Aug 2, 2023

| Growth driven by the availability of low-cost cloud services encouraging the adoption of smart farming - Technavio News provided by Share this article Share this article NEW YORK, Aug. 2, 2023 /PRNewswire/ -- The smart agriculture market  size is to grow by USD 8,917.85 million from 2022 to 2027. Also, the growth momentum will progress at a CAGR of 9.23% during the forecast period, according to Technavio. The smart agriculture market is fragmented, and the companies are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Ag Leader Technology, AGCO Corp., AquaSpy Inc., Bayer AG, Berkshire Hathaway Inc., CNH Industrial NV, Deere and Co., Heliospectra AB, Iteris Inc., Kubota Corp., SemiosBio Technologies Inc., Tetra Laval SA, The Toro Co., Topcon Corp., Trimble Inc., Valmont Industries Inc., Yara International ASA, A.A.A Taranis Visual Ltd., Lindsay Corp., and Grownetics, Inc. are some of the major market participants -. To know about the vendor offerings - Request a sample report Smart Agriculture Market 2023-2027: Scope Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The smart agriculture market report covers the following areas: The smart agriculture market is fragmented, and the degree of fragmentation will accelerate. The availability of low-cost cloud services encouraging the adoption of smart farming will offer immense growth opportunities. However, the High initial investment in smart farming technology will hamper the market growth. Smart Agriculture Market 2023-2027: Market Dynamics Key Drivers The availability of low-cost cloud services encouraging the adoption of smart farming is a key factor driving market growth. Agricultural applications are increasingly evolving towards cloud systems, and farmers are looking for benefits such as improved data access, information availability, synchronization of various farming activities, and storage of valuable information. In addition, the information database containing information about crops, weather, soil, and farmer data, as well as expert advice to increase overall crop yields is a key benefit of implementing cloud technology in agriculture. The rising competition among providers has resulted in a decrease in cloud service prices. Hence, low-cost cloud services are expected to drive market growth during the forecast period. Major Trends The adoption of big data in smart farming is a major trend in the market. Higher production levels can be achieved by improving wireless communication in the agricultural sector. Thus, this will lead to Equipment repair and maintenance. Furthermore, improved operational reliability in the field can also lead to higher crop production levels. Data collection and storage have become easier with the help of big data analytics. It also facilitates decision-making and other farmer practices. Therefore, increasing adoption of big data is expected to drive market growth during the forecast period. Significant Challenges The high initial investment in smart farming technology is a significant challenge restricting market growth. The major concern globally is investing in these tools. This software integration is expensive and requires a large initial investment. In addition, other data analysis tools and training costs are also high, increasing the overall cost for farmers. For example, farmers with small land areas have low levels of field yield and find it difficult to balance the level of investment. Hence, the high initial investment is expected to restrict market growth during the forecast period. To learn more about the global trends impacting the future of market research, download a PDF sample Smart Agriculture Market 2023-2027: Segment Analysis Type Smart Agriculture Market 2023-2027: Segmentation Highlights The precision farming segment will account for a major share of the market's growth during the forecast period. This is due to the increased efficiency and productivity provided to farmers. Precision agriculture uses advanced technologies such as remote sensing, GPS, and IoT devices to optimize farming practices and improve productivity. The goal of precision agriculture is to use resources efficiently, minimize environmental impact, and improve crop yield and quality. Hence, these factors are expected to drive segment growth during the forecast period. North America is estimated to contribute 42% to the growth by 2027. The smart farming market is growing in the region due to the rapid adoption of smart farming tools and technologies. The region will see high adoption rates for products such as sensors, cloud computing, secure data storage, and installation-related services. Manufacturers of smart farming hardware and software products are expanding their market in different countries. Hence, these factors are expected to drive market growth in the region during the forecast period. