The smart agriculture market has come into prominence in recent times, as large scale commercial agriculture, and increasing pressure for conserving natural resources has come into the spotlight. The market is witnessing a major growth in recent times as small compact devices, with 24/7 monitoring technologies, and advent of supporting technologies like GPS, drones, continues to promise new opportunities for players in the smart agriculture market. the market stood at an evaluation of US$6.55 bn in 2016. With a robust CAGR of 13.2%, it will likely reach US$23.44 bn by the end of 2025.
Rising Investment in Modernisation Promises a Major Boost
The modest income of farmers and increasing pressure on natural resources like land, water, among others has brought the agriculture sector in focus conventionally. However unlike in the distant past, today technology exists to modernise agriculture sector to monitor diseases in crops, their nourishment, and provide 24/7 water supply as necessary provide new opportunities for growth keeping in mind conventional challenges in the sector. Crop diseases can result in destruction of healthy food supply. Additionally, growing research in different genetic varieties, and their decreased resistance to diseases are major concerns for farmers and large scale commercial producers of agricultural products. The rising demand for agricultural products in the food and beverage industry, with brands like Coca Cola and Pepsi launching their natural drinks in recent times has brought back focus on growth for the smart agriculture market.
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Rising Government Support Promises New Opportunities for Growth
Rising support by governments to adapt expensive IoT devices, and infrastructure will promise major growth for the smart agriculture market in the near future. The growing demand for modernisation, and the increasing environmental issues associated with colossal water usage in the sector will drive new opportunities for growth. Moreover, agriculture sector also forms the backbone of the economy with inputs to the industrial sector for a wide range of products. The increasing emphasis on quality agricultural products, growth of the food and beverage sector, and rising opportunities in emerging nations will drive new avenues for growth for players in the smart agriculture market.
Some of the key players operating in the smart agriculture market across the globe are TeeJet Technologies, Raven Industries Ltd., AgJunction Inc., SST Development Group Inc., Trimble Navigation Ltd., Deere & Co., Hexagon AB, Ag Leader Technology, and Iteris Inc.
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