Global Smart Agriculture Market Growing at a CAGR of 11.5% to 2025 Says The Insight Partners
The Insight Partners added, “Smart Agriculture Market to 2025 – Global Analysis and Forecast by Product Type and Application” report to its research database.
August 3, 2017 /MarketersMedia/ —
Rising concern regarding food security and climate change is anticipated to be the major driving factor for growth in the smart agriculture market between 2017 and 2025.
The smart agriculture market is US$ 11.30 billion in 2016 and is estimated to reach US$ 30.01 billion by 2025. Smart agriculture, also known as precision farming is a technology that enables the farmers to maximize their yields by minimum usage of resources, such as water, seeds and fertilizers.
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Dramatically rising population across the globe is raising the concern regarding the food security. Furthermore, the transforming climatic conditions are affecting the crop yielding patterns. The changing climate worldwide is anticipated to lead to scarcity of lack of water and productive soil. Therefore, the farmers and agribusinesses globally have realized the urgent need to transform the agricultural production processes. Whilst building a resilient productive system has also become critical, so as to reduce the vulnerability of plants as well as animals in favor of productivity despite of climate change. Rising food security concern due to climate change is driving the smart agriculture market by 11.5% between 2017 and 2025.
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Global smart agriculture market has been categorized by product type majorly into three categories; hardware, software and services. The hardware segment further comprises of sensors based monitoring system, smart detection systems, GPS enabled ranging system and drones. Whereas the services segment comprises of supply chain management, climate information and other (System Integration, Maintenance and Consulting Service). The software segment involves all the operating systems and mobile application supporting the operations of smart agriculture systems. Presently, the market for hardware and software is predicted to grow, owing to the rising adoption of smart agriculture systems that would require deployment of hardware systems at a large scale. Similarly, demand for software configuration is expected to grow in direct proportion with the hardware components. Whereas, the services would witness moderate growth initially and the demand is expected to bolster over the coming years.
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Smart agriculture market by application is segmented into precision farming, livestock monitoring, yield monitoring, soil health monitoring, irrigation systems, forestry, variable rate technology (VRT), asset management, smart greenhouse and others. Precision farming has received maximum traction over the years, however livestock monitoring is projected to grow at a significant rate during the forecast period, and precision farming would continue to dominate the market by capturing majority revenue share in the market.
Some of the major players influencing smart agriculture market are AGCO Corporation, Ag Junction Inc., AG Leader Technology, Deere & Company, Raven Industries, Inc., Semiosbio Technologies Inc., SST Development Group, Inc., Teejet Technologies, Topcon Precision Agriculture and Trimble Navigation Limited among others.
Complete Report is Available at http://www.theinsightpartners.com/reports/smart-agriculture-market
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, and Telecommunication industries.
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Organization: The Insight Partners
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Source: MarketersMedia
Release ID: 224706
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