Smart agriculture is sought after by farmers all over the world. As such, most Smart Farming Solutions suppliers such as Crop guards, operate on their national market as well as the international sphere.
Major factors contributing to the growth of the smart agriculture market include the increasing adoption of advanced technologies in various agriculture applications such as precision farming, smart green house, livestock monitoring, fish farm monitoring and others. Changing weather patterns due to increasing global warming have impelled the adoption of advanced farming technologies to enhance farm productivity and crop yield while making significant savings in use of scarce resources including water and energy. Farmers or growers across the globe are increasingly adopting advanced farming devices and equipment such as steering and guidance, sensors, yield monitors, display devices, IT and telecommunications infrastructures, and farm management software and hardware.
The smart agriculture market is currently classified into the Americas, Europe, Asia-Pacific (APAC), and Rest of world (RoW)
The Americas accounted for a major share of the smart agriculture market in 2017, and the same trend is expected to follow during the forecast period as it is home to several leading players in the smart agriculture market. These companies have contributed to the growth of the smart agriculture market by launching innovative products and services and by spending extensively on the R&D of smart agriculture solutions.
This makes U.S. and EU based Smart Farming providers at an advantage as they have a current lead on knowledge, skills, know-how and experience they can share with farmers in countries all over the world.
Currently, the Americas hold 40% of Smart Farming world Market, Europe 30%, APAC 20% and RoW 10%.
Major factors restraining the growth of the smart agriculture market are high cost and limited technical knowledge and skills of farmers. Smart agriculture requires high initial investment, efficient farming tools, and skilled and knowledgeable farmers or growers, among others.
Hardware component is expected to hold a major share of the smart agriculture market between 2018 and 2023, owing of their widespread use in the smart agriculture industry.
According to the new market research report "Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse), Hardware, Software, Services; Application, and Geography - Global Forecast to 2023", The smart agriculture market is estimated to be worth USD 7.53 billion in 2018 and is projected to reach USD 13.50 billion by 2023, at a CAGR of 12.39% during the forecast period.