Northbrook, IL -- (SBWIRE) -- 08/06/2018 -- Smart agriculture is gaining tremendous popularity among farmers due to the increasing need for optimum food production with limited available resources. Further, changing weather patterns due to increasing global warming have impelled the adoption of advanced farming technologies to enhance farm productivity and crop yield. Major drivers for the smart griculture market include increasing application of technologies in agriculture, rising need of monitoring livestock performance and health, government's support to adopt modern agricultural techniques, and increasing demand for food worldwide.

According to the new market research report "Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse), Hardware (GPS, Drones, Sensors, RFID, LED Grow Lights), Software, Services; Application, and Geography - Global Forecast to 2023", 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% during the forecast period.

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The smart agriculture market in APAC is expected to grow at the highest CAGR during 2018–2023. The increasing adoption of technologies such as guidance system, remote sensing, and variable-rate technology by farmers in APAC is expected to propel the growth of the smart agriculture market during the forecast period. 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 during 2018–2023. In APAC, countries specifically India, Australia, and China are currently witnessing high growth rate and hold a major share of the smart agriculture market in APAC. Rapidly increasing population, the availability of arable farms, and government support through subsidies are the factors driving the growth of the smart agricultural market in APAC.

The smart agriculture market for fish farming applications is expected to grow at a high rate during 2018–2023. The GPS technology is used in fishing fleets to track efficient fishing locations and fish migration, among others. The increasing demand for various hardware devices such as GPS/GNSS systems and several innovative sensors is contributing to the growth of the market.

The smart agriculture market for services is expected to grow at a high rate during 2018–2023. Increasing demand for managed services and the rising installations of smart agriculture devices worldwide are the major reasons behind the market's high growth rate. The growing land area for smart agriculture worldwide is expected to create opportunities for connectivity service providers.

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