Dublin, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The "Smart Agriculture Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Offering (Hardware, Software, Services), By Application (Precision Agriculture, Livestock Monitoring, Smart Greenhouses, Others), By Company and By Region" report has been added to ResearchAndMarkets.com's offering.
The global smart agriculture market is anticipated to observe impressive growth during the forecast period, 2023-2027.
The major factors include technological advancements and rise in demand for food. The increase in population and rapid urbanization, are driving the smart agriculture market, globally. Smart agriculture is assisting farmers to grow crops with more efficiency by utilizing advanced technologies.
Smart agriculture gives real-time data on the conditions of soil, air, and crops. It not only ensures high crop yield but makes it sustainable while conserving the environment. The other factors supporting the market's growth are increasing awareness among farmers, growing investments in technological research and product innovation, and support from governments for infrastructure development in smart agriculture
Rising Demand for Food
Owing to the increase in population, the surge in food demand is propelling the growth of the smart agriculture market. According to the United States Food and Agriculture Organization, the world population is anticipated to reach 9 billion by 2050, which is estimated to increase demand for food then by 70%.
Farmers are likely to have pressure to increase the production of crops, which is going to impel them to opt for smart agriculture, which is expected to bolster the growth of the market. The use of smart agriculture is not only enhancing the productivity of crops, but it also reduces the wastage of valuable resources such as water, fertilizers, pesticides, and land.
Technological Advancements
In recent years, rapid advancements are done in smart agriculture to leverage the benefits. Technologies like artificial intelligence, location systems, sensors, robots, artificial intelligence, and other are significantly adopted by farmers to improve productivity, efficient management of a greater number of resources, and reduce waste. Smart agriculture, when used in its greatest potential, can benefit farmers to reduce the negative effects on crops.
The modern technologies such as VRT, data management software, artificial intelligence, yield mapping software, sensors, and GPS are helping farmers to optimize the production of crops. For instance, in 2020, Topcon Agriculture, California based electrical & electronic manufacturing company, announced that they have launched a new cloud-based platform tool, which will help farmers to incorporate connectivity and data analytics during farming. Thus, due to such technological advancement in smart agriculture is expected to drive the market growth.
Increasing Investments and Initiatives
Governments of various nations are investing in the research and development (R&D) activities for introducing advanced agricultural techniques, which aids in the growth of the market.
Moreover, growing investments rounds by the private as well as public sector coupled with demands concerning to reduction of resources is expected to open new lucrative opportunities for the global smart agriculture market during the forecast period.
For instance, the US Department of Agriculture, announced an investment of USD 1 billion in partnerships to support America's climate-smart farmers, ranchers, and forest landowners to enhance climate-smart practices.
Market Segmentation
The global smart agriculture market is segmented into offering, application, and company. Based on offering, the market is divided into hardware, software, and services. Based on hardware, the market is further divided into sensing devices, HVAC systems, grow lights, automation & control systems, and others.
Based on software, the market is divided into web-based, and cloud based. Based on services, the market is divided into professional and managed. Based on application, the market is divided into precision agriculture, livestock monitoring, smart greenhouses, and others.
Based on precision agriculture, the market is divided into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, farm inventory & labor management, and others. Based on livestock monitoring, the market is divided into milk harvesting, breeding management, feeding management, and others.
Based on smart greenhouses, the market is divided into water & fertilizer management, HVAC management, and others. In terms of country, the United States is expected to be a lucrative market in the forecast period due to rising demand of food and advancements in technologies in the country.
Market Players
AGCO Corporation, AgJunction, Inc., Ag Leader Technology, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., Argus Control Systems Ltd, BouMatic Robotic B.V., GEA Group Aktiengesellschaft, Topcon Positioning Systems, Inc., DeLaval Holding AB, Allflex USA, Inc., Afimilk Agricultural Cooperative Ltd., AKVA Group, Heliospectra AB, LumiGrow Inc are some of the leading companies operating in the market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Smart Agriculture Market
5. Voice of Customer
6. Global Smart Agriculture Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Offering (Hardware, Software, Services)
6.2.1.1. By Hardware (Sensing Devices, HVAC Systems, Grow Lights, Automation & Control systems, Others)
6.2.1.2. By Software (Web-Based v/s Cloud Based)
6.2.1.3. By Services (Professional v/s Managed)
6.2.2. Application (Precision Agriculture, Livestock Monitoring, Smart Greenhouses, Others)
6.2.2.1. Precision Agriculture (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Farm Inventory & Labor Management, Others)
6.2.2.2. Livestock Monitoring (Milk Harvesting, Breeding Management, Feeding Management, Others)
6.2.2.3. Smart Greenhouses (Water & Fertilizer Management, HVAC Management, Others)
6.2.3. By Company (2021)
6.2.4. By Region
6.3. Product Market Map
7. North America Smart Agriculture Market Outlook
8. Europe Smart Agriculture Market Outlook
Asia-Pacific Smart Agriculture Market Outlook
10. South America Smart Agriculture Market Outlook
11. Middle East and Africa Smart Agriculture Market Outlook
12. Market Dynamics
13. Market Trends & Developments
14. Competitive Landscape
14.1. AGCO Corporation
14.2. AgJunction, Inc.
14.3. Ag Leader Technology, Inc.
14.4. AgEagle Aerial Systems Inc.
14.5. Autonomous Solutions, Inc.
14.6. Argus Control Systems Ltd
14.7. BouMatic Robotic B.V.
14.8. GEA Group Aktiengesellschaft
14.9. Topcon Positioning Systems, Inc.
14.10. DeLaval Holding AB
14.11. Allflex USA, Inc.
14.12. Afimilk Agricultural Cooperative Ltd.
14.13. AKVA Group
14.14. Heliospectra AB
14.15. LumiGrow Inc.
15. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/5ioir-agriculture?w=12
