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", published by MarketsandMarkets™, the 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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Factors such as increasing adoption 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 are driving the growth of the smart agriculture market.
Hardware components to hold a major share of the smart agriculture market during 2018-2023
Hardware component is expected to hold a major share of the smart agriculture market between 2018 and 2023, owing of their widespread use in the smart agriculture industry. Smart agriculture involves hardware devices and tools to minimize input and increase output productivity of lands and crop yields. Automation and control systems such as global positioning system (GPS) receivers, guidance and steering devices, and variable rate technology (VRT) tools play a major role in the smart agriculture industry.
Smart agriculture market for precision farming application expected to hold the largest market size during 2018-2023
Smart agriculture tools are most widely used in precision farming as they play a vital role in improving farm efficiency and help growers in maximizing their crop yields. Yield monitoring is a major application of precision farming used to identify the field variability information, which includes weather conditions, soil properties, and fertilizers. Soil monitoring is a major application of yield monitoring, which helps identify different soil parameters to maintain the nutrient level of the soil.
Americas held the largest share of the smart agriculture market in 2017
The Americas accounted for a major share of the smart agriculture market in 2017, and the same trend is expected to follow during the forecast period as it is home to several players in the smart agriculture market, such as Deere & Company (US), Trimble, (US), Raven Industries (US), AgJunction, (US), and AGCO (US). These companies have contributed to the growth of the smart agriculture market by launching innovative products and services and by spending extensively on the R&D of smart agriculture solutions.
Key players in the smart agriculture market include Deere & Company (US), (Trimble) (US), AGCO (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), DeLaval (Sweden), GEA Group (Germany), Precision Planting (US), SST Development Group (US), Teejet Technologies (US), Topcon Positioning Systems (US), DICKEY-john Corporation (US), CropMetrics (US), Agribotix (US), The Climate Corporation (US), ec2ce (Spain), Descartes Labs (US), Gamaya (Switzerland), Granular (US), Prospera Technologies (Israel), Autonomous Tractor Corporation (US), Decisive Farming (Canada), Hexagon Agriculture (Brazil), and Autocopter Corp (US). These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and expansions to cater to customer demands.
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