Smart Agriculture Market to Grow with a CAGR of 8.65% through 2029
Adoption of cloud computing for real-time farm data
management and growing advancements in greenhouse & precision farming is
expected to drive the Global Smart Agriculture Market growth in the forecast
period, 2025-2029
According to TechSci Research report, “Smart
Agriculture Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the Global Smart Agriculture Market
stood at USD
15.76 Billion in 2023 and is anticipated to grow with a CAGR of 8.65% in the forecast
period, 2025-2029. The global smart agriculture market is driven by several key
factors. The increasing global demand for food due to rapidly growing
populations necessitates efficient and effective farming practices, which smart
agriculture can provide. Advancements in technology, such as IoT and AI, have
allowed for the development of innovative smart farming solutions, from
precision agriculture to digital livestock monitoring.
Government initiatives promoting sustainable farming
practices also contribute significantly to the growth of this market.
Increasing awareness among farmers about the benefits of smart agriculture,
such as increased crop yields and reduced farming costs, is also a major
driver.
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The global smart agriculture market is experiencing
significant growth due to several key factors. There is a growing demand for
higher crop yield to meet the ever-increasing food requirements of a rapidly
expanding population. As the world's population continues to grow, it becomes
crucial to find innovative ways to produce more food efficiently. The rapid
adoption of Internet of Things (IoT) and Artificial Intelligence (AI)
technologies in farming practices is revolutionizing the agriculture industry.
These advanced technologies enable farmers to collect and analyze vast amounts
of data, empowering them to make data-driven decisions and optimize resource
utilization. By leveraging IoT and AI, farmers can monitor and control various
aspects of their operations, such as irrigation, fertilization, and pest
control, with greater precision and efficiency.
Furthermore, there is a growing emphasis on livestock
monitoring and disease detection in the smart agriculture industry. Farmers are
increasingly recognizing the importance of ensuring the health and well-being
of their animals. With the integration of IoT devices and AI algorithms,
farmers can remotely monitor the vital signs and behavior of their livestock,
enabling early detection of any potential health issues. This proactive
approach to livestock management helps in preventing the spread of diseases and
minimizing losses.
Looking ahead, the outlook for the smart agriculture
market remains highly positive, with experts predicting significant expansion
in the coming years. Advancements in technology, such as the development of
advanced sensors, precision agriculture tools, and autonomous farming
equipment, will continue to drive further growth and innovation in the
industry. These technological advancements empower farmers to optimize their
operations, reduce resource wastage, and increase overall productivity. Moreover,
governments worldwide are showing increased support and investment in smart
agriculture initiatives. They recognize the potential of these technologies to
improve agricultural productivity, sustainability, and profitability.
Governments are actively promoting the adoption of smart agriculture practices
through subsidies, grants, and regulatory frameworks.
The global smart agriculture market is on a trajectory
of impressive growth, fueled by the need for higher crop yield, the integration
of IoT and AI technologies, and the focus on livestock monitoring and disease
detection. With continuous advancements in technology and unwavering government
support, the future of smart agriculture looks promising. This industry holds
immense potential for farmers and stakeholders in the agriculture sector,
opening up new opportunities for increased productivity and profitability. As
we move forward, it is crucial for all stakeholders to collaborate and
innovate, ensuring sustainable and efficient practices that will benefit both
the industry and the planet.
The Global Smart Agriculture Market is segmented into offering,
application, regional distribution, and company.
Based on offering, Software has emerged as the
dominant force in the global smart agriculture market, revolutionizing
agricultural operations with its unparalleled ability to enhance productivity,
efficiency, and accuracy. Through advanced software solutions, farmers gain access
to a wide range of capabilities, including real-time farm monitoring, precise
weather forecasting, and data-driven crop management. These sophisticated tools
enable farmers to make informed decisions about cultivation practices and livestock
management, resulting in minimized waste, improved yield, and heightened
profitability.
