and so on.
The GPS technology is used in fishing fleets to navigate efficient fishing locations and track fish migration, among others.
Smart agriculture market in APAC to grow at a significant rate during 2018–2023
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 2018 and 2023.
In APAC, countries specifically India, Australia, China, and Japan are, currently, witnessing high growth rate and hold a major share of the smart agriculture market in APAC.
The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
• By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
• By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Key players operating in the smart agriculture market are Deere & Company (US), (Trimble) (US), AGCO (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), DeLaval (Sweden), GEA Group (Germany), Precision Planting (US), SST Development Group (US), Teejet Technologies (US), Topcon Positioning Systems (US), DICKEY-john Corporation (US), CropMetrics (US), Agribotix (US), and The Climate Corporation (US).
Research Coverage
This report covers the smart agriculture market based on offering, type, application, and region.The smart agriculture market based on offering has been segmented into hardware, software, and services.
On the basis of type, the smart agriculture market has been segmented into precision farming, livestock monitoring, fish farm monitoring, smart greenhouse, and others. On the basis of region, the smart agriculture market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
• This report includes the market statistics pertaining to offering, application, type, and region, along with their respective market size.
• In-depth analysis of the value chain has been done to provide in-depth insight into the smart agriculture market.
• Major drivers, restraints, challenges, and opportunities pertaining to the smart agriculture market have been detailed in this report.
• Illustrative segmentation, analysis, and forecast for the market on the basis of offering, application, type, and region have been conducted to provide an overall view of the smart agriculture market.
• The report includes an in-depth analysis and ranking of key players.
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