The future technological advancement in the smart agriculture is expected to ease out the lengthy procedures involved in crop production and also support in making the supply chain of smart agriculture market more effective. The needs and wants of customer increase each passing day and to meet such rapidly increasing demands, it has become very important to adopt technologies that provide better result in less time and cost.
Key trend which will predominantly effect the smart agriculture market in 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.
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Global smart agriculture market has been categorized by Product type majorly into three categories; hardware, software and services. The hardware segment further comprises of sensors based monitoring system, smart detection systems, GPS enabled ranging system 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 highest growth rates, whereas the hardware segment is expected to grow at a moderate growth rate.
Along with the rising trend of globalization, the people are getting more educated regarding healthy diet and thus the food and beverages industry is experiencing a sturdy shift in the food consumption pattern. More number of people today, have started including non-vegetarian food produces, which is subsequently leading to rising demand for smart agriculture market.
Smart agriculture market by application is segmented into precision farming, livestock monitoring, yield monitoring, soil health monitoring, irrigation systems, forestry, variable rate technology (VRT), asset management, smart greenhouse and others. Precision farming has received maximum traction over the years, however livestock monitoring is projected to grow at a significant rate during the forecast period, and precision farming would continue to dominate the market by capturing majority revenue share in the market.
By the year 2050 the total global population is expected to increase by approximately 16.5%, and to meet their daily food demand, the agriculture sector globally is expected to increase its production by 70%. Presently, achieving the target of minimum food security for survival is the major challenge faced by the industry. Thus, the organization across the globe are promoting the adoption of smart agriculture solution, which would further reduce the time consuming process of crop yielding and also enhance the research practices in this field.
Along with the rising trend of globalization, the people are getting more educated regarding healthy diet and thus the food and beverages industry is experiencing a sturdy shift in the food consumption pattern. More number of people today, have started including non – vegetarian food produces, which is subsequently leading to rising demand for efficient production of livestock. Hence, the demand for livestock management system is expected to increase during the forecast period.
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