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others  Buy the Report Smart Agriculture Market 2023-2027: Key Highlights CAGR of the market during the forecast period 2023-2027 Detailed information on factors that will assist smart agriculture market growth during the next five years. Estimation of the smart agriculture market size and its contribution to the parent market Predictions on upcoming trends and changes in consumer behavior The growth of the smart agriculture market across North America, Europe, APAC, South America, and the Middle East and Africa Analysis of the market's competitive landscape and detailed information on companies Comprehensive details of factors that will challenge the growth of smart agriculture market companies Get Instant access to 17000+ market research reports! Related Reports: The hydroponics technologies market is estimated to grow at a CAGR of 15.4% between 2022 and 2027 and the size of the market is forecast to increase by USD 558.97 million. Furthermore, this report extensively covers market segmentation by technology (environment and climate control systems, grow lights, farm management systems, and material handling systems), type (aggregate system and liquid system), and geography (Europe, APAC, North America, South America, and the Middle East and Africa). The need for reduction in soil and water pollution is a key factor driving market growth during the forecast period. The aeroponics market is estimated to grow at a CAGR of 22.84% between 2022 and 2027 and the size of the market is forecast to increase by USD 2,928.87 million. Furthermore, this report extensively covers market segmentation by product (low-pressure aeroponics, high-pressure aeroponics, and ultrasonic fogger aeroponics), type (indoor farming and outdoor farming), and geography (Europe, APAC, North America, South America, and Middle East and Africa). The growing focus on reducing labor costs for farming is a key factor driving market growth during the forecast period. Smart Agriculture Market Scope Key companies profiled Ag Leader Technology, AGCO Corp., AquaSpy Inc., Bayer AG, Berkshire Hathaway Inc., CNH Industrial NV, Deere and Co., Heliospectra AB, Iteris Inc., Kubota Corp., SemiosBio Technologies Inc., Tetra Laval SA, The Toro Co., Topcon Corp., Trimble Inc., Valmont Industries Inc., Yara International ASA, A.A.A Taranis Visual Ltd., Lindsay Corp., and Grownetics, Inc. Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Table of Contents Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million) Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million) Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%) Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%) 4 Historic Market Size Exhibit 18: Historic Market Size – Data Table on global smart agriculture market 2017 - 2021 ($ million) 4.2 Type Segment Analysis 2017 - 2021 Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million) 4.3 Product Segment Analysis 2017 - 2021 Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million) 4.4 Geography Segment Analysis 2017 - 2021 Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million) 4.5 Country Segment Analysis 2017 - 2021 Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million) 5 Five Forces Analysis Exhibit 33: Data Table on Comparison by Type 6.3 Precision farming - Market size and forecast 2022-2027 Exhibit 34: Chart on Precision farming - Market size and forecast 2022-2027 ($ million) Exhibit 35: Data Table on Precision farming - Market size and forecast 2022-2027 ($ million) Exhibit 36: Chart on Precision farming - Year-over-year growth 2022-2027 (%) Exhibit 37: Data Table on Precision farming - Year-over-year growth 2022-2027 (%) 6.4 Smart greenhouse - Market size and forecast 2022-2027 Exhibit 38: Chart on Smart greenhouse - Market size and forecast 2022-2027 ($ million) Exhibit 39: Data Table on Smart greenhouse - Market size and forecast 2022-2027 ($ million) Exhibit 40: Chart on Smart greenhouse - Year-over-year growth 2022-2027 (%) Exhibit 41: Data Table on Smart greenhouse - Year-over-year growth 2022-2027 (%) 6.5 Livestock monitoring - Market size and forecast 2022-2027 Exhibit 42: Chart on Livestock monitoring - Market size and forecast 2022-2027 ($ million) Exhibit 43: Data Table on Livestock monitoring - Market size and forecast 2022-2027 ($ million) Exhibit 44: Chart on Livestock monitoring - Year-over-year growth 2022-2027 (%) Exhibit 45: Data Table on Livestock monitoring - Year-over-year growth 2022-2027 (%) 6.6 Others - Market size and forecast 2022-2027 Exhibit 46: Chart on Others - Market size and forecast 2022-2027 ($ million) Exhibit 47: Data Table on Others - Market size and forecast 2022-2027 ($ million) Exhibit 48: Chart on Others - Year-over-year growth 2022-2027 (%) Exhibit 49: Data Table on Others - Year-over-year growth 2022-2027 (%) 6.7 Market opportunity by Type Exhibit 50: Market opportunity by Type ($ million) Exhibit 51: Data Table on Market opportunity by Type ($ million) 7 Market Segmentation by Product 7.1 Market segments Exhibit 55: Data Table on Comparison