A recently published market research report by Future Market Insights (FMI) provides valuable information pertaining to the growth trajectory of the smart agriculture solution market for the forecast period, 2016-2026. As per the study, the global smart agriculture solution market was valued at ~ US$ 10 billion at the end of 2016 and is expected to reach a market value of ~US$ 40 billion by 2026. Further, the report states that the market is likely to grow at an impressive pace with a compounded annual growth rate (CAGR) of ~ 11.2% during the assessment period.
The market study reveals that several factors are expected to propel the growth of the market in the forthcoming years including, steady rise in investments in smart agriculture. In addition, in the current scenario, numerous small, medium-sized market players are highly focusing on the development of innovative precision farming solution by deploying drones and cutting-edge imaging technologies.
Moreover, as market players continue to lean towards providing data services to improve the yield capacity and resource utilization of farmers, the smart agriculture solution market is tipped to grow at a rapid pace through the forecast period.
An analyst at Future Market Insights states, “The growing number of investments in smart agriculture solutions coupled with rising partnerships in the value chain are some of the key factors that are likely to influence the growth of the smart agriculture solution market in the upcoming years.”
North America Set to Dominate the Smart Agriculture Solutions Market
The articulate and well-researched market report on the smart agriculture solutions market reveals that North America is expected to dominate the market in terms of market share, size, and value during the forecast period. Further, the report highlights that the market in North America is projected to reach a value of US$ 15 billion by 2026 with a CAGR growth of ~9.8% through the assessment period. Innovations, technological advancements, and exponential rise in the number of investments in smart agriculture solutions are the major market drivers contributing towards the growth of market in North America.
However, Asia-Pacific excluding Japan (APEJ) is expected to gain steady ground in terms of market share and size owing to growing demand for smart agriculture solutions, emergence of new market entrants, and growing awareness related to the benefits of smart agriculture solutions.
Global Smart Agriculture Solution Market: Vendor Insights Future Market Insights, in its published report, lists some of the leading market players in the market along with well-curated and insightful profiles of each company. Some of the most prominent players operating in the smart agriculture solutions market are, Dirt Road Data, Inc., Iteris, Inc., CropMetrics LLC, Agribotix LLC, AgriSight, Inc., SemiosBio Technologies Inc., Granular, Inc., Trimble Navigation Ltd., Site-Specific Technology Development Group, Inc., and AgJunction LLC. The aforementioned companies are eyeing investment and partnership opportunities with small-medium sized enterprises to consolidate their market presence and expand their product offerings.
For any queries linked with the report, ask an analyst@https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-939