Smart Agriculture

Smart Agriculture

Global Smart Agriculture Market to Reach US$27.3 Billion by 2030

The global market for Smart Agriculture estimated at US$13.4 Billion in the year 2023, is expected to reach US$27.3 Billion by 2030, growing at a CAGR of 10.7% over the analysis period 2023-2030. Smart Agriculture Hardware, one of the segments analyzed in the report, is expected to record a 10.1% CAGR and reach US$16.7 Billion by the end of the analysis period. Growth in the Smart Agriculture Software segment is estimated at 12.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.1 Billion While China is Forecast to Grow at 13.8% CAGR

The Smart Agriculture market in the U.S. is estimated at US$4.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.8 Billion by the year 2030 trailing a CAGR of 13.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.4% and 9.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.4% CAGR.

Global Smart Agriculture Market - Key Trends & Drivers Summarized

Smart agriculture, also known as precision farming or digital agriculture, leverages advanced technologies to enhance the efficiency and productivity of agricultural practices. This approach integrates the Internet of Things (IoT), artificial intelligence (AI), machine learning, and big data analytics to monitor and manage agricultural activities with unprecedented precision. Smart agriculture systems use sensors to collect data on soil moisture, nutrient levels, crop health, and weather conditions, which is then analyzed to make informed decisions about irrigation, fertilization, and pest control. This real-time data-driven approach allows farmers to optimize resource use, increase crop yields, and reduce environmental impact, making farming more sustainable and profitable.

The implementation of smart agriculture involves several key technologies and tools. Drones and satellite imagery provide detailed aerial views of farmland, helping to identify issues such as pest infestations, nutrient deficiencies, and water stress that are not easily detectable from the ground. Automated machinery, such as GPS-guided tractors and robotic harvesters, ensures precision in planting, tending, and harvesting crops. Additionally, advanced software platforms offer comprehensive farm management solutions, integrating data from various sources to provide actionable insights and facilitate strategic planning. These platforms often include features like predictive analytics for yield forecasting, market trend analysis, and supply chain management, helping farmers make better-informed decisions.

The growth in the smart agriculture market is driven by several factors reflecting the evolving needs and challenges in the agricultural sector. The increasing global population and subsequent demand for food necessitate more efficient and sustainable farming practices, pushing the adoption of smart agriculture technologies. Climate change and unpredictable weather patterns also drive the need for precise and adaptive farming methods to ensure crop resilience and food security. Technological advancements, such as improvements in sensor technology, AI, and IoT, have made these solutions more accessible and affordable for farmers. Additionally, government initiatives and subsidies promoting sustainable farming practices and technological adoption are significant growth drivers. The trend towards organic and high-quality food products has further fueled the demand for smart agriculture, as these technologies help in maintaining stringent quality standards. Moreover, the integration of blockchain technology for traceability and transparency in the food supply chain is emerging as a key factor in the market’s expansion. These drivers collectively ensure a robust growth trajectory for the smart agriculture market, positioning it as a critical component of the future of farming.

Select Competitors (Total 199 Featured) -

• Accenture PLC
• AGCO Corporation
• AeroVironment, Inc.
• Aerofarms LLC
• Afimilk Ltd.
• AG Leader Technology
• Aerial Technology International
• 4D Bios Inc.
• AEssense Grows
• AFFINOR Growers
• AgCode, Inc.
• Adas Hightex Pte Ltd.
• Agam Greenhouse
• 365FarmNet
• AgBridge

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