Artificial Intelligence
Agriculture Equipment Market to Rise at 7.2% CAGR till 2026; Growing Popularity of Contract Farming to Boost Market Expansion: Fortune Business Insights™
Pune, Sept. 15, 2020 (GLOBE NEWSWIRE) — The global agriculture equipment market size is set to reach USD 227.76 billion by 2026, exhibiting a CAGR of 7.2% during the forecast period. Escalating demand for high agricultural productivity worldwide will be the primary growth propeller for this market, finds Fortune Business Insights™ in its new report, titled “Agriculture Equipment Market Size, Share & Industry Analysis, By Equipment Type (Agriculture Tractors, Harvesting Equipment, Irrigation & Crop Processing Equipment, Agriculture Spraying & Handling Equipment, Soil Preparation & Cultivation Equipment and Others (Hay & Forage Equipment, trailers, etc.), By Application (Land Development, Threshing and Harvesting, Plant Protection, After Agro Processing), and Regional Forecast, 2019-2026”.
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The UN Department of Economic and Social Affairs (DESA) projects that world population will be around 8.5 billion by 2030 and 9.7 billion by 2050. Majority of this growth will be concentrated in the developing countries of Asia and Africa. Thus, boosting agriculture productivity is of the essence not only to feed so many people, but also to empower a large chunk of the global population to sustain their livelihoods. According to the World Bank, agriculture-based growth can prove to be two to four times more effective in raising incomes in the poorest sections of the world as compared to other sectors. Thus, rapid ly growing population will lead the agriculture equipment market trends in the upcoming decade.
The report states that the value of this market stood at USD 131.25 billion in 2018. The other highlights of the report include:
- Comprehensive insights into the trends, drivers, and various other aspects of the market;
- Detailed analysis of the factors restricting the growth of the market;
- Exhaustive study of the different market segments; and In-depth evaluation of the regional prospects and the competitive dynamics influencing the market
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Market Driver
Increasing Adoption of AI in Agriculture to Feed Market Growth
Agricultural operations are increasingly becoming automated due to the increasing application of smart technologies such as Artificial Intelligence (AI). The UN Food and Agriculture Organization (FAO) postulates that AI in agriculture is encompassing three major areas of predictive analytics, soil and crop monitoring, and agriculture robotics. Rising emphasis on making agricultural activities smarter, more economical, and highly efficient has made AI an extremely attractive option for the farming communities in developing nations. For instance, in 2017, a research study was published in the botany journal, Frontiers in Plant Science, which illustrated how researchers used Google’s open source library TensorFlow to build a library of images of the cassava plant leaves grown in Tanzania. The AI tool they deployed was able to identify disease in the plant with 98% accuracy. Thus, extensive usage of AI in agriculture is slated to broaden the agriculture equipment market outlook during the forecast period.
Regional Insights
Asia-Pacific to Lead the Pack; North America to Experience Strong Growth
Having generated USD 47.85 billion in revenue in 2018, Asia-Pacific is poised to dominate the market share of the agriculture equipment, in the forthcoming years, mainly owing to high dependence on agriculture in India and China. Moreover, increasing governmental investment in modernization of farming activities is creating multiple incentives of industry leaders to enter the market in these countries and market their products.
In North America, growing demand of fuel- and energy-efficient agricultural machinery and rapid adoption of advanced equipment will drive the market growth. On the other hand, severe shortage of laborers is inducing farmers and cultivators in Europe to employ highly mechanized equipment in agricultural operations.
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Competitive Landscape
Rising Interest in Emerging Economies by Foreign Players to Energize Competition
The agriculture equipment market forecast predicts that the gradual shift of focus of companies in industrial economies toward developing nations will intensify competition in this market. Many agriculture sector giants such as Deere & Company and Kubota Corporation are entering into partnerships with domestic players in Asia and Africa to establish their network in these regions.
Industry Developments:
- March 2020: The Escorts Group, the Indian engineering bigwig, announced that the Japan-based Kubota Corporation will be investing in the company through purchase of 10% share at a value of Rs. 1042crores. This equity-based partnership will make the companies a global hub for agriculture equipment manufacturing.
- July 2019: International Tractors Limited (ITL) launched two new agriculture equipment brands, Yanmar and Solis. These brands will sell farming machinery and equipment alongside Sonalika, the company’s domestic tractor brand. With this launch, ITL hopes to crystallize its position in the Indian agriculture equipment domain.
List of Companies Profiled in the Agriculture Equipment Market Report:
- International Tractors Limited
- Valmont Industries, Inc.
- Claas KGaA mbH
- Mahindra & Mahindra Ltd.
- Alamo Group Inc.
- Deere & Company
- SDF S.p.A.
- China National Machinery Industry Corporation
- Iseki & Co., Ltd.
