Smart Agriculture Market to Benefit from Rising Penetration of Internet of Things Worldwide
Strong growth is projected for the global smart agricultural market between 2016 and 2024, with the Internet of Things (IoT) making headway into the agricultural sector. In a report, titled “Smart Agriculture Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” Transparency Market Research (TMR) aims at gauging the adoption trend of the smart agricultural technologies across the globe. The various social and economic factors influencing the adoption rate have been analyzed in detail. Besides presenting insights into the growth drivers and restraints, the report also includes exhaustive information on the recent plans and policies aiding the market’s expansion.
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The growth witnessed by the global smart agriculture market has been quite impressive in the past few years owing to the persistent demand for improved profit margins, combined with the advent of connected devices in the agriculture industry. As governments across developing economies plan initiatives to boost the penetration of connected devices in the agriculture sector, the demand for smart agriculture solutions is poised to surge in response.
On the downside, the lack of awareness regarding the availability and benefits of the technology, especially across small farmers in emerging nations such as India, China, and Brazil is inhibiting the market’s growth to an extent. Nevertheless, with the rising internet penetration, the connected technologies are expected to proliferate at a faster rate thus creating opportunities for companies looking to establish footprint in the smart agriculture market.
For the purpose of the study, the global smart agriculture market is segmented into sensor monitoring systems, smart detection systems, and global positioning systems, in terms of hardware. By services, the market can be segmented into implementation and maintenance, integration, and consulting.
Regionally, the global market is spread across Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. Among these regions, North America is forecast to dominate the global smart agriculture market through 2016. Besides this presence of prominent players in the region, the strong economy and government incentives have been aiding the expansion of the smart agriculture market in North America.
The market also witnesses lucrative opportunities in Asia Pacific. The region boasts arguably one of the largest agricultural sectors in the world with immense untapped opportunities. Following the penetration of IoT in the agriculture sector, the demand for smart agriculture devices is expected to bolster in Asia Pacific in the near future.
To study the competition prevailing in the market, the report profiles companies such as Trimble Navigation Limited, Cisco Systems Inc., SST Development Group, Inc., Vodafone Group, Salt Mobile SA, and others.
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