In addition, the advent of Internet of Things (IoT)
and Artificial Intelligence (AI) technologies has further spurred the demand
for sophisticated software platforms in agriculture. These platforms have
become an integral component of modern smart farming practices, facilitating
seamless integration of data analytics, automation, and predictive modeling. By
harnessing the power of these technologies, farmers can optimize resource
allocation, mitigate risks, and drive sustainable agricultural practices. With
software at the forefront of smart agriculture, the industry is poised for
continuous growth and innovation. As technology continues to evolve, we can
expect even more advanced software solutions that empower farmers to unlock the
full potential of their land and maximize their yields, ensuring a prosperous
and sustainable future for the agriculture sector.
Based on region, North America stands at the forefront
of the global smart agriculture market for several compelling reasons. Firstly,
the region boasts a significant number of tech-savvy farmers who
enthusiastically embrace innovative technologies to enhance agricultural
productivity. Their eagerness to adopt cutting-edge solutions has created a
fertile ground for the growth and advancement of smart agriculture. Moreover,
the presence of key market players in North America significantly contributes
to its leadership position. These industry leaders continuously invest in
research and development, driving the creation of advanced agricultural technologies
and solutions. The collaboration between these players and the government,
which actively supports and promotes the adoption of smart agricultural
practices, further strengthens the region's dominance.
Furthermore, the rapid development of infrastructure
and the widespread availability of high-speed internet in rural areas have
revolutionized the integration of smart agricultural tools. Farmers in North
America can seamlessly connect and utilize these tools to optimize their
farming operations, leading to increased efficiency and productivity. Additionally,
the increasing adoption of cloud computing technologies has played a pivotal
role in shaping the smart agriculture landscape in North America. Cloud-based
platforms offer farmers the ability to collect, analyze, and interpret vast
amounts of data, enabling data-driven decision-making and precision agriculture
practices. This transformative approach has empowered farmers to maximize their
yields while minimizing resource waste. The confluence of factors such as
tech-savvy farmers, supportive government policies, presence of key market
players, robust infrastructure, and the adoption of cloud computing
technologies has firmly established North America as the global leader in smart
agriculture. The region's commitment to innovation and the effective
utilization of technology continue to drive the growth and advancement of the
smart agriculture market, setting a remarkable example for other regions to
follow.
Major companies operating in Global Smart
Agriculture Market are:
- AGCO Corporation
- Ag Leader Technology, Inc.
- BouMatic Robotic B.V.
- GEA Group Aktiengesellschaft
- Topcon Positioning Systems, Inc.
- DeLaval Holding AB, Allflex USA,
Inc.
- Afimilk Agricultural Cooperative
Ltd.
- AKVA Group
- Heliospectra AB
- LumiGrow Inc.
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“The future of the Global Smart Agriculture Market
looks incredibly promising with the advent of cutting-edge technologies and
innovative practices. With the world population on the rise and a growing
demand for food, there is an urgent need for sustainable farming methods to
meet these challenges. This is where the smart agriculture industry comes into
play, leveraging advancements like artificial intelligence, machine learning,
and the Internet of Things (IoT) to revolutionize farming practices. These
technological advancements enable farmers to optimize crop yield, reduce waste,
and make more informed decisions based on data-driven insights. For instance,
AI-powered systems can analyze soil conditions, weather patterns, and plant
health to provide real-time recommendations on irrigation, fertilization, and
pest control. By harnessing the power of predictive analytics, farmers can
proactively address potential challenges, optimize resource allocation, and
maximize productivity. Moreover, the increasing adoption of data-driven farming
techniques and predictive analytics not only benefits individual farmers but
also contributes to the overall growth of the smart agriculture market. As more
farmers embrace these innovative practices, there will be a surge in demand for
advanced sensors, drones, precision farming equipment, and farm management
software. The Global Smart Agriculture Market is poised for exponential growth,
driven by the need for sustainable farming practices, increasing population,
and rising food demand. The integration of AI, machine learning, and IoT
technologies will revolutionize the way we cultivate crops, ensuring efficient
resource utilization, improved crop yield, and a more sustainable future for
agriculture.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Smart Agriculture Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Offering (Hardware,
Software, Services), By Application (Precision Agriculture, Livestock
Monitoring, Smart Greenhouses, Others), By Region and Competition”, has evaluated
the future growth potential of Global Smart Agriculture Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Smart Agriculture Market.
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