The global smart agriculture market size reached US$ 15.8 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 27.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.33% during 2023-2028.
Smart agriculture refers to an integrated management approach used for strengthening the agricultural sector. It leverages various advanced technologies, such as big data, the Internet of Things (IoT), and cloud-based solutions. Smart agriculture also includes optimization platforms, global positioning systems (GPS), sensors, satellites, telecommunication, and wide area networks that are deployed for data analytics, field mapping, irrigation supervision, weather tracking, soil scanning through sensors, and labor-management purposes. These tools, in turn, enable farmers to harvest, control inventory, and purchase essential components, thereby enhancing the overall crop yields.
Smart Agriculture Market Trends:
The widespread adoption of smart agriculture across various applications, such as livestock monitoring, smart greenhouse, aquaculture, and precision farming for ensuring minimal manual intervention is one of the key factors driving the smart agriculture market growth. In line with this, the integration of the Internet of Things (IoT), cloud-based, and artificial intelligence (AI) solutions, for implementing the constant monitoring of crops is acting as another growth-inducing factor. Additionally, the continual launch of various advanced devices, such as digital screens, smart sensors, modern biologicals, and robotic automations, is propelling the market growth. On account of the rising environmental concerns, governments of various nations are undertaking numerous initiatives to promote sustainable agriculture practices, which is contributing to the market growth further. This, in turn, helps in balancing the ecosystem, thereby ensuring optimal crop production and food security. Moreover, the widespread adoption of controlled environment agriculture (CEA) concept in greenhouses, along with the rising usage of light-emitting-diode (LED) grow lights in the CEA setup, is propelling the market growth. Other factors, including escalating demand for livestock technology for detecting early diseases and the extensive investments in the research and development (R&D) activities for introducing advanced agricultural techniques, are creating a positive outlook for the market.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global smart agriculture market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on agriculture type, offering and farm size.
Breakup by Agriculture Type:
Breakup by Offering:
Breakup by Farm Size:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being AG Leader Technology, AGCO Corporation, AgJunction Inc. (Kubota Corporation), CLAAS KGaA mbH, CropMetrics LLC (CropX inc.), Deere & Company, DICKEY-john, Farmers Edge Inc., Gamaya, Granular Inc. (Corteva Inc.), Raven Industries Inc. (CNH Industrial N.V.) and Trimble Inc.
Key Questions Answered in This Report
1. What was the size of the global smart agriculture market in 2022?
2. What is the expected growth rate of the global smart agriculture market during 2023-2028?
3. What are the key factors driving the global smart agriculture market?
4. What has been the impact of COVID-19 on the global smart agriculture market?
5. What is the breakup of the global smart agriculture market based on the agriculture type?
6. What is the breakup of the global smart agriculture market based on the offering?
7. What is the breakup of the global smart agriculture market based on farm size?
8. What are the key regions in the global smart agriculture market?
9. Who are the key players/companies in the global smart agriculture market?