by Product 7.3 Hardware - Market size and forecast 2022-2027 Exhibit 56: Chart on Hardware - Market size and forecast 2022-2027 ($ million) Exhibit 57: Data Table on Hardware - Market size and forecast 2022-2027 ($ million) Exhibit 58: Chart on Hardware - Year-over-year growth 2022-2027 (%) Exhibit 59: Data Table on Hardware - Year-over-year growth 2022-2027 (%) 7.4 Software - Market size and forecast 2022-2027 Exhibit 60: Chart on Software - Market size and forecast 2022-2027 ($ million) Exhibit 61: Data Table on Software - Market size and forecast 2022-2027 ($ million) Exhibit 62: Chart on Software - Year-over-year growth 2022-2027 (%) Exhibit 63: Data Table on Software - Year-over-year growth 2022-2027 (%) 7.5 Services - Market size and forecast 2022-2027 Exhibit 64: Chart on Services - Market size and forecast 2022-2027 ($ million) Exhibit 65: Data Table on Services - Market size and forecast 2022-2027 ($ million) Exhibit 66: Chart on Services - Year-over-year growth 2022-2027 (%) Exhibit 67: Data Table on Services - Year-over-year growth 2022-2027 (%) 7.6 Market opportunity by Product Exhibit 68: Market opportunity by Product ($ million) Exhibit 69: Data Table on Market opportunity by Product ($ million) 8 Customer Landscape Exhibit 74: Data Table on Geographic comparison 9.3 North America - Market size and forecast 2022-2027 Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million) Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million) Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%) Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%) 9.4 Europe - Market size and forecast 2022-2027 Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million) Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million) Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%) Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%) 9.5 APAC - Market size and forecast 2022-2027 Exhibit 83: Chart on APAC - Market size and forecast 2022-2027 ($ million) Exhibit 84: Data Table on APAC - Market size and forecast 2022-2027 ($ million) Exhibit 85: Chart on APAC - Year-over-year growth 2022-2027 (%) Exhibit 86: Data Table on APAC - Year-over-year growth 2022-2027 (%) 9.6 South America - Market size and forecast 2022-2027 Exhibit 87: Chart on South America - Market size and forecast 2022-2027 ($ million) Exhibit 88: Data Table on South America - Market size and forecast 2022-2027 ($ million) Exhibit 89: Chart on South America - Year-over-year growth 2022-2027 (%) Exhibit 90: Data Table on South America - Year-over-year growth 2022-2027 (%) 9.7 Middle East and Africa - Market size and forecast 2022-2027 Exhibit 91: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million) Exhibit 92: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million) Exhibit 93: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%) Exhibit 94: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%) 9.8 US - Market size and forecast 2022-2027 Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million) Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million) Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%) Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%) 9.9 UK - Market size and forecast 2022-2027 Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ million) Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ million) Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%) Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%) 9.10 China - Market size and forecast 2022-2027 Exhibit 103: Chart on China - Market size and forecast 2022-2027 ($ million) Exhibit 104: Data Table on China - Market size and forecast 2022-2027 ($ million) Exhibit 105: Chart on China - Year-over-year growth 2022-2027 (%) Exhibit 106: Data Table on China - Year-over-year growth 2022-2027 (%) 9.11 Canada - Market size and forecast 2022-2027 Exhibit 107: Chart on Canada - Market size and forecast 2022-2027 ($ million) Exhibit 108: Data Table on Canada - Market size and forecast 2022-2027 ($ million) Exhibit 109: Chart on Canada - Year-over-year growth 2022-2027 (%) Exhibit 110: Data Table on Canada - Year-over-year growth 2022-2027 (%) 9.12 India - Market size and forecast 2022-2027 Exhibit 111: Chart on India - Market size and forecast 2022-2027 ($ million) Exhibit 112: Data Table on India - Market size and forecast 2022-2027 ($ million) Exhibit 113: Chart on India - Year-over-year growth 2022-2027 (%) Exhibit 114: Data Table on India - Year-over-year growth 2022-2027 (%) 9.13 Market opportunity by geography Exhibit 115: Market opportunity by geography ($ million) Exhibit 116: Data Tables on Market opportunity by geography ($ million) 10 Drivers, Challenges, and Trends 10.1 Market drivers Exhibit 117: Impact of drivers and challenges in 2022 and 2027 10.4 Market trends 11.3 Landscape disruption 11.4 Industry risks About Us Technavio is a leading global technology research and advisory company. 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