The Smart Agriculture Market size is expected to reach US$ 32.37 billion by 2028; registering at a CAGR of 12% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Emergence of Advanced Technologies to Offer Potential Growth Opportunities for Smart Agriculture Market
With constant technological developments taking place in agriculture, the conceptualization of smart agriculture is expected to use smartphones and other intelligent means. Use of smartphones by the end users of smart agriculture would assist them in remaining updated about changes in agricultural sector. In addition, web-based agricultural institutes such as the Agricultural Learning Repositories Task Force are gaining huge popularity among farmers. Use of advanced technologies would assist in boosting the scope of smart agriculture market growth.
The agriculture sector is witnessing the emergence of the latest technologies, coupled with significant investments. In the last decade, agriculture technology has seen a drastic transition in investment, with US$ 6.7 billion invested in the last 5 years and US$ 1.9 billion in 2021. Major technological innovations taking place in agriculture include automation and robotics, indoor vertical farming, modern greenhouse practices, livestock technology, artificial intelligence, and precision agriculture. With agriculture technologies getting introduced, the number of startups is also rising. Out of mentioned technologies, IoT, robotics, Artificial Intelligence, drones, and precision agriculture are the prominent AgriTech trends in the agriculture sector projected to impact the smart agriculture market.
Below mentioned are some of the companies offering smart technology-enabled agriculture systems and solutions:
- Agrila creates an IoT-based Sensor Station (Bulgaria)
- Farmer’s Hive offers Remote Monitoring Sensors (Canada)
- Advanced.Farm provides Robotic Harvesting (US)
- Nexus Robotics creates Robotic Weeders (Canada)
- Arva Intelligence offers AI-powered Crop Planning (US)
- Ask Attis is engaged in Disease Detection for Plants (Belgian)
- Wakan Tech facilitates Aerial Pollination (Oman)
- Equinox provides Drone Solutions (India)
Such startups are projected to create lucrative business opportunities for smart agriculture solutions and service providers in the future. And, thus contributing towards the smart agriculture market.
Based on geography, APAC held the largest smart agriculture market share in 2022. China and India are among the top agricultural producers across the globe. Numerous smart agricultural initiatives are being taken in China, as the agricultural produce by the country feeds 20% of the total population on the earth. Moreover, India is anticipated to be the most promising smart agriculture market, rising at the highest growth rate. According to the global production rankings for agricultural commodities, China and India were among the leading countries from Asia Pacific. Other Asian countries, such as Vietnam, are seeking ahead to work toward climate-smart agriculture. This approach aims to transform food systems.
In smart agriculture, different portable smart farming management tools are used to assist the farmer in boosting crop productivity. The concept of smart agriculture aims to enhance the productivity of plants by altering fertilizer contents. During the COVID-19 crisis, all industries, including agriculture, were impacted heavily. The farmers faced issues associated with precision regarding monitoring the soil condition of respective crops. Due to limitations on the movement of masses across borders and lockdown imposition, there was an issue of labor shortages. This shortage negatively impacted crop cultivation, resulting in a reduction in product quantity. Therefore, to handle the crisis, the use of smart farming management tools using IoT increased in APAC as this supported the farmers to keep track of soil conditions through smartphones.
Smart Agriculture Market – by Region, 2022
Smart Agriculture Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Product Type (Hardware, Software, and Services) and Application (Precision Farming, Livestock Monitoring, Yield Monitoring, Soil Heath Monitoring, Irrigation System, Variable Rate Application, Asset Management, and Smart Greenhouse), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Smart Agriculture Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Based on application, the smart agriculture market size is segmented into precision farming, livestock monitoring, yield monitoring, soil heath monitoring, irrigation system, variable rate application, asset management, and smart greenhouse. The precision farming segment dominated the smart agriculture market in 2022. Rising implementation of IoT, increasing focus on farm productivity & efficiency, growing need for crop health monitoring for yield production, and increasing demand for food due to the growing population are expected to drive the precision farming during the forecast period, and therefore penetrating the overall smart agriculture market size.
With the advent of sensor technology, GPS, and robotics, the scope of smart farming or precision farming is increasing. The mentioned technologies can support the formulation of strategic decisions at the farm and plant levels. The use of precision farming is allowing the production to be optimized, resulting in the production of sustainable crops. To accomplish this, varied sensors are needed to record observational data from crops. Based on sensor values, software along with different techniques are used to determine the condition of soil, crop, or any other diagnoses. All these factors are expected to fuel the smart agriculture market growth in the forthcoming period.
The key smart agriculture market players operating in the industry include AGCO Corporation, Ag Junction Inc., AG Leader Technology, Deere & Company, Raven Industries, Inc., Semiosbio Technologies Inc., SST Development Group, Inc., Teejet Technologies, Topcon Precision Agriculture, and Trimble Navigation Limited.
- In December 2022, the federal government declared ~US$ 325 million for agricultural projects with an aim to lower greenhouse gas emissions. This investment will help in boosting the latest technologies in the agriculture industry.
- In November 2022, in Australia, Western Sydney University partnered with ICAR for research purposes in climate-smart farming systems in Australia and India. The University inked agreements with 7 state agricultural universities to augment climate-smart agriculture research to accelerate yields for farmers while reinforcing food security.
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