Cannabis Technology Market Size, Share & Trends Analysis Report By Application, By Distribution Channel (Online, Offline), By Component (Hardware, Software), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Cannabis Technology Market Size, Share & Trends Analysis Report By Application, By Distribution Channel (Online, Offline), By Component (Hardware, Software), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Cannabis Technology Market Growth & Trends

The global cannabis technology market size is expected to reach USD 23.46 billion by 2030, expanding at a CAGR of 25.3% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rising trend of cannabis legalization in various regions globally is expected to drive companies to develop cannabis consumption technology to attract new customers. Moreover, the increasing medical applications of cannabis are anticipated to drive cultivators in using modern technology to grow specific strains, thereby helping to grow the market.

There is an influx of new technology-focused players entering the market for cannabis tech to develop devices and software for the cultivation, warehousing, and consumption of cannabis. These companies are using modern technologies such as artificial intelligence and genetic engineering to develop high-tech cannabis cultivation and consumption devices. For instance, developments in vertical farming technology have enabled cultivators to maximize growing space and save on energy costs with the help of LED strips and advanced ventilation systems.

North America is anticipated to account for a significant share of the market for cannabis tech over the forecast period owing to the extensive legalization in the region. For instance, 21 states in the U.S. have legalized the recreational use of cannabis. Additionally, the trend of cannabis dispensaries in the region is anticipated to drive regional growth. The significance of these cannabis dispensaries is that they are legal and enable the government to collect taxes on the total sales of cannabis.

Cannabis Technology Market Report Highlights

• Based on component, the software segment is anticipated to grow at the fastest rate of almost 32% during the forecast period, due to significant developments in smart cannabis consumption devices
• Based on distribution channel, the offline segment recorded the largest market share of around 89% in 2022, as a result of the growing number of cannabis dispensaries
• Based on application, the consumption segment is expected to expand at a significant CAGR during the projection period, due to the prominent medical uses of cannabis
• Based on end use, the recreational segment is anticipated to advance at the highest CAGR of around 30% in the coming years, aided by the growing popularity of cannabis for recreational use during the COVID-19 pandemic
• Based on geography, North America dominated the market with a share of over 56% in 2022, due to the growing implementation of technology in the cannabis industry, coupled with the increasing trend of vaping in the region

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