Smart Agriculture is a method of agriculture farming that relies on the application of advanced technologies like internet of things, robots, smart camera, sensors, artificial intelligence and many more in either monitoring or removal of the crops for maximizing productivity and quantity of the crops in fields. It enables farmers to collect real-time data about crops, climate and soil which significantly helps them in saving a great deal of time and money on the maintenance of the crops.
Forecast Analysis of the Global Smart Agriculture Market
The global smart agriculture market is anticipated to witness exponential growth during the forecast period (2021-2028), owing to the increasing adoption of advanced technologies for efficient management of the crops so as to provide higher yield. In addition, easy availability of monitoring software on mobile phones is further expected to drive the growth of the market during the forecast period. But extortionate cost of smart agriculture equipment is expected to impede the growth of the market during the forecast period. However, persistent technological advancements in the development of exemplary smart agricultural devices and the growing adoption of livestock monitoring solutions among companies are expected to create massive opportunities for the growth of the market during the forecast period.
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According to the report published by Research Dive, the global smart agriculture market is expected to generate a revenue of $54,949.90 million by 2028, growing rapidly at a CAGR of 10.90% during the forecast period. the major players of the market include DeLaval, LumiGrow, Inc., DEERE & COMPANY, Raven Industries, Inc., AgJunction, Topcon Positioning System Inc., AdEagle Aerial Systems Inc., Trimble Inc., AGCO, Alfimilk, DeLaval, and many more.
Recent Trends in the Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global smart agriculture market to grow exponentially.
For instance, in June 2021, Bosch, a leading multinational technology and engineering company based in Gerlingen, Germany and BASF Smart Farming, an innovative provider of smart agricultural products, have collaborated in joint venture (50:50) to market and sell various smart farming technologies around the world under the name of Bosch BASF Smart Farming (BBSF) GmbH so as to integrate technologies and maximize their presence in the global smart agriculture market.
In November 2019, PrecisionHawk, a North Carolina-based commercial drone and data company, raised $32 million from venture investors so as to create an innovative next-gen drone software and services. They are also actively investing in developing a seamless sales and service operation in order to cater the surging demand for commercial drone services.
In October 2020, Ceres Imaging, an aerial imagery company responsible for building irrigation management solutions, proclaimed their addition of plant level insight monitoring in their mobile application that provides essential metrics to aid customers in collecting tree level data for better yield.
Most Profitable Region
North America is expected to have the highest market share, and hence dominate the market. The North America smart agriculture market is anticipated to generate a revenue of $22,804.20 million, during the forecast period. High standard of living among people and prevalence of leading players of the market in this region are expected to drive the growth of the market during the forecast period.
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COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact on various industries but the smart agriculture market has witnessed an enormous growth during the pandemic era. More and more famers around the world abstained from hiring migrant labors, considering the safety protocols during the pandemic, and hence shifted towards the adoption of smart agricultural products to effectively monitor and manage various crop activities. Thus, the pandemic has had a positive impact on the growth of the market.
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