Global Smart Agriculture Market Share Is Likely To Reach At A CAGR Value Of Around 9.30% By 2028

19-Sep-2022 | Facts and Factors

According to Facts and Factors, the global smart agriculture market size was worth USD 17,392.40 million in 2021 and is estimated to grow to USD 29,653.81 million by 2028, with a compound annual growth rate (CAGR) of approximately 9.30% over the forecast period. The report analyzes the smart agriculture market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the smart agriculture market.

Global Smart Agriculture Market Size

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Smart agriculture describes an integrated management approach to growing the agricultural industry. Big data, cloud-based services, and the Internet of Things are just a few of the cutting-edge technologies used (IoT). For data analytics, field mapping, irrigation control, weather monitoring, soil scanning with sensors, and labor management, smart agriculture also uses optimization platforms, GPS, telecommunication, sensors, satellites, and wide area networks. Farmers can use these tools to harvest crops, manage inventories, and purchase essential supplies to increase crop yields.

Browse the full “Smart Agriculture Market Size, Share, Growth Analysis Report By Type (Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse, and Others), By Offering (Hardware, Software, and Services), By Application (Irrigation Management, Yield Management, Crop Scouting, Field Mapping, Weather Tracking & Forecasting, Inventory Management, and Farm Labor Management), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/smart-agriculture-market

One of the main factors propelling the growth of the global smart agriculture market is the increasing acceptance of the technology across various applications, including smart greenhouses, precision farming, aquaculture, and animal monitoring, to ensure minimal manual intervention. In keeping with this, integrating cloud-based artificial intelligence (AI) and Internet of Things (IoT) solutions to perform ongoing agricultural monitoring is another growth-inducing driver. The market is expanding due to the introduction of several advanced gadgets, including digital screens, smart sensors, contemporary biologicals, and robotic automation. Governments from many countries are launching several measures to encourage sustainable agricultural practices due to growing environmental concerns, fostering further market expansion. As a result, the ecosystem is better able to maintain balance, resulting in optimal agricultural output and food security. Additionally, the growing use of light-emitting diode (LED) grow lights in the CEA setup, combined with the increasing acceptance of the controlled environment agriculture (CEA) concept in greenhouses, is boosting market growth. A good outlook for the market is being created by additional variables, such as the growing need for livestock technology to spot early diseases and significant research and development (R&D) efforts to introduce improved agricultural techniques.

The global smart agriculture market has been segmented into type, offering, application, and region. Based on the type, the smart agriculture market is segregated into precision farming, livestock monitoring, precision aquaculture, precision forestry, smart greenhouse, and others. Among these, the livestock monitoring segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the offering, the smart agriculture market is segregated into hardware, software, and services. Among these, the software segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the application, the smart agriculture market is segregated into irrigation management, yield management, crop scouting, field mapping, weather tracking & forecasting, inventory management, and farm labor management. Among these, the irrigation management segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.

The global smart agriculture market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America dominated the global market for smart agriculture in 2021. Increased government initiatives and rules to advance the region's agricultural industry are anticipated to support regional demand in North America during the projected period. Several agricultural organizations came together to form the North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and supplying growers with tools for sustainable agricultural productivity. In response to the rising concern over water conservation, governments in North America are aggressively providing incentives to improve the applications of smart irrigation. For instance, the state of California has discounted smart controllers.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 17,392.40 Million

Projected Market Size in 2028

USD 29,653.81 Million

CAGR Growth Rate

9.30% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

John Deere, Trimble, AKVA, Antellig, Afimilk, InnovaSea Systems, Heliospectra, Topcon Positioning Systems, DeLaval, and LumiGrow.

Key Segment

By Type, Offering, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Key players in the global smart agriculture market include John Deere, Trimble, AKVA, Antellig, Afimilk, InnovaSea Systems, Heliospectra, Topcon Positioning Systems, DeLaval, and LumiGrow.

Recent Developments-

  • March 2021: DeLaval introduced the RC550 and RC700, a robot collector made for solid flooring to enhance cow comfort and hoof health. They can manage any manure without additional water due to their special rotational intake mechanism.
  • January 2021: By including a new Work Planner function, John Deere significantly improved its main digital product, the Operations Center, enabling farmers to shorten their work setup process and aiding operators in working more swiftly in the field. It gives farmers a comprehensive management tool to set up, plan, monitor, and analyze their data while managing their farms.

Global Smart Agriculture Market is segmented as follows:

By Type

  • Precision Farming
  • Livestock Monitoring
  • Precision Aquaculture
  • Precision Forestry
  • Smart Greenhouse
  • Others

By Offering

  • Hardware
  • Software
  • Services

By Application

  • Irrigation Management
  • Yield Management
  • Crop Scouting
  • Field Mapping
  • Weather Tracking & Forecasting
  • Inventory Management
  • Farm Labor Management

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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