The market for smart farming solutions is to grow to US$?40 Bn, according to a study by Future Market Insights.
The worldwide smart agriculture solution market was valued at US$ 10 Bn before the fall of 2016, mirroring a Y-o-Y development rate of over 5% compared to 2015, according to Future Market Insights.
By 2026, the market is expected to achieve a valuation near US$ 40 Bn, growing at a compound annual growth rate (CAGR) of 11.2% during the forecast period of 2016 to 2026. The global smart agriculture solution market is gauged to showcase an incremental change of a little over US$ 25 bn over the course of forecast period. The sub segment of hardware of the component segment is expected to account for over half of the share of the global smart agriculture solutions market by 2026, while the segment of variable rate technology is projected to showcase a CAGR of 13.4%.
The overall valuation of the smart agriculture solutions market in North America reached US$ 5 bn by the fall of 2016. Over the course of the given forecast period, the North America market is estimated to be valued at nearly US$ 15 bn, growing with a CAGR of 9.8%.
The Latin America market is projected to show a CAGR of 12.3% over the course of the given forecast period of 2016 to 2026. The smart agriculture solutions market in the Asia Pacific region except Japan region is estimated to present business opportunities worth over US$ 5 bn with a CAGR of 13.7%.
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Different little and medium-sized specific agriculture solution suppliers concentrate on developing precision farming solutions with the help of drones and drone technologies. According to Future Market Insights these developments in particular are projected to drive the overall growth of the global smart agriculture solution market in the years to come.
Growing investments in the smart agriculture solutions is another vital trend, according to Future Market Insights. Manufacturers of sensor technology are investing in numerous medium and small sized smart agriculture solution providers in order to increase the presence of their services in the global market.
“Growing partnerships with several entities in the overall value chain of the global smart agriculture solutions market are expected to have a positive effect on the overall development of the global smart agriculture solutions market over the course of the given forecast period of 2016 to 2026,” say the researchers.