IMARC Group, a leading market research company, has recently releases report titled “Smart Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global smart agriculture market size reached US$ 15.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.68 Billion by 2028, exhibiting a growth rate (CAGR) of 9.33% during 2023-2028.
Industry Overview of Smart Agriculture
Smart agriculture, also known as precision agriculture or digital agriculture, is an innovative approach to farming that leverages advanced technologies to optimize various aspects of agricultural practices. It involves the use of data, sensors, automation, and connectivity to make farming more efficient, sustainable, and productive. It enables farmers to make informed decisions about when to plant, irrigate, and harvest crops, which helps them maximize the output. It assists in determining the exact amount of water and nutrients needed for crops, reducing over-irrigation and the excessive use of fertilizers. It can lead to significant cost savings for farmers, as automated machinery and predictive analytics can help cut down on labor costs and make farming operations more financially sustainable. It promotes environmentally sustainable practices by reducing the use of chemicals, conserving water, and minimizing energy consumption while reducing the carbon footprint of agriculture. It allows farmers to monitor their fields and livestock in real-time using remote sensors and drones. It also aids in early detection of issues, such as pests, diseases, or water stress, enabling timely interventions to protect crops and animals. It helps in collecting and analyzing data on weather conditions, soil quality, and crop health to optimize operations. It empowers farmers with knowledge and tools to make informed decisions while providing access to valuable information and technology. As it can help farmers adapt to changing weather patterns by providing insights and tools to mitigate risks, the demand for smart agriculture is rising across the globe.
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What are the growth prospects and trends in the smart agriculture industry?
At present, the growing population across the globe is leading to an increasing demand for food. As a result, there is a rise in the utilization of smart agriculture technologies that enable farmers to achieve higher crop yields and more efficient livestock management, thus contributing to food security. Besides this, climate change is causing more frequent and severe weather events, such as droughts and extreme temperatures. Smart agriculture offers solutions to adapt to these challenges.
Weather monitoring, precision irrigation, and climate data analysis help farmers make informed decisions to mitigate the impact of climate change on their crops. In addition, smart agriculture technologies, such as soil moisture sensors and precision farming equipment, are enabling the efficient use of resources, reducing waste and environmental impact, which is strengthening the growth of the market. Apart from this, advancements in technology are making smart agriculture solutions more accessible and cost-effective. Innovations in sensors, Internet of Things (IoT) devices, and data analytics are creating new possibilities for farmers to optimize their operations.
This, along with the rising awareness among the masses about the benefits of smart agriculture, is offering lucrative growth opportunities to industry investors. Moreover, governing agencies of several countries are recognizing the importance of modernizing agriculture. They often offer incentives, subsidies, and funding for farmers to adopt smart agriculture practices, which is bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Agriculture Type:
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
Breakup by Offering:
Breakup by Farm Size:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AG Leader Technology
- AGCO Corporation
- AgJunction Inc. (Kubota Corporation)
- CLAAS KGaA mbH
- CropMetrics LLC (CropX inc.)
- Deere & Company
- Farmers Edge Inc.
- Granular Inc. (Corteva Inc.)
- Raven Industries Inc. (CNH Industrial N.V.)
- Trimble Inc.
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