Smart Agriculture Solution Market Analysis | Coherent Market Insights

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SMART AGRICULTURE SOLUTION MARKET ANALYSIS

• Smart Agriculture Market, By Component (Hardware
  (Sensor Monitoring System, Smart Detection
  System, GPS Enabled Ranging System And Drones),
  Software, Service (Climate Information Service,
  Supply Chain Management Service And Others(System
  Integration, Maintenance and Consulting
  Service)), By Solution (Automated Machinery
  Guidance Control, Tractor Collision and Obstacle
  Detection, Machinery Safety and Parameter
  Monitoring, Variable Rate Technology and Building
  and Premise Surveillance) and by Region (North
  America, Latin America, Europe, Asia Pacific,
  Middle East and Africa) - Size, Share, Outlook,
  and Opportunity Analysis, 2020 - 2027

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• The global Smart Agriculture Solution market was
  valued at US 18975.7 Mn in 2019 and is forecast
  to reach a value of US 44,358.5 Mn by 2027 at
  a CAGR of 11.2 between 2020 and 2027

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Market Drivers

• Wide availability of low-cost sensors is expected
  to drive growth of the global smart agriculture
  solution market during the forecast period
  Cost and size of various sensors such as
  temperature, load, and vibration have decreased
  significantly in the recent past. This is
  typically due to technological advancements in
  the semiconductor industry along with intense
  competition among various manufacturers. Such
  sensors are an important component in the market
  and serve to collect and formulate information
  required for testing and monitoring health and
  status of crops, soil, weather, etc. Thus, these
  factors are expected to drive growth of the
  global smart agriculture solution market during
  the forecast period.
• Rising need to address soil erosion from
  intensive farming is expected to propel the
  global smart agriculture solution market growth
  over the forecast period Condition and status
  of soil and its properties are crucial for making
  decisions concerning sustainable soil management,
  which in turn, contributes to appropriate land
  use. It is vital to carry out soil assessments
  and undertake analysis and mapping of data and
  information through soil surveys. Therefore,
  these factors are expected to propel the global
  smart agriculture solution market growth over the
  forecast period.

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Smart Agriculture Solution Market - Impact of
Coronavirus (Covid-19) Pandemic

• Many governments around the globe such as India,
  Spain and Italy have imposed nationwide lockdown
  to prevent the spread of COVID-19 disease. For
  instance, India have imposed lockdown from 25
  March to 1 May until the further notice. Lockdown
  resulted in the shortage of the workers at the
  farms. Due to the manpower shortage the farms are
  struggling to carry out the plantation
  activities. Moreover, there is also shortage of
  transportation facilities such as Trucks and
  Trains. Owing to above mentioned factors, the
  COVID-19 pandemic is expected to restrain the
  market growth during the year 2020

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• North America held dominant position in the
  global Smart Agriculture Solution market in 2019,
  accounting for 51.9 share in terms of value,
  followed by Europe and Asia Pacific respectively
• Figure 1 Global Smart Agriculture Solution
  Market Share () in terms of Value, By Region,
  2019

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Market Restraints

• Lack of established wireless and broadband
  coverage in rural areas is expected to restrain
  growth of the global smart agriculture solution
  market during the forecast period
• Lack of adequate infrastructure for wireless and
  broadband coverage, especially in emerging
  economies such as Africa and India is a major
  challenging factor. There is a lack of proper
  infrastructure for wireless coverage, which in
  turn, hinders the adoption of smart agriculture
  solutions. Thus, these factors are expected to
  restrain growth of the global smart agriculture
  solution market during the forecast period.
• Uncertainty of weather and political factors is
  expected to hinder the global smart agriculture
  solution market growth over the forecast period
• Factors such as weather and local political and
  economic changes cannot be accounted for and
  cannot be calibrated. Thus, these factors are
  expected to hinder the global smart agriculture
  solution market growth over the forecast period.

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Market Opportunities

• Adoption of novel technologies can present
  lucrative growth opportunities
• Major companies in precision agriculture are
  focused on providing data services, in order to
  aid farmers to optimize yield capacity and
  enhance resource utilization. For instance, in
  March 2016, TerrAvion launched areal data
  services for farmers with the aid of drones and
  thermal imagery technology.
• Research and development activities can present
  business opportunities
• Major companies in the market are focused on
  research and development activities, in order to
  innovate novel products. For instance, in June
  2016, Agribotix LLC introduced the Agribotix
  Agrion system, which is an agricultural drone
  solution, in order to aid farmers to evaluate the
  entire field. Furthermore, in May 2015, SemiosBio
  Technologies Inc. introduced a module i.e., Forst
  module, for its precision farming platform in
  order to broaden its solution offerings.

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• Figure 2 Global Smart Agriculture Solution
  Market Value (US Mn), 2017 - 2027

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Market Trends

• Increasing partnerships with various entities
• Major companies in the market are focused on
  partnership and collaboration activities, in
  order to gain a competitive edge in the market.
  For instance, in January 2016, Agribotix LLC
  partnered with Hawkins Manufacturing, Inc. in
  order to enhance its presence across North
  America. Moreover, in November 2016, Trimble
  Navigation Ltd. partnered with Precision AG,
  Agrinetix, Géo-Pro, and Avidor High Tech France
  and KOREC in order to enhance its presence in the
  markets in North America and Europe.
• Major investment by market players is another
  trend
• Key players in the market are investing
  significantly in other ventures, in order to
  expand the market presence. In April 2016,
  SemiosBio Technologies Inc. received investment
  from Agtech community with the aid of Haywood
  Securities. This investment is expected to aid
  the company in broadening its presence and
  solution portfolio.

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Competitive Section

• Major companies operating in the global smart
  agriculture solution market are Dirt Road Data,
  Inc., AgJunction LLC, Iteris, Inc., Site-Specific
  Technology Development Group, Inc., CropMetrics
  LLC, Trimble Navigation Ltd., Agribotix LLC,
  AgEagle Aerial Systems Inc., Granular, Inc.,
  AgriSight, Inc., and SemiosBio Technologies Inc.

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Key Developments

• Major market players are focused on product
  launches, in order to enhance expand the product
  portfolio. For instance, in November 2019,
  Trimble Navigation Ltd. introduced precision
  agriculture solutions GFX-350 Display and NAV-500
  Guidance Controller at Agritechnica 2019,
  Germany.
• Key companies in the market are involved in
  mergers and acquisitions, in order to enhance the
  market presence. For instance, in August 2018,
  AgEagle Aerial Systems Inc., a provider of drone
  imagery data analysis, acquired Agribotix LLC.

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