Smart Agriculture Market Size will Reach US$ 30.01 billion by 2025
The smart agriculture market is expected to grow US$ 30.01 billion by 2025 from US$ 11.30 billion in 2016.
Along with the rising trend of globalization, the people are getting more educated regarding a healthy diet and thus the food and beverage industry is experiencing a sturdy shift in the food consumption pattern. A number of people today, have started including non – vegetarian food produces, which is subsequently leading to rising demand for efficient production of livestock.
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The key trend which will predominantly effect the market in the coming year is upcoming technological advancement in this field. It is predicted that the upcoming technological advancements in this industry would enable the farmers to regulate the requirements of a crop at any explicit location and instant in a way that will be increasingly accurate, and from a distance. The companies that survive in the ecosystem would be on account of innovations and to support the development and adoption of smart agriculture techniques. The future technological advancement in smart agriculture is expected to ease out the lengthy procedures involved in crop production and also support in making the supply chain of this market more effective. The needs and wants of customers to increase each passing day and to meet such rapidly increasing demands, it has become very important to adopt technologies that provide better results in less time and cost.
The global smart agriculture market has been categorized by Product type majorly into three categories; hardware, software, and services. The hardware segment further comprises sensors based monitoring systems, smart detection systems, GPS enabled ranging systems and drones. Whereas the services segment comprises of supply chain management, climate information and other (System Integration, Maintenance and Consulting Service). The software and services market is expected to witness the highest growth rates, whereas the hardware segment is expected to grow at a moderate growth rate.
The overall market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, the primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts and key opinion leaders specializing in the smart agriculture industry.
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Name: Sameer Joshi
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