ALBANY, New York, September 24, 2018 /PRNewswire/ --
The global smart agriculture market depicts the presence of a highly competitive and fragmented vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a fragmented structure mainly exists due to several players heavily competing with each other on the basis of latest agricultural machines and devices sold. In 2016, four players namely, Raven Industries, Inc., Trimble Navigation, Deere & Co, and AgJunction, Inc., collectively comprised only about 15.5% of the total market shares. This corroborates the presence of an extremely competitive presence of the global smart agriculture market. Most players are increasing their stakes in this sector to focus on research and developmental activities in order to register high revenue figures. With the number of new players entering this field expected to increase, the competitive intensity is anticipated to highly intensify in the near future.
As per expert analysts, the global smart agriculture market is prophesized to exhibit an impressive CAGR of 13.5% during the forecast period from 2017 and 2025. In this time span, the market is expected to reach a revenue valuation of US$23.44 bn by 2025, which is a decent increase from a previous valuation of US$6.55 bn achieved in 2016.
In terms of application, the precision agriculture sector accounted for nearly 50% of the overall market in 2016, and is expected to continue as a leading segment owing to a rise in demand of highly efficient and quality agricultural processes. Geography-wise, the smart agriculture market depicts a mammoth presence in North America, mainly due to widespread adoption of equipment powered by new technologies that promises high agricultural yield. This region is likely to continue holding its dominant position owing to the high demand for automation in the field of commercial agriculture.
Increasing Requirement for Quality Foods Fuels Smart Agriculture Market
Rising demand for high quality agro-produce to provide a fast increasing global population with adequate foodstuffs is majorly driving the global smart agriculture market. This is mainly due to the fact that smart machines help agro-based industries achieve a high target, which is highly necessary when it comes to agricultural produce. Moreover, a rising awareness about vast benefits associated with highly advanced technologies utilized to increase production capacities is also making the smart agriculture market glide smoothly to depict a splendid revenue generation.
Several machines that comprise this sector enable reduction in time taken for undertaking different processes, thus attracting a large audience of agriculturists from a global perspective. In addition, many governments are focusing on making the agricultural sector more productive by implementing various reforms and funds in order to make the market achieve a healthy growth trajectory in the near future. With such favorable actions undertaken by governments, numerous companies are investing mammoth amounts of money in the market, consequently providing it with a strong impetus to expand profitably.
However, high costs of machines and equipment needed to implement smart agricultural activities is majorly restraining the global smart agriculture market. Moreover, less awareness regarding the benefits of such equipment in remote and underdeveloped regions stunts the market's expansion from a geographical perspective. Nevertheless, several players are soon expected to manufacture cost regulated equipment and devices. This could certainly reduce effects of most restraints affecting the global smart agriculture market in the near future.
This analysis of the global smart agriculture market is based on a recent market research report by Transparency Market Research, titled "Smart Agriculture Market (Solutions - Network Management, Agriculture Asset Management, Supervisory Control and Data Acquisition, Logistic and Supply Chain Management, and Smart Water Management; Application - Precision Agriculture, Livestock Monitoring, Fish Farming, and Smart Greenhouse) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025."
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