The Smart Agriculture Market is expected to grow from USD 12.9 billion in 2021 to USD 20.8 billion by 2026; it is expected to grow at a CAGR of 10.1% during the forecast period.
High demand for integration of software and hardware equipment expected to propel the growth of system integration and consulting services
System integrators play an important role in the integration of software and hardware equipment. Companies such as Deere & Company (US), Trimble (US), AgJunction (US), and Topcon Positioning Systems (US) provide system integration services to farmers. Moreover, there are third-party system integrators for these companies. System integrators are involved in troubleshooting and diagnosing issues related to farm management solutions, which also involve developing new concepts related to software and hardware equipment. The rising number of new hardware installations in farms would create opportunities for system integrators.
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Radio-frequency identification (RFID) tags for livestock monitoring application continue to witness stronger demand during the forecast period
Radio-frequency identification (RFID) tags are used to track livestock. Livestock identification has both visual and management benefits; by identifying the livestock with RFID tags, the farmer can easily determine individual animals in the livestock and track their history and performance. These tags are also used to monitor livestock behavior and health by identifying the frequency at which animals visit feeding stations and tracking each animal’s pedigree and medical information.
A low-frequency RFID reader scans the animals during veterinary visits or inventory counts and uploads significant information about each animal to a database with the help of software. The innovative livestock RFID ear tag can be used for the identification of horses, fish, sheep, goats, and other livestock. Small tags are embedded in bird rings or bands to track birds. RFID tags and readers play a vital role in managing huge livestock farms with ease.
Yield monitoring likely to account the largest market share for precision farming segment during the forecast period
Precision farming tools are most widely used for yield monitoring, as they play a vital role in understanding this variability and helps farmers in maximizing their yields. Yield monitoring provides farmers the information about weather conditions, soil properties, and fertilizers, which may affect the overall grain production. Various benefits of yield monitoring are discussed below. Yield monitoring helps collect data and identify the precise yield variability. The interpretation of this data facilitates a farmer to make effective decisions. Yield monitors are combinations of various components that include mass flow sensors, moisture sensors, ground speed sensors, GPS receivers, and a task computer that is in the vehicle that controls the integration and interaction of these components.
Americas to accounts for the largest share of the smart agriculture market during the forecast period
The Americas likely to dominate the smart agriculture market during the forecast period, since several large-scale farmers in the region are already using advanced technologies to increase crop production and improve crop management. Countries in this region, such as the US and Canada, are the early adopters of smart agriculture technologies, thereby contributing to the growth of the smart agriculture market in the Americas. The presence of key market players, such as Granular (US), Trimble (US), and Deere & Company (US), and the high adoption of agricultural technologies in the region are the key factors contributing to the growth of the smart agriculture market in the Americas. A well-established information communication technology (ICT) infrastructure in the US and Canada makes it a prominent market for software offerings in smart agriculture. Considering the large-scale farming carried out in Brazil and Argentina, the smart agriculture market in South America is expected to grow at a higher rate during the forecast period.
The report profiles key players in the smart agriculture market and analyzes their market shares. Some key players profiled in this report are John Deere (US), Trimble (US), Topcon Positioning Systems (US), DeLaval (Sweden), AKVA (Norway), Antelliq (France), Afimilk (Israel), InnovaSea Systems (US), Heliospectra (Sweden), and LumiGrow (US).
Study Coverage
This report categorizes the smart agriculture market by agriculture type, offering, application, farm size and geography. The report also describes the drivers, restraints, opportunities, and challenges of this market. Further, the report includes the value chain analysis, porter’s five forces analysis, trade analysis, ecosystem, technological trends, pricing analysis, key patents, standards and frameworks, and case studies/use cases.
Brief information on the research methodology for the report can be found in the report description provided on the website.
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