Global Smart Agriculture Market Predicted to Generate a Revenue of $54,949.90 Million by 2028, Growing at a CAGR of 10.90% from 2021 to 2028 – Exclusive [184 pages] Report by Research Dive

New York, USA, Sept. 08, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global smart agriculture market is expected to generate a revenue of $54,949.90 million by 2028, growing exponentially at a CAGR of 10.90% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.

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Dynamics of the Market

Drivers: Rising adoption of modern technologies like internet of things, artificial intelligence, robots, sensors, smart cameras and many more for the management of crops are expected to drive the growth of the market during the forecast period. In addition, seamless access of agriculture monitoring software on mobile phones are further anticipated to bolster the growth of the market during the forecast period.

Restraints: Exorbitant cost of smart agriculture equipment is predicted to impede the growth of the market during the forecast period.

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Opportunities: Continuous technological enhancements in developing innovative smart agriculture equipment and rising adoption of livestock monitoring solution among companies are expected to create ample opportunities for the growth of the market during the forecast period.

Segments of the Market

The report had divided the market into different segments based on agriculture, component and region.

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Agriculture: Precision Agriculture Sub-segment to be Most Profitable

The precision agriculture sub-segment is expected to generate a revenue of $19,743.00 million during the forecast period. Precision farming is extensively used by farmers for accelerating productivity and quantity of the crops along with the application of internet of things. This factor is expected to bolster the growth of the sub-segment during the forecast period.

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Component: Solution Sub-segment to be most Lucrative

The solution sub-segment is anticipated to generate a revenue of $30,244.50 million over the forecast period. Impeccable trends in the smart agriculture products such as the development of extremely receptive sensors, LED grow lights, effective agriculture asset management, among others are expected to fuel the growth of the sub-segment during the forecast period.

Region: North America Predicted to Dominate the Market

The North America smart agriculture market is expected to generate a revenue of $22,804.20 million during the forecast period. Availability of dominant smart agriculture manufacturers and high standard of living among people living in this region are expected to invigorate the growth of the market during the forecast period.

COVID-19 Impact on the Market

The outbreak of coronavirus has had a significant impact on the growth of the global smart agriculture market during this period.

Large-scale diffusion of virus around the globe forced the famers to refrain from hiring or keeping labors for the management of the crops. Hence, the farmers consequently inclined towards the adoption of smart agriculture products for effortless management of crops. Thus, the global pandemic has had a positive impact on the growth of the market.

Key Players of the Market

1. AgJunction

2. AGCO

3. AgEagle Aerial Systems, Inc.

4. DEERE & COMPANY

5. Raven Industries, Inc.

6. Trimble Inc.

7. Afimilk

8. LumiGrow, Inc.

9. Topcon Positioning System Inc.

10. DeLaval.

For instance, in February 2020, ICL, an Israeli fertilizer company acquired Growers Holdings, a North Carolina-based data driven farming company, in order to maximize ICL’s presence in the agriculture technology market and ameliorate its digital offerings.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.

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