According to the latest report by IMARC Group, titled “Smart Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global smart agriculture market size reached US$ 14.1 Billion in 2021. Smart farming refers to an integrated approach for leveraging advanced technologies to preserve farm resources, provide enhancements to conventional farming practices, and ensure minimal manual intervention. Farm mechanization, inventory control, and yield optimization are improved using the Internet of Things (IoT), artificial intelligence (AI), big data, and other information communication technologies. Additionally, this approach incorporates field mapping, irrigation supervision, weather tracking, soil scanning using sensors, and labor management with global positioning systems (GPS), sensors, satellites, telecommunication, and wide area networks. In addition to protecting the environment, smart farming aims to maximize the profitability and sustainability of farm yields.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Agriculture Market Trends:
The market is primarily driven by the continual technological advancements in the agricultural sector. This can be attributed to the escalating demand for increased farm production, along with the decreasing volume of arable lands due to rapid urbanization. In addition to this, the introduction of numerous advanced gadgets, such as digital screens, smart sensors, and robotic automation, facilitating higher yield is fueling the market. Moreover, the development of livestock technology for early disease detection, modern biologicals and improved farming chemicals are also providing an impetus to the market. The market is further driven by the rising trend of automation of commercial greenhouses, along with the growing implementation of the controlled environment agriculture (CEA) concept in greenhouses. Some of the other factors that are creating a positive market outlook include the growing usage of Machine-to-Machine (M2M) applications, a considerable rise in indoor farming practices, favorable government initiatives promoting sustainable agriculture, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 25.25 Billion by 2027, exhibiting a CAGR of 9.80% during 2022-2027.
- Based on the agriculture type, the market has been segmented into precision farming, livestock monitoring, smart greenhouse, and others.
- On the basis of the offering, the market has been divided into hardware, software, and service.
- Based on the farm size, the market has been categorized into small, medium and large.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.
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