ALBANY, New York, June 13, 2018 (GLOBE NEWSWIRE) -- The global market for smart agriculture is anticipated to witness the emergence of new market players and the growth of the existing ones. The global market is highly fragmented and the top four market players collectively occupied a mere 15.5% of the total market share in 2016. These leading players viz., Raven Industries, Inc., Trimble Navigation, Deere & Co, and AgJunction, Inc. are expected to launch several business strategies to expand their market share. The small and regional market players have emerged as important elements in the global market for smart agriculture. This is because these smaller market players have greater access to the market and enjoy a regular inflow of revenues into their business. The leading market players are projected to make efforts to capture or acquire the smaller players in order to expand their geographical reach. If the leading market players can succeed in acquiring the smaller ones, the former is expected to generate tremendous revenues over the forthcoming years. Technological improvement is expected to be the mantra of the market players to earn the trust of the consumers. Furthermore, product innovation is projected to play a decisive role in ascertaining the growth prospects of the market players. Acquisitions and mergers are also expected to be a key strategy for the large market players over the forthcoming years. New entrants are anticipated to suffer in the market due to their lack of experience and expertise.
A report factored out by Transparency Market Research (TMR) brings to light a host of factors that contribute to the growth of the global market for smart agriculture. The report projects that the market would reach a value of US$23.44 bn by 2025-end, escalating up from a value of US$6.55 bn in 2016. The global market is projected to record a CAGR of 13.50% over the period between 2017 and 2025.
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Need for Higher Productivity to Drive Demand
The entire world is facing the problem of dwindling resources which is expected to soon create a major food crisis over the coming years. The nature of the problem is quantitative than qualitative; primarily, the population across the globe has been rising, and secondly, the cultivable land is diminishing. In this scenario of increasing number of mouths to feeds and dwindling cultivable land, enhancing the productivity of the agricultural processes holds utmost value. Hence, the demand for smart agriculture has been rising due to the need to deploy quicker and more effective techniques for farming. Furthermore, smart agriculture reduces manual labor which in turn helps farmers in channeling their capacities toward other areas. The integration of IoT and AI with smart agriculture has also played an important role in the growth of the global market.
Dominance of North American Market
The governments in the US and Canada have made prolific efforts to fortify the agricultural sector of their economies. This has given a push to the demand within the market for smart agriculture in North America. Furthermore, the market in Asia Pacific is also expected to do well in the coming years due to the large agricultural industry in India.
The review is based on TMR’s report titled, “Smart Agriculture Market (Solutions - Network Management, Agriculture Asset Management, Supervisory Control and Data Acquisition, Logistic and Supply Chain Management, and Smart Water Management; Application - Precision Agriculture, Livestock Monitoring, Fish Farming, and Smart Greenhouse) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.
Browse Press Release at https://www.transparencymarketresearch.com/pressrelease/smart-agriculture-market.htm
Key segments of the Global Smart Agriculture Market:
Global Smart Agriculture Market, 2017-2025: By Solution
Global Smart Agriculture Market, 2017-2025: By Application
Global Smart Agriculture Market, 2017-2025: By Geography
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