New York, NY, July 26, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse, and Others (Orchid, Forestry, and Horticulture); By Software (Web Based and Cloud Based); By Service (System Integration and Consulting, Support and Maintenance, Connectivity Services, Managed Services, and Professional Services); and By Solution (Network Management, Agriculture Asset Management, Supervisory Control and Data Acquisition, Logistics and Supply Chain Management, Smart Water Management, and Others); For Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting, Irrigation Management, Farm Labor Management, Financial Management, Feeding Management, Milk Harvesting, Breeding Management, Fish Tracking and Fleet Navigation, Water Quality Management, HVAC Management, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2025”.
According to the report, the global smart agriculture market stood at US$ 5,098 million in the year 2016. Witnessing a tremendous rise during the period from 2017 to 2025, the revenue in this market is expected to reach US$ 15,344 million by the end of the forecast period.
Browse through 129 Tables & 52 Figures spread over 110 Pages and in-depth TOC on “Global Smart Agriculture Market: Industry Type, Size, Share, Trends and Forecast by 2025”.
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Market Summary
Smart agriculture can be defined as a process of performing agricultural activities using advanced technologies. The advanced technologies used in agriculture are segmented on the basis of type, software, service, solution, and application. Smart agriculture is an innovative way of carrying out farming activities by reducing human efforts and by making maximum utilization of the available resources. Precision farming includes automation systems and sensing devices. These are used in monitoring and controlling the progress in agricultural activities. The application and feasibility of smart agricultural devices depend upon the economic condition and size of the agricultural land. Advanced technological products that are used in the smart agriculture have a wide range of applications, which not only includes yield monitoring, field mapping, crop scouting but also includes irrigation management, milk harvesting, and many others.
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Drivers and Restraints
The major factors driving the growth of the market are increasing demand for food worldwide, the rise in the need of livestock health and performance monitoring, and increasing support of the government in the adoption of modern agriculture techniques. The growing population has increased the demand for food. According to United Nation, the most recent census signifies a human population of 7.3 billion and is projected to reach 9.7 billion by 2050. In direct proportion to the growing population, the demand for the food is also expected to grow exponentially over the forecast period. Taking into consideration the rise in food demand the farmers need to increase the crop production either by increasing the amount of agricultural land or by adopting advanced agricultural methods like precision farming. Most of the livestock are susceptible to infections and virus attacks, which is likely to increase the mortality rate of the livestock. In order to monitor the health and activity of the livestock different types of RFID tags and readers and sensors are deployed.
Some of the factors limiting the growth of the smart agriculture market are the high cost of the devices used in smart agriculture and lack of awareness amongst the farmers. High cost incurred in the manufacturing of smart agriculture devices, in turn, increases the price of the final product, which is likely to restrain the growth of the market over the forecast period.
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Segmentation
Based on the agriculture type, precision farming registered the highest market share of over 49% in 2016. It is also expected to grow at the highest CAGR of around 13% over the forecast period. The growth in precision farming is owing to its benefits. In precision farming, the amount of fertilizers and water used in yielding the crop is optimized with the help of sensing and the monitoring devices. In this type of farming, the precise amount of nutrients, pesticides, and water is made use for obtaining maximum crop yield.
On the basis of software, web-based software contributed to the highest market share of around 58% in 2016. It is projected to grow at a CAGR of around 12% over the forecast period. Whereas the cloud-based software is gaining traction owing to its increased applications. Due to which the cloud-based software is anticipated to grow at the highest CAGR of around 14% over the forecast period. The cloud-based software provides data recovery in case of any mishap. Software updates are completely automated in cloud-based software whereas it is manual in web-based software. The cloud-based software cuts the high cost of the hardware, which is required in the web-based software. Moreover, the cloud-based software provides flexibility in monitoring the agricultural activities from a remote location with the help of internet connection. Owing to these benefits the popularity of the cloud-based software is increasing.
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By service, system integration and consulting contributed the highest market share in 2016 of around 31.50%. It is estimated to grow at a CAGR of around 13.10% over the forecast period. However, managed services are projected to grow at a higher CAGR of around 14% over the forecast period. The demand for the system integration and the consulting segment is increasing owing to the increase in the applications and adoption of advanced devices in agriculture.
By solution, network management is expected to grow at the highest CAGR of around 13.71% over the forecast period. This segment contributed a share of 28.41% in 2016.
Also Read, AI in Agriculture Market, 217-2024
By Application, yield monitoring segment accounted for the maximum market share in the global smart agriculture market in 2016. It is expected to grow at a CAGR of around 13.41% over the forecast period. Yield monitoring is one of the earliest practiced applications of smart agriculture. It was started in the early 1990s by the farmers in order to generate fertilizer and pH correction recommendations and is still being continued thus increasing its popularity.
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Huge Food Demand To Support APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide smart agriculture market and is anticipated to continue on the dominant position in the years to come, states the smart agriculture market study. Escalating demand for food and other dairy items is the main factor behind the dominance of the Asia Pacific smart agriculture market. The dominance can also be attributed to the rapidly swelling population in countries such as India and China along with growing food requirement in these regions. In addition to this, the rural economies of the countries in the APAC region are agriculture-based and this will further drive the demand for advanced techniques in farming to get more crop harvest, thereby supporting the smart agriculture market trends.
Similar Report You Maybe Interested: Indoor Farming Technology Market2017-2024
Industry Players
The report includes detailed profiles of the prominent market players that are trending in the market. The lists of the players that are compiled in the report are Ag Leader Technology, Inc., AGCO Corporation., Ag Junction LLC., Raven Industries Inc., Precision Planting LLC., SemiosBio Technologies Inc., SST Development Group, Inc., The Climate Corporation, TOPCON, Trimble Inc., Agribotix LLC., Auroras s.r.l., Deere & Company, DeLaval, GEA Group, and Grownetics, Inc., among others.
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. On January 11, 2017, Agribotix LLC. partnered with senseFly a commercial drone subsidiary of Parrot Group. On November 13, 2017, Topcon Agriculture introduced TAP, the Topcon Agriculture Platform, a cloud-based agricultural ecosystem designed to provide real-time monitoring and data analysis for smart decision-making during every phase of the farming cycle.
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