New Delhi, June 03, 2022 (GLOBE NEWSWIRE) — The smart agriculture market is growing at a high CAGR owing to increasing investments by governments as well as large corporations in integrating smart technologies in the agricultural sector, coupled with growing awareness of the benefits…
A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the smart agriculture market was worth USD 11.5 billion in 2021. The market is expected to grow at a CAGR of over 11%, generating revenue of approximately USD 24.3 billion by the end of 2022. The smart agriculture market is growing at a high rate due to the increasing burden of world population and increasing demand for food. The environmental consequences of agricultural activities and the depletion of resources such as groundwater are also influencing the adoption of advanced technologies such as artificial intelligence, Internet of Things (IoT), data analytics, etc., because better resource management should provide lucrative resources. growth opportunities for the global smart agriculture market over the forecast period.
Growing demand for weather monitoring systems is driving the growth of smart agriculture market
The demand for weather monitoring systems is very large in the agricultural sector and is also increasing at a high rate due to changing climatic conditions and their adverse effects on crops. The weather monitoring system is highly capable of detecting any sudden changes in the weather and can issue real-time alerts. This can help farmers prevent and reduce weather-related losses. It is also extremely useful in determining the ideal environmental conditions for growing specific crops.
Rising investment in human resources propels the overall market growth
Smart farming technologies can generate data or create ideas, but it will go in vain without skilled people who are not well equipped with knowledge. This also acts as a major restraint in the growth of the market. Therefore, many public and private organizations focus and invest in the training of human resources for intelligent management of agriculture. For example, Tanzania has trained more than 12,000 young university graduates on smart agriculture to build job skills.
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Smart Agriculture Market – By Farm Size
Based on farm size, the smart farming market is segmented into small, medium and large farms. Mid-sized farms account for the largest market share due to high ownership in this type of land size. A high number of peasants working in medium-sized farms, especially in developing countries like India, also plays a crucial role in propelling the growth of its market. Moreover, the implementation of smart farming tools and technologies is much more convenient in this size of land with high return on investment compared to other farm sizes, which also promotes its market growth. .
Smart Agriculture Market – Regional Overviews
Geographically, the smart agriculture market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominates the smart farming market. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period. Growing government support and increasing population density in developing countries in this region are emerging as major driving factors for the smart agriculture market. Also, the production of smart agricultural components and equipment in countries such as China, Japan, India, etc. is also increasing its penetration, driving the overall market growth.
Please see the Smart Agriculture Market press release: https://www.blueweaveconsulting.com/press-release/smart-agriculture-market-is-forecast-to-grow-at-more-than-11-until-2028
Impact of COVID-19 on the Smart Agriculture Market
The smart agriculture market has been negatively affected by the unprecedented COVID-19 pandemic outbreak. Agricultural activities in different parts of the world have been interrupted due to confinement and social distancing norms. Additionally, disruptions in supply chain and manufacturing activities have also hampered the production and distribution of hardware components involved in smart agriculture. However, the market is expected to recover post-lockdown owing to the growing scope of cloud computing and data analytics and the availability of hardware components.
The key players in the smart agriculture market are John Deere, LumiGrow, Trimble, Heliospectra, Topcon Positioning Systems, InnovaSea Systems, DeLaval, Afimilk, AKVA, Antelliq, AgEagle Aerial Systems Inc., Raven Industries, Inc., GEA Group, The Climate Corporation, Autonomous Solutions, Inc., SST Development Group, Inc., Argus Control Systems Ltd, Gamaya, Grownetics, Inc., Granular, Inc., DroneDeploy, Farmers Edge Inc., BouMatic Robotic BV and other players in foreground.
The smart agriculture market is fragmented with the presence of several global and regional industry players. However, several startups are also emerging with significant growth potential thanks to a booming market. Companies are constantly launching new technologies to gain market traction and investing heavily in R&D activities to innovate their offerings. Moreover, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also important in this market.
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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the Smart Agriculture market. It also highlights the factors driving the forecast of the total market size. The report promises to provide recent technology trends of Smart Agriculture market and industry insights to help decision makers to make sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- In December 2021, Zyter Inc., a US-based information technology and services company, announced the introduction of an Internet of Things (IoT)-based solution that integrates AI to support informed decisions in crop management for farmers and agronomists.
- In July 2021, Bosch and BASF Digital Farming announced their joint venture to globally market and sell smart farming technology from a single source, which has now received regulatory approval.
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in billions of dollars|
|Market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia|
|Product Service/Segmentation||By offer, by type of agriculture, by farm size, by region|
|Key players||John Deere, LumiGrow, Trimble, Heliospectra, Topcon Positioning Systems, InnovaSea Systems, DeLaval, Afimilk, AKVA, Intelliq, AgEagle Aerial Systems Inc., Raven Industries, Inc., GEA Group, The Climate Corporation, Autonomous Solutions, Inc., SST Development Group, Inc., Argus Control Systems Ltd, Gamaya, Grownetics, Inc., Granular, Inc., DroneDeploy, Farmers Edge Inc., BouMatic Robotic BV and other leading players.|
By type of agriculture
- Precision farming
- Livestock monitoring
- Precision Aquaculture
- Precision forestry
- smart greenhouse
By farm size
- Small Farms
- Medium farms
- large farms
- North America
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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