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.
The developments in sensor technology, IT, and robotics are expected to extend the possibilities in smart agriculture further. It is expected that we will be able to determine the needs of a crop at any specific location and moment in a way that will be increasingly accurate and from a distance. The automation of agricultural activities such as plowing and harvesting will also lead to further developments in smart farming. According to experts, the expansion of smart farming will result in increased production per crop and more efficient production systems. Developments in smart farming will create a positive result on overall smart agriculture market growth.
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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.
Players Mentioned are –
- 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
- Trimble Navigation Limited among others.
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. In 2021, the livestock monitoring segment held the second-largest share in smart agriculture market. Livestock monitoring system is used for monitoring bovinae, ovine, and poultry animals for avoiding slaughtering and monitor all animal products. The mentioned features are contributing towards the demand for livestock monitoring systems. The use of smart devices and IoT solutions is making significant transformations in livestock and farming, thereby leading the path for the adoption of different smart agriculture solutions. The Electronics and Telecommunications Research Institute (ETRI) developed “Smart Safe Livestock Barn Platform” technology in December 2022. This platform has the potential to manage pig disease and breeding situations systematically. The platform is projected to greatly enhance productivity and respond to diseases by determining a smart safety livestock barn based on ICT.
The Insight Partners Smart Agriculture Market Research Report Scenario includes:
- The report provides qualitative and quantitative trends of global Smart Agriculture Market across type, type of products, service, and geography.
- The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Smart Agriculture Market.
- Chapter Three provides the research methodology of the study.
- Chapter Four further provides PEST analysis for each region.
- Chapter Five highlights the key industry dynamics in the Smart Agriculture Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
- Chapter Six discusses the global Smart Agriculture Market scenario, in terms of historical market revenues, and forecast till the year 2028.
- Chapter Seven to ten discuss Smart Agriculture Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
- Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
- Chapter Twelve provides the detailed profiles of the key companies operating in the global Smart Agriculture Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
- Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.
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