Smart Agriculture is the agriculture that uses modern information and communication technology for increasing the quality and quantity of agricultural products. Following the plant breeding and genetics revolutions, the third green revolution will be smart agriculture, which will combine the various solutions such as internet of things (IoT), sensors, big data, aerial vehicles, precision farming, robotics, and so on with agriculture to provide the benefit of:
Precision Agriculture - The solutions help in optimizing the returns while allowing for the creation of maps on many variables (such as crop yield, terrain features, organic matter content, moisture levels, and nitrogen levels, among others) that lead to precision agriculture by targeting the main problem areas.
Management Information Systems – Smart agriculture helps in the collection, processing, storage, and dissemination of data in the form needed to carry out the agricultural operations and functions.
Increased Productivity – The productivity of the agricultural products is increased with the precision spraying of pesticides, drip irrigation systems to save water while not affecting the requirement of the crops, and continuous monitoring which gives the information about any discrepancies in the nutritional content.
Environment Protection – The use of smart technology also helps in the efficient use of water and the optimization of treatments and inputs like herbicides and pesticides so that it may not affect the soil quality.
The demand for the smart agriculture market is driven by the growing global population as it will lead to the demand for more food. According to the Food and Agriculture Organization of the United Nations, between now and 2050, the world’s population will increase by one-third, which will require the agricultural production to increase by 60 percent by 2050. But, the production of agricultural produce is getting low as the producers are struggling to keep up the crop yield level. This can be amended by the use of smart agriculture solutions, which will continuously monitor and check on the quality of the product to maintain a particular yield level. The demand is also augmented by the rising concerns about the environment. The use of insecticides, pesticides, etc along with the extensive use of water have depleted the soil quality and reduced water availability. The smart solution for agriculture helps inefficient use of water and in optimizing treatment and inputs so that the quality of soil does not get affected. Moreover, growth is also propelled by the support of various governments and organizations throughout the world. For example, the World Bank Group has committed to working with countries to deliver climate-smart agriculture. It is also supporting the research programs for smart agricultural solutions for promoting resilience and combating climate change. The Maharashtra Project for Climate Resilient Agriculture is the largest climate-smart agriculture financed project by the bank.
However, the requirement of high initial investment by the producers will hamper the growth of the market. Due to the increase in the cost of production due to the initial investment, the produce of the farmer becomes expensive in the market in comparison with other farmer’s produce that leads to the decline in the demand for the farmer who does the initial investment. Also, the lack of farmers with technical knowledge will be a constraint in the growth of the market. Furthermore, the lack of financial stability and the absence of a good source of credit also act as a restraint.
The smart agriculture market has been segmented based on offering, application, and geography. By offering, the market is segmented as hardware, software, and services. By application, the market is segmented as Precision farming, Livestock Monitoring, Smart greenhouses, and Others. Geographically, the market is segmented as North America, South America, Europe, Middle East and Africa, and The Asia Pacific.
Mostly smart agriculture hardware is deployed outside across wide areas, weather-resistant sealed electronics that have wireless connectivity. The hardware helps in reducing the cost of production by automating the tasks thereby removing the use of labor. It also leads to efficiency and effectiveness in the tasks. Sensors, drones, robotics, etc are examples of smart agriculture hardware.
Software is a vital part of the smart agriculture market. It commands the hardware to automate farming according to the set standards and rules.
Services are used by those who do not require smart technology in their day-to-day farming or who do not want to spend highly on acquiring these solutions. For example, sentinel satellites, that is used for monitoring and gaining information about the field and the produce.
Precision Farming brings in information technology to ensure that the crops and soil requirements are fulfilled. It has higher adoption in areas where labor costs are high and land costs are relatively cheaper. It connects the entire operations at the farm and gives access to the right information at the right time so that the decision can be made accordingly. Precision agriculture is expected to have a considerable market share due to the high rate of adoption of precision farming techniques
Livestock Monitoring is a substantial cost saving method that is necessary because of the growing size of the dairy farms and the increased incidences of diseases being spread across the livestock which could be harmful for people's consumption.
Smart Greenhouses are high-tech structures constructed which provide highly controllable and stable environmental conditions for the optimal growth of plants, vegetables, fruits, and transplants. These greenhouses help to grow off-season crops, maintain suitable climatic conditions for each crop, better quality produce, greater control of pests, weeds, and diseases, efficient use of productive resources and provides safety and comfort in performing crop tasks.
Geographically, the North America region accounts for the largest share of the market. This is due to the awareness of smart agriculture solutions and the presence of various key players in the area. Moreover, the increasing investments by the governments and various market players in the research and development are also supporting the market growth. The Asia Pacific is also projected to witness multiple growth opportunities owing to the higher economic dependency on agriculture in developing countries like India and China.
In January 2017, Dickey-John announced the release of the mini [email protected], the first and only handheld grain moisture tester built using 149 MHz technology.
In June 2019, Agco Corporation launched Agco Connect, a next-generation telemetry solution for North American customers and dealers to improve productivity, efficiency, and profitability.
In April 2019, Trimble launched Farmer Core, new software that enables the farmers to connect all the farm operations.
In September 2019, AgJunction announced three patent allowances in the US and Europe in precision agriculture.
In April 2019, Ag Leader introduced AgFiniti, aimed at connecting the entire operations and giving access to the right information at the right time.
In November 2018, CEJA and DeLaval announced a collaborative agreement for animal production in Germany.
The “Smart AGriculture Market– Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by offering, application, and geography.
The smart agriculture market has been segmented based on offering, application, and geography. By offering, the market is segmented as hardware, software, and services. By application, the market is segmented as Precision farming, Livestock Monitoring, Smart greenhouses, and Others. Geographically
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the smart agriculture market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the smart agriculture market.
Sensor Monitoring System
Smart Detection System
GPS_enabled Ranging System
Climate Information Services
Supply Chain Management Services
Middle East and Africa