The variable technology segment is anticipated to record a high CAGR, while the hardware segment is likely to grab more than half of the share of the market in terms of BPS analysis
The global smart agriculture solution market was estimated to be valued in excess of US$ 10 Bn by the end of 2016, reflecting a Y-o-Y growth rate of more than 5% over 2015. By 2026, the market is expected to reach a value close to US$ 40 Bn, increasing at a CAGR of 11.2% during the forecast period. The global smart agriculture solution market is forecast to represent incremental $ opportunity of a little more than US$ 25 Bn during the projected period. In terms of basis point share, the hardware sub-segment of the component segment is likely to grab more than half of the share of the global smart agriculture solution market in 2026. By solution, the variable rate technology segment is expected to register a CAGR of 13.4% amongst the other sub-segments in the global smart agriculture solution market.
Rising investments and increasing partnerships are the newly observed trends in the global smart agriculture solution market
Various small- and medium-sized precision agricultural solution providers focus on developing and introducing solutions for precision farming with the aid of imaging technologies and drones. In addition, these companies are focussing on providing data services in order to aid farmers to maximise yield capacity and enhance resource utilisation. These factors are expected to drive the global smart agriculture solution market in the years to come. For instance, in March 2016, TerrAvion, a U.S. based aerial imagery service provider introduced aerial data services for farmers with the aid of drones and thermal imagery technology. This, in turn, would enhance its data imagery analytics, which is expected to aid farmers in enhancing productivity.
Increasing investment in smart agriculture solutions is another trend observed by our team of analysts while studying the global smart agriculture solution market. Key sensor manufacturers are focussing on investing in various small- and medium-sized agricultural solution providers in order to enhance the presence of their offerings in the market. For example, in April 2016, Robert Bosch Venture Capital GmbH (RBVC) and Flex technology accelerator, Lab IX, invested in CropX Inc., which is a U.S. based smart agricultural solution provider, in order to enhance its product portfolio as well as its presence in the market.
Similarly, increasing partnerships with various entities in the value chain is also anticipated to create a positive impact on the global smart agriculture solution market in the estimated period. In November 2016, Trimble Navigation Ltd. partnered with Precision AG, Agrinetix, Géo-Pro and Avidor High Tech France and KOREC in order to enhance its presence in the markets in North America and Europe.
APEJ is anticipated to record a significantly high CAGR among all the regions in the global smart agriculture solution market
The smart agriculture solution market in North America was estimated to reach more than US$ 5,000 Mn by the end of 2016, while by 2026 the North America smart agricultural solution market is expected to reach a value of more than US$ 15 Bn, increasing at a CAGR of 9.8% during the forecast period. Latin America is expected to record a CAGR of 12.3% during the forecast period along with reflecting a Y-o-Y growth rate of 12.1%. The APEJ smart agricultural solution market is forecast to represent incremental $ opportunity of more than US$ 5,000 Mn between 2016 and 2026, increasing at a CAGR of 13.7% during the forecast period.
U.S. based Agribotix LLC enters into a partnership with SenseFly to offer a premium technology bundle comprising drones, sensors and agricultural data processing technologies
Agribotix LLC is a U.S. based company that processes and analyses agricultural data gathered by drones. The company offers services for various crops such as corn, grapes, apples and sugarcane. It also caters to various customers including hardware dealers, agriculture retailers and agronomists across the globe. Some of the company’s solutions include quad copters, fixed-wing drones and FarmLens, which is a cloud-based data analysis and reporting solution. In January 2017 the company partnered with SenseFly SA, which is a Switzerland-based drone solution provider, in order to complement its drone solution offerings. This premium technology solution combines the top drone, sensor and agricultural data processing technologies available to make collecting and analysing aerial data easier than ever, with several times more coverage per flight than is possible with most quadcopter solutions. In the last year, the company also partnered with Inter-American Institute for Cooperation on Agriculture (IICA) in order to aid farmers in Panama to reduce cost and enhance production by using various technologies such as drones and other agricultural analytical tools and platforms.
The three factors namely primary research, desk research and company analysis make this new report of Future Market Insights an exclusive one. The report titled “Smart Agriculture Solution Market: Global Industry Analysis and Opportunity Assessment, 2016–2026” forecasts the global smart agriculture solution market for a period of 10 years (2016 – 2026) along with market dynamics and trends across seven key regions. Our analysts have adopted in-depth secondary research to determine top industry players, products, applications, overall market size, and industry connotations, and have identified global distributors and producers of smart agriculture solutions. We have observed that market elements not only influence the current nature but also the future status of the smart agriculture solution market over the projected period. This research report provides a detailed analysis of the global smart agriculture solution market and offers insights into the various factors driving the popularity of this solution. The report includes an extensive analysis of key industry drivers, restraints, market trends and market structure and provides a comprehensive assessment of key stakeholder strategies and imperatives for succeeding in the business. The report segregates the market based on portable smart agricultural solutions across different regions globally.
A detailed analysis has been provided for every segment in terms of market size analysis for smart agriculture solutions across the different regions. The report provides a detailed analysis covering key trends, absolute dollar opportunity and BPS analysis. After studying the report in detail we have come to a conclusion that this market is anticipated to witness a robust growth in the adoption of smart agriculture solutions owing to the wide availability of low-cost sensors.
Our report identifies and evaluates key competitors based on an in-depth assessment of their capabilities and success in the global smart agriculture solution market
The report consists begins with an overview of the global smart agriculture solution market. In addition, this section includes an analysis of key trends, drivers and restraints from the supply, demand and economy side, which are influencing the global smart agriculture solution market. Impact analysis of key growth drivers and restraints, based on the weighted average model is included in this report to facilitate clients with crystal clear decision-making insights. Further, the report provides a detailed analysis of the global smart agriculture solution market across various regions and sets the forecast within the context of the global smart agriculture solution market including latest technological developments as well as service offerings in the market. This study discusses key trends within countries contributing to the growth of the market, as well as analyses the degree to which drivers are influencing this market in each region.
In the final section of the report, we include a competitive landscape to provide clients with a dashboard view based on categories of providers in the value chain, presence in the global smart agriculture solution portfolio and key differentiators. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the global smart agriculture solution value chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on an in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the global smart agriculture solution market.
Our comprehensive research methodology takes into account potential resources from a sales and delivery perspective in the global smart agriculture solution market
To calculate the global smart agriculture solution market size, we have considered country-wise smart agriculture solution sales, consumer spending, adoption rates of smart agriculture solutions across regions and revenue contribution of the top players. The forecast presented here assesses the total revenue by value across the market. In order to offer an accurate forecast, we have started by sizing the current market, which forms the basis of how the global smart agriculture solution market will develop in the future. Given the characteristics of the market, we have triangulated the outcome of different types of analyses based on the technology trends. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyse the market on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the market.
As previously highlighted, the global smart agriculture solution market is split into a number of segments. All segments in terms of component, solution, and based on different regions are analysed in terms of basis point share to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identification of various key trends of the global smart agriculture solution market. Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global smart agriculture solution market.
We have segmented the global smart agriculture solution market as under