Global Smart Agriculture Market Report, published by Variant Market Research, forecast that the global market is expected to reach $20 billion by 2024 from $7 billion in 2016; growing at a CAGR of 14.1% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 15.6% and 15%, respectively, during the forecast period.
Growing popularity of greenhouse farming and need for automated farming techniques are the major key drivers of the smart agriculture market. Moreover, rising population along with increasing demand for food globally also fuels the growth of the market. Entry for new players and spreading awareness among farmers in emerging economies would provide growth opportunities in the coming years. However, high cost of smart devices and lack of technical knowledge may limit the growth of the market.
The global smart agriculture market is bifurcated into solution, application and geography. By solution, the market is further segmented into agriculture asset management, network management, supervisory control & data acquisition, smart water management, logistics & supply chain management, and others. Logistics & supply chain management and network management dominated the solution type segment accounting about 22.3% and 21.7% respectively in 2016. Furthermore, application segment includes livestock monitoring, precision agriculture, smart greenhouse, fish farming, and others. Furthermore, in 2016, livestock monitoring is likely to dominate the market in the application segment with highest CAGR during the forecast period 2016-2024, owing to increasing research and development on animal science & technology along with high demand for livestock products.
Geographically, the global smart agriculture market is categorized into North America, Europe, Asia-Pacific and Rest of the world (RoW). In 2016, North America accounted for the largest market share of 31.5% owing to high adoption of latest technologies and increased support in monitoring livestock health and performance. However, Asia Pacific is likely to dominate the market with fastest CAGR during the forecast period owing to the high investment on research & development on agricultural solutions and launching innovative and efficient products.
Market players have used various strategies to increase their market share and global presence. For instance, in February 2017, John Deere introduced a new C850 Air Cart for small grain producers and it improves profitability for broad-acre and small grain producers. Additionally, the key players in the smart agriculture market include Raven Industries Inc., Deere & Co., Trimble Navigation Ltd., AGCO Corporation, AgJunction Inc., SST Development Group, Inc., Hexagon AB, Iteris Inc., Teejet Technologies and Cisco Systems, among others.