Considering the lack of access to suitable agricultural land and population growth is predicted that the demand for food is high by 2050 so that the traditional agricultural system cannot be efficient. As a result, there are technology-based solutions for agriculture that, in addition to the reduction of production costs, optimize the planting, farming, and harvesting process. The smart agricultural market has become increasingly accepted with the incentives provided by governments.
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Table of Contents
Market / Industry segment of smart Agriculture
| Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
| 2017 | 10.4 | 8 | 13.09% | zion market research |
| 2018 | 1.38 | 5 | 4.40% | Industryarc |
| 2019 | 7.9 | 7 | 11.89% | verified market research |
| 2020 | 13.8 | 5 | 9.80% | PR news wire |
| 2020 | 13.8 | 5 | 9.80% | market and market |
Influencing factors that changes market size of smart Agriculture
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors lead to changes in the value of the market size, which is provided by direct and reverse drivers in the market of smart Agriculture.
Direct drivers:
- Government support
- Climatic conditions
- Acceptance of technology by farmers
- Internet penetration
Reverse drivers:
- Natural disasters
- Increased urbanization
This market may also be threatened by following risks:
Pest attacks In all different markets and industries, the risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is the identification of risks in the market to perform risk management. The market of smart Agriculture may also be threatened by the following risks:
- Manufacturing risk
- Technology risk
- Legislation risk
