The rapid escalation of food demand due to the growing population worldwide is boosting the demand for smart agriculture. The smart agriculture engages advanced technologies such as Big Data, GPS, IoT and connected devices. Smart agriculture helps in automated farming, collection of data from the field and then analyses it so that the farmer can make accurate decision in order to grow high quality crop. The field data are collected with the help of sensors, cameras, micro controllers, and actuators. Then the collected data are transferred via internet to the operator or the farmer for decision making.
The major drivers of the global smart agriculture market are the increase in demand for usage of latest technologies in agriculture, rising global food demand, surging need for livestock monitoring, and increase in greenhouse farming. Due to rapid acceleration in the global population, the demand for food is also increasing and on the other hand agriculture labor is decreasing.
Due to this, the individual farmers and the corporate farming houses are adopting the smart agriculture tools and equipment in order to minimize the. This will help the farmers and corporate houses to grow high quality crops in large quantity to meet the required food demand. The sensors and cameras used in smart agriculture provides information to the operator for water level, fertilizers as well as light required for growing the best quality food.
The smart agriculture market has factors limiting the market growth such as high cost of the smart devices and less awareness about the latest technologies among the farmers. The global market for smart agriculture is competitive and vastly fragmented with a huge number of players operational across the globe.
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The rise in the number of new entrants is expected to strengthen the competitive environment of the market in the coming few years. In addition to this, the growing focus on technological advancements and the expansion of the product portfolio are likely to support market growth in the next few years. Some of the key players operating in the smart agriculture market across the globe are TeeJet Technologies, Raven Industries Ltd., AgJunction Inc., SST Development Group Inc., Trimble Navigation Ltd., Deere & Co., Hexagon AB, Ag Leader Technology, and Iteris Inc.