- Increasing adoption of plantation intelligence and data mining by farmers globally will upgrade the market growth during the forecast period.
- A large number of intelligent systems and smart sensors widely interconnected through the cloud platform and the internet has introduced advanced technologies.
- An increasing number of government subsidies, IoT based smart agricultural equipment, increased investments for development in the emerging smart technologies and end-to-end solutions will drive the overall demand.
Expansion of wireless communication systems, agricultural sensors, machine learning, cloud computing, IoT technology, and big data technologies are progressively being utilized by smart plantation management systems. These factors are projected to boost smart plantation management systems market growth on a global scale over the forecast period.
In the latest market report published by Credence Research, Inc., the smart plantation management systems market was valued at $1.26 Bn in 2018 and expected to grow at a CAGR of 9.0% during the forecast period from 2019 to 2027.
“Increasing adoption of plantation intelligence and data mining by farmers globally will upgrade the market growth during the forecast period.”
Agriculture is keen-sighted towards prompt adoption of Machine Learning (ML) and Artificial Intelligence (AI) in terms of both agricultural products and in-field farming techniques. “Cognitive Computing” becomes the most disruptive technology used in agriculture services to respond to different situations, thereby increasing the efficiency of agriculture outputs. For instance, Microsoft is working with 175 farmers in Andhra Pradesh, India to provide advisory services for land, sowing, and fertilizers, thereby resulting in an average 30% higher yield.
Furthermore, open-source platform with solutions makes farmers more affordable, thereby resulting in swift adoption and higher penetration for plantation intelligence. In addition, application of “drone-based imaging system”, “proximity sensing”, remote sensing techniques along with “hyper-spectral imaging” and “3D laser scanning” in the agricultural sector expected to drive the demand for smart plantation management systems globally.
Large-scale use of IoT and various technologies coupled with increasing government financial supports for a smart farming will ramp up the smart plantation management systems Market
A large number of intelligent systems and smart sensors widely interconnected through the cloud platform and the internet has introduced advanced technologies such as the internet of things (IoT) in the plantation system. Furthermore, growing adoption towards the internet of things (IoT) paradigm such as data extraction from sensors and intelligent machines like unmanned aerial vehicles (UAVs), drones, global positioning systems (GPS) represent an ideal deployment of IoT solutions in plantation management systems.
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In October 2018, Sustainable Development Technology of Canada invested around $9.9 million in support of its big data initiatives to improve crop yield with reduced use of chemicals. This investment would aid the company in developing machine-learning models to forecast issues affecting the growth of vegetables, fruits and other trees.
• In January 2018, WaterBit, a U.S. based precision agriculture company developed a pressure sensor that would measure water quantity and ensure its delivery at the right time. This sensor integrated with the cloud-based solution to monitor water flow in real-time.
Key Market Movements:
Globally, the smart plantation management systems market is rising at a CAGR of 9.0% for the estimated period from 2019 to 2027
• The smart plantation management systems markets in North America accounted to have the fastest growing market in 2018. In addition, the largest concentration of manufacturers and service providers towards smart plantation management systems, and advancement in agriculture technology systems are few factors that drive the demand for smart plantation management systems across the region.
• Asia Pacific region is projected to have a prominent market for smart plantation management systems, owing to the large cultivation of plantation crops like sugarcane, tea, fruits and cotton, government support towards IoT farming, and large cultivable areas particularly in the emerging economies of India, China, and Singapore in the near future.
• The Middle East and Africa to create a moderate incremental opportunity with upgrades to smart sensors and meters for the agricultural sector.
• An increasing number of government subsidies, IoT based smart agricultural equipment, increased investments for development in the emerging smart technologies and end-to-end solutions will drive the overall demand.
List of Companies Covered: Robert Bosch, Deere & Company, Netafim, Synelixis Solutions, DTN, Tevatronics, Semiosbio Technologies, Jain Irrigation Systems, Hidrosoph, Aquaspy, AG Leader Technology, Teejet Technologies, Crop Metrics, Topcon Group, and Raven Industries.