Northbrook, IL -- (SBWIRE) -- 07/22/2021 -- The smart agriculture market is estimated to be worth USD 13.7 billion in 2020 and is projected to reach USD 22.0 billion by 2025; it is expected to grow at a CAGR of 9.8% from 2020 to 2025. The rising pressure on food supply system owing to rapidly growing population, surging use of modern technologies in agricultural products and growing focus of farmers on livestock monitoring and disease detection to fuel the growth of smart irrigation systems. Moreover, the rising investments in the agriculture technology sector have propelled the growth the growth for smart agriculture market.
Hardware offering expected to continue to hold the largest market share during forecast period
The hardware segment is expected to hold the largest share of the smart agriculture market in 2020. The growing adoption of new technologies and modern smart agricultural devices is expected to drive the growth of the smart agriculture market for hardware offerings during the forecast period. Increasing adoption of automation and control systems, such as GPS/GNSS receivers, irrigation controllers, and guidance and steering systems, has created a new approach to farming practices, which is boosting the market growth. Further, surging deployment of IoT- and AI-driven livestock monitoring devices by dairy farmers is some of the major factors accelerating the growth of the hardware devices in livestock monitoring segment.
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Precision farming segment expected to hold major market share from 2020 to 2025
Precision farming accounted for the largest share of ~46% of the smart agriculture market, by agriculture type, in 2019 owing to the increasing focus on farm efficiency and productivity. The implementation of precision farming tools has the potential to change the concept of agriculture for good, making traditional agricultural activities more efficient and predictable. Precision farming technologies, such as guidance technology, remote sensing, smart sensors, drones, and variable rate technology (VRT), have made it possible to manage the soil and crop effectively. These technologies are used in conjunction with on-field equipment and devices for guidance and navigation applications.
Yield monitoring application (precision farming), and feeding management (livestock monitoring) expected to hold significant market share from 2020 to 2025
Precision farming tools are widely used in yield monitoring applications; hence, this application held the largest market share in 2019. Among farmers, precision farming tools are gaining tremendous popularity for yield monitoring applications due to the increasing need for optimum crop production with the availability of a limited number of resources. The feeding management application is expected to continue to account for the largest size of the livestock monitoring market during the forecast period owing to the increasing demand for automated feeding systems and dry feeding systems.
Market Players
The smart agriculture market is dominated by a few globally established players such as Deere & Company (US), Trimble (US), Topcon Positioning Systems (US), DeLaval (Sweden), Antelliq (France), Afimilk (Israel), Raven Industries (US), AgJunction (US).
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