New York, USA, Dec. 06, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global smart agriculture market is anticipated to generate a revenue of $54,949.90 million and rise at a CAGR of 10.90% during the estimated timeframe from 2021-2028.
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Covid-19 Impact on the Smart Agriculture Market
While the outbreak of the Covid-19 pandemic has badly impacted several industries, it has had a positive impact on the smart agriculture market. As agriculture is completely dependent on migrant laborers, the moving of laborers to their hometowns due to strict lockdowns and social distancing has created massive opportunities for the adoption of smart farming techniques. This factor has skyrocketed the growth of the market during the period of crisis. Moreover, the vital role of leading agricultural companies to overcome the chaotic situation by providing essential crop productivity and deliveries has further driven the growth of the market during the crisis.
Check out How COVID-19 impacts the Global Smart Agriculture Market:
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As per our analysts, with the increasing prevalence of modern technologies such as AI, robots, IoT, sensors, and many more in agricultural products to analyze better health of crops, the market is predicted to see remarkable growth during the forecast period. Moreover, the innovative strategies of helping to help farmers in a wide range of agricultural applications such as scheduling of irrigation, average yielding of data, and many other management properties, the market are expected to uplift during the estimated timeframe. Besides, the growing trends of livestock monitoring solutions are further expected to amplify the growth of the smart agriculture market over the analysis period. However, the rising cost of smart agriculture equipment may hamper the growth of the market during the estimated period.
Segments of the Smart Agriculture Market
The report has been divided the market into different segments based on agriculture, component, and region.
Agriculture: Precision Agriculture Sub-Segment to be Most Lucrative
The precision agriculture sub-segment is expected to garner a revenue of $19,743.00 million throughout the analysis time period. This is mainly because precision farming has broadly helped farmers to enhance the productivity of farm and crop yield with help of IoT in agriculture. In addition, the rising adoption of strategic collaborations by key players of the market to offer smart farming solutions for agriculture to meet the rising customer’s demand is expected to fortify the growth of the smart agriculture market sub-segment during the analysis period.
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Component: Solution Sub-Segment to be Most Productive
The solution sub-segment is predicted to generate a revenue of $30,244.50 million over the analysis timeframe. This is mainly due to the rising trends of smart agricultural hardware and software. Moreover, the active participation of some leading players in the smart agricultural market in adopting new strategies and innovations to stay upfront in a competitive environment is expected to foster the growth of the market sub-segment during the forecast period.
Region: North American Region to Have Vast Growth Opportunities
The North American region is expected to generate a revenue of $22,804.20 million over the estimated period. This is mainly due to the presence of top leading players and the higher disposable income of the people of this region. Additionally, the strong presence of leading smart agriculture manufacturers and providers in this region to offer the trending climate-smart agriculture equipment is predicted to drive the regional growth of the smart agriculture market sub-segment during the analysis timeframe.
Key Players of the Smart Agriculture Market
1. AgJunction
2. AGCO
3. AgEagle Aerial Systems, Inc.
4. DEERE & COMPANY
5. Raven Industries, Inc.
6. Trimble Inc.
7. Afimilk
8. LumiGrow, Inc.
9. Topcon Positioning System Inc.
10. DeLaval.
For instance, in July 2021, Bosch, a German multinational engineering and technology company, and BASF Digital Farming, a renowned digital crop optimization platform has announced a joint venture to set an example for a purpose-driven ecosystem in the manufacturing industry. With this acquisition, the companies are aiming to deliver the best agricultural products by incorporating new digital technologies in agricultural practices.
In addition, the report also summarizes other aspects including product analysis, latest strategic developments, the financial performance of the key players, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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