Smart Agriculture Industry Set to Reach $22 Billion by 2025 (COVID-19 Adjusted)
DUBLIN, May 13, 2020 /PRNewswire/ -- The "Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock, Aquaculture, Greenhouse), Hardware (GPS, Drones, Sensors, RFID, LED Grow Lights), Software, Services, Application, Farm Size, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Agriculture Market is estimated to grow from US$ 13.8 billion in 2020 to US$ 22 billion by 2025, rising at a CAGR of 9.8%.
Key factors accelerating the smart agriculture market growth are the surging use of modern technologies in agriculture farms, growing income levels and demand for protein-rich aqua food, the increasing focus of farmers on livestock monitoring and disease detection, and the increasing emphasis on reducing the management cost by adopting advanced livestock monitoring products. Increasing investment and rising R&D expenditure in agriculture technology across the world and increasing the popularity of land-based recirculating aquaculture systems are expected to offer substantial opportunities for the smart agriculture market.
Market for software offerings estimated to grow at highest CAGR during the forecast period
The market for software offering in the smart agriculture market is expected to grow at the highest CAGR from 2020 tp 2025 due to the substantial cost savings associated with a cloud-based software platform, as well as the rising number of farmers, growers, and ranchers in APAC, Europe, and South America adopting AI-based predictive analytics software. The software can be used for functions such as data management, data security, crop health monitoring, farm work mapping, and inventory management. The software allows farmers and growers to utilize the accumulated data of the past few years to analyze the average yield data, create map-based prescriptions, timely irrigation scheduling, and generate yield maps.
Market for variable rate technology in precision farming, followed by livestock monitoring segment, to grow at the significant rate from 2020 to 2025
The wide adoption of VRT in precision farming is because of various benefits associated with it. VRT allows input application rates to be varied across fields for site-specific management of the field variability. The market for VRT is expected to grow at a higher CAGR than that for other technologies as this technology helps in applying the right amount of input at the right place on the field, which minimizes the input wate and increases land and crop productivity. Further, the growing cattle population with the increasing number of dairy farms and the rising adoption of livestock monitoring technology by dairy farmers in developing countries are expected to propel the growth of the livestock monitoring market.
Market for weather tracking and forecasting applications in precision farming, and monitoring and surveillance application in aquaculture to grow at a significant rate from 2020 to 2025
The precision farming market for weather tracking and forecasting applications is expected to grow at the highest CAGR from 2020 to 2025 owing to the benefits of climate service initiatives that enable farmers to effectively deal with climate-related disasters and improve food security and decision-making in agriculture. Further, the changing weather patterns due to increasing global warming have impelled the adoption of advanced farming technologies, such as sensor-based irrigation controllers, to enhance farm productivity and crop yield. The smart agriculture market for aquaculture monitoring and surveillance applications is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is predominantly driven by the increasing adoption of hardware devices such as sensors, RFID tags and readers, and livestock collars for early detection of disease in livestock, management of the herd, and identification and tracking of livestock.
Smart agriculture market in APAC to grow at highest CAGR from 2020 to 2025
APAC is one of the emerging markets for smart agriculture. The smart agriculture market in APAC is expected to grow at a double-digit rate during the forecast period. India, China, and Japan have embraced this technology and hold a major share of the smart agriculture market. However, significant opportunities are yet to be tapped into other Asian countries. The population in APAC is increasing at a high pace. The high pressure to improve agricultural yields with limited available resources and increased requirements to protect crops from unexpected climatic changes are also expected to increase the adoption of smart agriculture technology in APAC during the forecast period.
Impact of COVID-19 on Smart Agriculture Market
Other Important Players
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