New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Smart Agriculture Market Size, Share, Growth Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type (Hardware, Software, and Services) and Application (Precision Farming, Livestock Monitoring, Yield Monitoring, Soil Heath Monitoring, Irrigation System, Variable Rate Application, Asset Management, and Smart Greenhouse)” the global smart agriculture market size is driven by developments in sensor technology, IT & robotics, automation of agricultural activities and developments in smart farming. APAC held the largest smart agriculture market share in 2022.
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Global Smart Agriculture Market – Report Scope:
| Market Size Value in | USD 15.45 Billion in 2022 |
| Market Size Value by | USD 32.37 Billion by 2028 |
| Growth rate | CAGR of 12% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 224 |
| No. of Tables | 22 |
| No. of Charts & Figures | 82 |
| Historical data available | Yes |
| Segments covered | Product Type, and Application |
Smart Agriculture Market: Competitive Landscape and Key Developments
AGCO Corporation; Ag Junction Inc.; AG Leader Technology; Deere & Company; Raven Industries, Inc.; Semiosbio Technologies Inc.; SST Development Group, Inc.; Teejet Technologies; Topcon Precision Agriculture; and Trimble Navigation Limited are among the key smart agriculture market players operating in the industry.
In December 2022, Orchardly, an India-based AI Agritech startup, and Fyllo—another AI and IoT-enabled agri-science platform—inked a partnership agreement to work on temperate fruits in the Indian market. Both the companies' projects provide precision agriculture IoT hardware such as precision agriculture devices, automatic weather stations, and premium agronomy services to benefit farmers of India.
In August 2022, CLAAS and Trimble designed a next-generation precision farming system for the CLAAS tractors and forage harvesters. The new architecture of Trimble would propel customized precision agriculture system development by combining its own guidance capabilities with machine interface CLAAS into one common in-cab user experience.
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Smart Agriculture Market – Key Insights:
The present scenario of the agriculture industry showcases a whole new level of farming attained by the industry, owing to the rising adoption of IoT in various business segments. The smart agriculture concept has already been widely accepted and is predicted to become a promising concept for customers worldwide. This concept has resulted in the increasing use of some of the high-tech farming techniques by farmers and other agribusiness market players. The market for smart agriculture is also highly fueled by the rising penetration of smartphones. Customers use smartphone-based apps to remotely monitor their livestock, crops, and equipment. With the help of these apps, customers can conduct statistical predictions of their livestock and crops.
Besides, above-mentioned development related to smartphone-based apps, precision farming is another major aspect projected to create business opportunities for the smart agriculture market. Since precision farming uses data-based technologies such as remote sensing, GPS, and IoT to manage crop production while lowering pesticides, fertilizers, and other chemical use, the penetration of precision farming is rising exponentially in countries such as the Netherlands.
Impact of COVID-19 Pandemic on Global Smart Agriculture Market Growth:
The COVID-19 pandemic and subsequent lockdowns heavily disrupted the European food supply chains. As per the survey conducted by Syngenta, 46% of large European farmers stated that their farming businesses were impacted by the pandemic. The survey presents 57% of those farmers have been impacted by a decrease in sales and revenue and 51% have been impacted by disrupted supply chains and shortages. The pandemic encouraged the significance of virtual and digital services for farmers. Therefore, the regional government is looking forward to supporting digital transformation by bringing digitalization to farms to enhance the industry's resilience. The pandemic has resulted into increased use of digital technologies which will help in driving the smart agriculture market growth in the coming period.
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Global Smart Agriculture Market: Product Type Overview
Based on product type, the smart agriculture market size is segmented into hardware, software, and services. The hardware segment accounted for the largest smart agriculture market share in 2022. The hardware components or the tangible solutions in the smart agriculture sector are relatively different from other industries. Some of the key hardware components of smart agriculture are smart detection systems, sensor-based monitoring systems, and GPS-enabled ranging systems and drones, among others. The use of precision agriculture and crop monitoring is increasing, which is resulting in a rise in the demand for sensors, drones, RFID tags, and many more. For monitoring, capturing, and gathering agriculture-related data, IoT-based smart sensors is an innovative method in the smart agriculture system.
As per the current stats from the UN, the global population is expected to reach 9.7 billion by 2050. With the increase in population, global agricultural production will also rise. This factor will augment the adoption rate of precision farming, irrigation systems, soil monitoring systems, and many more.
Thus, the said parameters on IoT-based smart sensors, GPS, drones, and other systems are projected to create lucrative business opportunities for hardware manufacturers in the coming years and therefore penetrating the global smart agriculture market growth.
Global Smart Agriculture Market: Product Type Overview
Based on product type, the smart agriculture market size is segmented into hardware, software, and services. The hardware segment accounted for the largest smart agriculture market share in 2022. The hardware components or the tangible solutions in the smart agriculture sector are relatively different from other industries. Some of the key hardware components of smart agriculture are smart detection systems, sensor-based monitoring systems, and GPS-enabled ranging systems and drones, among others. The use of precision agriculture and crop monitoring is increasing, which is resulting in a rise in the demand for sensors, drones, RFID tags, and many more. For monitoring, capturing, and gathering agriculture-related data, IoT-based smart sensors is an innovative method in the smart agriculture system.
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As per the current stats from the UN, the global population is expected to reach 9.7 billion by 2050. With the increase in population, global agricultural production will also rise. This factor will augment the adoption rate of precision farming, irrigation systems, soil monitoring systems, and many more.
Thus, the said parameters on IoT-based smart sensors, GPS, drones, and other systems are projected to create lucrative business opportunities for hardware manufacturers in the coming years and therefore penetrating the global smart agriculture market growth.
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