Smart Agriculture Market

Market Leaders - Smart Agriculture Market

The smart agriculture market is estimated to be worth USD 7.53 billion in 2018 and is projected to reach USD 13.50 billion by 2023, at a CAGR of 12.39% between 2018 and 2023. Major factors driving the growth of the smart agriculture market include increasing application of technologies in agriculture, rising need of monitoring livestock performance and health, government’s support to adopt modern agricultural techniques, and increasing demand for food worldwide. Key players in the smart agriculture market are increasingly adopting strategies such as contracts, partnerships, agreements, mergers, acquisitions, expansions, and product launches and development to grow in the smart agriculture market.

Deere & Company (US) is one of the key players that provide efficient smart agriculture solutions. The company is reputed and has a well-established distribution network, which makes it a leading market player. The company has adopted acquisition as a key business strategy for its growth. For instance, in September 2017, John Deere acquired Blue River Technology, an artificial intelligence start-up that develops cutting-edge machine vision tools to help farmers scan fields and assess crops. The company introduces product enhancements and launches regularly. For instance, in February 2016, the company upgraded its 800M-Series Tracked Feller Bunchers and 800MH-Series Tracked Harvesters, which would help farmers in real-time planning. The company also collaborates with the leading industry players. For instance, in February 2016, the company acquired Monosem, the European market leader in precision planters to help extend its market reach in precision planting equipment and adding engineering expertise to further develop planting technology. These product upgrades and collaborations are expected to help the company provide innovative and improved technology and performance solutions in the smart agriculture market.

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ACGO (US) is one of the leading players in the smart agriculture market. The company focuses on acquisition, product launches, and partnerships for its growth strategy. The focus on introducing updated and innovative products is its main strength. For instance, in November 2017, the company launched Hesston by Massey Ferguson® 2370 Ultra High Density (UHD) Baler. Model 2370 UHD baler has been developed to meet the needs of large commercial hay growers. Similarly, in October 2017, AGCO partnered with The Climate Corporation (a subsidiary of Monsanto Company). This partnership allows AGCO customers to connect with The Climate Corporation’s FieldView platform. Apart from introducing new products, the company also focuses on acquisition. In September 2016, AGCO acquired Cimbria Holdings Ltd. (Denmark) to enhance its market position regarding the grain handling and storage industry in Europe.

Related Reports:

Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse), Hardware (GPS, Drones, Sensors, RFID, LED Grow Lights), Software, Services; Application, and Geography - Global Forecast to 2023

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Report Code
SE 4043
Published ON
Aug, 2018
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