- Kubota Corporation
- AGCO Corporation
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Agriculture Equipment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Equipment Type (Value)
- Agriculture Tractors
- Harvesting Equipment
- Irrigation & Crop Processing Equipment
- Agriculture Spraying & Handling Equipment
- Soil Preparation & Cultivation Equipment
- Others (Hay & Forage Equipment, trailers, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Land Development
- Threshing and Harvesting
- Plant Protection
- After Agro Processing
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Have a Look at Related Research Insights:
Precision Agriculture Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Technology (Remote Sensing, GPS/GNSS Systems, Variable Rate Technology (VRT), Guidance Software, Geomapping), By Application (Crop Management, Financial management, Weather Forecasting, Person and Inventory Management, Irrigation Management) and Regional Forecast, 2019-2026
Connected Agriculture Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Application (Pre-Production Management, In-Production Management, Post-Production Management) and Regional Forecast, 2019-2026
Product Life Cycle Management (PLM) Market Size, Share & Industry Analysis, By Deployment (Cloud and On-Premises), By Industry (Discrete Industry and Process Industry), and Regional Forecast, 2019-2026
Food Service Equipment Market Size, Share & Industry Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2019-2026
HVAC System Market Size, Share & Industry Analysis, By Type (Single Split Systems, Variable Refrigerant Flow Systems, Chillers and Others), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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Artificial Intelligence
Computime announces the launch of one of the first true Matter thermostats
HONG KONG, May 27, 2024 /PRNewswire/ — Computime Group, a leading innovator in manufacturing, branded products and technology solutions, is proud to announce the upcoming launch of one of the first true Matter thermostats. This milestone highlights our commitment to pioneering smart home technology and providing our OEM and ODM customers with state-of-the-art solutions.
Matter is set to revolutionize the Internet of Things (IoT) landscape as the next-generation standard for connected devices. Developed by the Connectivity Standards Alliance, Matter offers an open, universal protocol that is not bound to any single ecosystem, providing consumers with unparalleled freedom and flexibility. It ensures privacy-sensitive, secure, and reliable local controls without the need for cloud dependency, addressing the growing demand for enhanced privacy and security in smart home devices.
The key principles driving Matter’s development include simplicity, reliability, interoperability, and security. By ensuring that all Matter-certified devices work seamlessly together, Matter eliminates the complexities often associated with smart home technology. This leads to greater compatibility, easier setup, and more robust user experiences across various device types, including thermostats.
Computime’s Matter thermostat represents a significant advancement in smart home technology, providing our customers with cutting-edge solutions and a short lead time to market, to meet the growing demand for interconnected and efficient home environments. We invite our customers to explore the capabilities of our new thermostat solutions. Computime’s extensive expertise in developing and manufacturing smart home devices ensures that our customers receive high-quality, reliable products with a short lead-time that stand out in the competitive market.
CONTACT: Computime Group, [email protected]
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Artificial Intelligence
GVG featured on the 2024 Africa RegTech Horizon-100 list
MADRID, May 27, 2024 /PRNewswire/ — Global Voice Group (GVG) now features as one of the top 100 Africa-focused innovative RegTech organizations that are set to power Africa to a $1 billion market size by 2025.
This acknowledgment bears witness to GVG’s compliance monitoring capabilities within the Mobile Money (MM) ecosystem. GVG developed the Mobile Money Monitoring (M3) solution, an intelligent data platform that supports East African regulatory authorities in monitoring the fast-expanding MM market. Through M3, the authorities can ensure the security and integrity of the related financial transactions, as well as transparency and compliance, for enhanced revenue assurance. M3 currently monitors approximately 25% of the financial flows passing through MM platforms in East Africa, verifying over 90 billion USD worth of transactions annually.
Moreover, the platform is also in use in Central and West Africa, in the Republic of Congo and in Ghana. In Congo, M3 has brought the local telecommunications regulator, the ARPCE, 100% visibility and control over all utility payments made via Mobile Money to the government. In Ghana, it has contributed to an average annual growth of 20% in revenue since its deployment. Overall, M3 has captured, verified and analyzed 1 trillion USD in MM transaction value since 2014.
After demonstrating the relevance, effectiveness, and innovation of the M3 solution to the jury, composed of recognized leaders of the Regtech industry, GVG was shortlisted and, following the voting phase, earned a place on the prestigious list. The M3 platform uses machine learning to ensure effective oversight of the MM market, ensure regulatory compliance and detect suspicious transactions. Since its first implementation in 2013, GVG’s M3 solution has provided the relevant regulatory authorities with reliable MM ecosystem metrics to support data-driven decision-making, promote compliance within the market, and reduce fraud and revenue leakage.
Responding to the announcement, James Claude, GVG’s CEO, declared: “It is with a great sense of achievement that I see GVG featuring among the 100 top RegTech providers in Africa. On behalf of the whole company, I sincerely thank Africa RegTech Horizon, as well as our voters, for supporting us in what we do best: providing governments and regulatory authorities with the market insights they need to address the challenges related to the fast-expanding financial ecosystem.”
The Africa RegTech Horizon-100 list is a directory of African RegTech companies and solution providers compiled to showcase the products and services of the latter, as well as assist financial institutions, regulators, and governments in identifying high-performing and trustworthy RegTech providers.
About GVG
Founded in 1998 and present in 11 countries, Global Voice Group is a global provider of ICT and RegTech solutions for governments and regulatory bodies. GVG assists governments and authorities, through Big Data analytics, in their digital transformation and the effective promotion of compliant and truly inclusive digital ecosystems. The company monitors, collects and analyses data from crucial economic sectors and turns it into actionable information. We promote data-driven decision-making.
Discover GVG’s website: www.globalvoicegroup.com
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Artificial Intelligence
Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT
HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.
Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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