The presence of a
large number of companies has rendered the competitive landscape of
the global smart agriculture market highly fragmented. The cumulative
share of the top four players nearly 15.5% in the market in 2016,
hinting towards a highly competitive environment. Raven Industries,
Inc., Trimble Navigation, Deere & Co, and AgJunction, Inc., are
the top market players. Of these, AgJunction, Inc., emerged dominant
in 2016 holding a little short of 6% of the overall market, finds
Transparency Market Research (TMR) in its new study.
“A majority of the
companies operating in the global smart agriculture market are
looking to gain traction by means of innovation and technological
improvements,” said a lead TMR analyst. Besides this, exploring
lucrative pockets around the world and establishing units are key
strategies of emerging at the fore of this highly competitive market.
Acquiring small and local players is yet another popular strategy
adopted by the leading players aiming for expanding their regional
footprint.
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According to TMR,
exhibiting a promising 13.5% CAGR between 2017 and 2025, the global
smart agriculture market is forecast to reach US$23.44 bn by the end
of 2025. The market’s valuation stood at US$6.55 bn in 2016.
Regionally, North America emerged dominant with a value-based share
of 44.14% in the overall market in 2016. Through the course of the
forecast period, the region is likely to maintain its dominance. In
terms of application, the precision agriculture segment was at fore
with a share of 49.09% in the overall market in 2016.
Demand for Better
Yield to Fuel Implementation of Smart Agriculture Technologies
As smart
technologies make headway across industries, the agriculture sector
is not to be left behind. A considerably rising demand for the same
is noted especially across the agriculture sector in developed
economies. These developments are currently implemented to reduce
human effort at the same time boost agricultural yield. Latest
technologies such as micro controller, cloud- or web-based platform,
cameras, sensors, and smart devices, sensors, and cameras are
implemented to help farmers understand their land condition better.
The need for latest
and smart technologies in agriculture is primarily triggered by the
persistent want for food to feed the globally rising population. Many
countries are deploying smart agriculture also to keep track of their
livestock and monitor their health. Besides this, the market is
expected to gain impetus in response to the increasing demand for
precision farming. Precision agriculture comprises remote sensors
that capture multi-band images of crops from drones and UAVs. Also
the rising trend of corporate farming is expected to fuel the demand
for smart agriculture technologies. In addition, the rising scarcity
of arable lands is tipping scales in favor of smart agriculture to
help pursue greenhouse farming.
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Lack of Knowledge
among Farmers to Curb Growth Potential in Underdeveloped Nations
On the downside, the
market is reeling under lack of awareness about advanced technologies
among farmers. The scenario is exacerbated in developing and
under-developed economies where farmers are coping with meager
knowledge and feudalistic ways of selling crops. To make matters
worse, the high cost of smart devices is inhibiting their use in the
agriculture sector, despite abundant opportunities across emerging
nations. Nevertheless, with internet penetrating even in remote
areas, soon the aforementioned problems are likely to get mitigated.
Besides the availability of high-speed internet, favorable government
initiatives to educate farmers about the benefits of implementing
smart technologies will aid in the market’s expansion.
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and analyze information.
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repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
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