Latest Industry Trends in the Smart Agriculture Market

Logo

Northbrook, IL -- (SBWire) -- 07/22/2021 --The smart agriculture market is estimated to be worth USD 13.7 billion in 2020 and is projected to reach USD 22.0 billion by 2025; it is expected to grow at a CAGR of 9.8% from 2020 to 2025. The rising pressure on food supply system owing to rapidly growing population, surging use of modern technologies in agricultural products and growing focus of farmers on livestock monitoring and disease detection to fuel the growth of smart irrigation systems. Moreover, the rising investments in the agriculture technology sector have propelled the growth the growth for smart agriculture market.

Hardware offering expected to continue to hold the largest market share during forecast period

The hardware segment is expected to hold the largest share of the smart agriculture market in 2020. The growing adoption of new technologies and modern smart agricultural devices is expected to drive the growth of the smart agriculture market for hardware offerings during the forecast period. Increasing adoption of automation and control systems, such as GPS/GNSS receivers, irrigation controllers, and guidance and steering systems, has created a new approach to farming practices, which is boosting the market growth. Further, surging deployment of IoT- and AI-driven livestock monitoring devices by dairy farmers is some of the major factors accelerating the growth of the hardware devices in livestock monitoring segment.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=239736790

Precision farming segment expected to hold major market share from 2020 to 2025

Precision farming accounted for the largest share of ~46% of the smart agriculture market, by agriculture type, in 2019 owing to the increasing focus on farm efficiency and productivity. The implementation of precision farming tools has the potential to change the concept of agriculture for good, making traditional agricultural activities more efficient and predictable. Precision farming technologies, such as guidance technology, remote sensing, smart sensors, drones, and variable rate technology (VRT), have made it possible to manage the soil and crop effectively. These technologies are used in conjunction with on-field equipment and devices for guidance and navigation applications.

Yield monitoring application (precision farming), and feeding management (livestock monitoring) expected to hold significant market share from 2020 to 2025

Precision farming tools are widely used in yield monitoring applications; hence, this application held the largest market share in 2019. Among farmers, precision farming tools are gaining tremendous popularity for yield monitoring applications due to the increasing need for optimum crop production with the availability of a limited number of resources. The feeding management application is expected to continue to account for the largest size of the livestock monitoring market during the forecast period owing to the increasing demand for automated feeding systems and dry feeding systems.

Market Players
The smart agriculture market is dominated by a few globally established players such as Deere & Company (US), Trimble (US), Topcon Positioning Systems (US), DeLaval (Sweden), Antelliq (France), Afimilk (Israel), Raven Industries (US), AgJunction (US).

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441

Media Relations Contact

Amish Keswani
MarketsandMarkets
1-888-600-6441
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=239736790

View this press release online at: http://rwire.com/1343507