Smart Agriculture Industry set to record exponential growth by 2026
North America generated the highest revenue in the market in 2017. The increasing population, and growing demand for high quality crops drives the growth of smart agriculture market.
The global smart agriculture market is anticipated to reach $20,635 million by 2026 according to the new research published by Polaris Market Research. In 2017, the hardware segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue in 2017.
The global smart agriculture market is majorly driven by an increasing adoption of smart agriculture across the world owing to growing agricultural industry, and high-demand for food crops. The growing population, and increasing automation of farm operations further supports market growth.
The global smart agriculture market is driven by the increasing need to improve the quality of crops produced, maximize crop production, and enhance productivity. The growing requirement to monitor livestock, and minimizing the use of pesticides and fertilizers boosts the adoption of smart agriculture. Other factors driving the growth of smart agriculture market include growth in the global agricultural industry, reducing availability of labors, and increasing labor costs.
Limited availability of arable land, growing environmental concerns, shifting focus towards organic food, and concerns regarding scarcity of natural resources are other factors supporting the growth of smart agriculture market. However, high initial investment restricts the growth of the smart agriculture market. While, growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the for the smart agriculture market in the coming years.
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