Smart Agriculture Technology
Smart Agriculture Market Worldwide Analysis on Revenue, Segmentation and Key Players
The smart agriculture market witnessed a decline in 2020 owing to the spread of COVID-19. The outbreak had adversely impacted the supply chain of the smart agriculture market, as some of the prominent players are based in China and the US, and these countries were the worst affected countries in the pandemic in the first half of 2020. The market is expected to witness a U-shaped recovery in 2021 with the rising demand for equipment and automation products in various applications, such as precision farming, precision livestock, precision aquaculture among others.
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Key Market Players
John Deere (US), Trimble (US), Topcon Positioning Systems (US), DeLaval (Sweden), AKVA(Norway), Antelliq (France), Afimilk (Israel), InnovaSea Systems (US), Heliospectra (Sweden) and LumiGrow(US) are among the key players operating in the smart agriculture market.
Smart Agriculture Market, by Agriculture Type
· Precision Farming
· Livestock Monitoring
· Precision Aquaculture
· Precision Forestry
· Smart Greenhouse
· Others
Medium-sized farm to lead smart agriculture market during the forecast period
In medium-sized farms, the use of technology is to grow at the highest rate due to the presence of numerous farms across the world. Other factors for the higher penetration of technologies in medium- and large-sized farms include higher return on investment (RoI), flexibility in the integration of software tools in hardware equipment, and a huge saving on labor costs with the use of automated tools.
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Opportunity: Agritech startups to increase the use of smart agriculture practices in COVID-19 times
With the pandemic hitting the world, there is a huge rise in the use of IoT and AI technologies in agriculture. The agritech startups are bringing innovations. They are integrating AI, IoT, data analytics, and remote sensing technologies to provide immediate solutions for farmer’s problems. These technologies helped create channels during COVID-19 restrictions that allow farmers to choose their market and sell their products at better prices. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), there are nearly 450 agritech startups in India, and is growing at a rate of 25% yearly. Farmers have huge demands to fulfill, especially in countries like India. Agri startups have come up with precision-based sowing techniques. There are AI-based applications that help predict weather conditions and determine the right time to sow seed with precision to get better results and less wastage. The pandemic has created opportunities for agritech startups to innovate and help farmers.