The ongoing health crisis around COVID19 has affected all walks of life. COVID 19 realises the importance of all essentials items specifically food, to people owing to shortage in supplies of equipment required for harvesting. More than 120 million farmers are there in India, who contributes 40% in the country’s grain production which includes fruits, vegetables, oilseeds, rice, wheat and other crops in order to survive. This means half of the India’s population is depending on agriculture for their livelihood. Hence, food is an essential need for surviving, irrespective of the occurrence of any crisis impacting the economy. This is possible only with good growth in agriculture sector. To ensure the flow of food in an economy and to benefit the agriculture sector during this pandemic, governments have taken various initiatives. For instance, Indian Finance Minister provided INR 1.7 trillion package to vulnerable sections including farmers and also offered INR 2000 to bank accounts of farmers as income support under PM-KISAN scheme. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global smart agriculture industry. Our report consists of:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
According to a recent report published by Research Dive, the global smart agriculture market is set to grow at a considerable CAGR and is projected to generate a revenue of $25.6 billion during the period of forecast from 2019 to 2027. The report segments the global market on the basis of type, application, and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.
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Factors Affecting the Market Growth
As per the report, increasing demand for food supply coupled with growth in number of population, surge in demand of smart technologies and rise in need for food quality are driving the growth of smart agriculture market. However, high cost associated with innovative agriculture equipment can restrain the market growth.
Precision Farming Segment to Dominate the Industry
Based on type, the global smart agriculture market is segmented into precision farming, livestock monitoring, fish farming, smart greenhouse, and others. Of these, the precision farming segment held the majority of share in 2018 and is expected to grow at the fastest CAGR during the forecast period. This is mainly because precision farming involves observing and monitoring of progress in agricultural-related activities. Precision farming ensures optimum utilization of land and helps in producing high-quality crops with keeping soil quality intact.
Yield Monitoring Segment to be Most Lucrative by 2027
On the basis of application, the global market is segmented into irrigation management, weather tracking & forecasting, water quality management, crop scouting, field mapping, yield monitoring, and others. The yield monitoring segment is anticipated to grow at the highest rate during the forecast period owing to the growing need for efficient crop production with the availability of scarce resources.
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North America Region to Account for Majority of Share by 2027
Based on the region, the global smart agriculture market is divided into North America, Asia Pacific, LAMEA, and Europe. The North America market for smart agriculture accounted for the largest market share in 2018 and is anticipated to continue its trend during the forecast period. This is majorly owing to technological developments in the field of crop monitoring and artificial intelligence in agriculture.
Major Players of the Market
The major players operating in the global smart agriculture market include TOPCON Positioning systems, Deere & Company, AGCO Corporation, SST Development Group, AG Leader Technology, Raven Industries, Cropmetrics, Trimble Inc., Precision Planting LLC., and AG Junction. These players are implementing various strategies such as strategic alliances and advanced product developments to obtain a robust market position.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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