Smart agriculture is an integrated approach to manage farming activities such as optimizing yields and preserving resources.
Smart agriculture makes the farming process a relatively easy process with use of agricultural robots for automatic farming processes such as soil maintenance, weeding, fruit picking, harvesting, planting and irrigation.
Increasing support by governments in various developed and developing economies for smart agriculture and rising global food demand worldwide are major factors expected to boost growth of the global smart agriculture market over the forecast period. However, high cost of the smart devices and lack of awareness about the latest technologies is expected to hamper growth of the target market.
On the basis of application, the global smart agriculture market is segmented into precision agriculture, livestock monitoring, fish farming, and smart greenhouse. Also, smart greenhouse segment is projected to witness moderate growth over the forecast period.
The global smart agriculture market report has been segmented on the basis of, solution, application, and region. On the basis of region, the global smart agriculture market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to high adoption of advanced in the region. Revenue from the market in Europe accounted for second-highest share and is closely followed by the markets in Asia Pacific, Latin America, and Middle East & Africa respectively. This is attributed to increasing government initiatives for spreading awareness about smart agriculture in the region. Furthermore, the market in Asia Pacific is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. This can be attributed to rising demand for food and increasing emphasis on smart technologies to be used in agriculture in emerging economies in the region. Also, the markets in Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global smart agriculture market include Deere & Co. Trimble Navigation LTD. Raven Industries LTD., AgJunction Inc., AGCO Corporations, SST Development Group Inc., Ag Leader Technology, Hexagon AB, Iteris Inc., Tee Jet Technologies.