Westford, USA, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Global Smart Agriculture Market size is poised to grow from USD 14.34 Billion in 2023 to USD 29.65 Billion by 2031, growing at a CAGR of 9.51% in the forecast period 2024 to 2031. The smart agriculture market has huge potential in affecting the agriculture industry. Farmers can enhance productivity, reduce costs, and ensure food security by using advanced technologies to optimize resource usage and make better decisions. Real-time data on crop health, soil and weather conditions and pest infestations enables farmers to act in a timely manner, optimize resource usage, and reduce losses. The data-driven approach enhances productivity and reduces waste, contributing to more sustainable farming. Moreover, the market for smart agriculture is highly affected by regulation. Different regulations in various regions and countries affect how smart agriculture technologies are used and implemented.
However, the role of regulation in the smart agriculture market seems to be beneficial. Government regulations impact and encourages the use of smart agriculture that can be highly beneficial for the industry players and the consumers of technology alike. Often, big initial costs required to invest in smart agriculture technologies can be offset by the government through financial arrival or subsidies. Thus, the role of regulation can be beneficial in the smart agriculture market.
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Smart Agriculture Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $14.34 Billion |
| Estimated Value by 2031 | $29.65 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.51% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Agriculture Type, Offering, Firm Size, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Rise of holographic communication to get better immersive interaction |
| Key Market Opportunities | Growing Acceptance of Data Driven Decision Taking in Agriculture Sector |
| Key Market Drivers | Progressive Government Initiative and Legislature |
Increasing Initiatives of Government to Encourage Agricultural Modernization to Rise Acceptability for Smart Agriculture
Governmental authorities worldwide incentivize smart farming with subsidies and grants, which encourage agricultural modernization and, consequently, food security. The worldwide trend of modernizing the agriculture sector has resulted in the creation of numerous policies, subsidies, tax incentives, and grants aimed at stimulating agricultural activities and shedding light on farmers’ financial burdens. These measures stimulate utilization and financing of advanced technologies and result in sustainable and efficient farming. Innovations are essential as governmental organizations pursue increased productivity and resilience in agriculture, as well as ensuring food sustainability. Government initiatives in developing countries cater to maximize the productivity of the farming sector, which in turn is expected to drive smart agriculture market trends.
Rising Adoption of Big Data to Gain Better Agricultural Information to Rise Demand for Smart Agriculture Market
As smart farming utilizes big data for analysing different processes such as crop growth, soil quality and condition, pests, and even yield forecasting, operations are performed with the help of big data analytics. With the help of analytical tools, various data is gathered, and decisions are made. Farmers strategically run their operations using data-driven insights and, as a result, operations are optimized and improved, bringing higher efficiency and, therefore, greater profitability. Additionally, it ensures that resources are allocated more adequately as well as properly managing farming, avoiding the risks, and driving better agricultural outcomes. Currently, manufacturers are focusing on promoting sensors of the highest technological characteristics to support the most efficient monitoring and decision-making processes. In addition, many farmers choose to use precision farming, and many technology developers form alliances to help farmers get more devices and applications that are effective for their work.
Collaboration Between Private Players and Government Facilities to Improve Smart Agriculture to Propel Market Growth on North America
North America is dominating the global smart agriculture market. The growing government initiatives and the regulations that are imposed for improving the agriculture industry in the region are anticipated to drive the North American regional demand. Various agricultural organizations have come together to form North America Climate Smart Agriculture Alliance. It serves as a platform for educating and equipping the cultivators for sustainable productivity in agriculture. Water conservation is a concern, and the governments in North America are providing subsidies to enhance the smart irrigation application. Another driving factor for growth in this region is the increasing agreements and partnerships among several market players and government agencies to deploy the concept of smart agriculture. Additionally, this region’s governments are offering subsidies and tax incentives to develop the market for smart agriculture. All these factors drive the growth of the market for smart agriculture in North America.
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Smart Agriculture Market Insights
Drivers
- Growing adoption of technology in the farming sector
- Progressive government initiatives
- High demand for sustainable agriculture
Restraints
- High initial cost of implementation
- Lack of skilled labour
- Poor infrastructure and connectivity
Key Players Operating in the Smart Agriculture Market
- CropMetrics
- CLAAS KGaA
- Ag Leader Technology
- AgJunction, Inc.
- Autonomous Solutions, Inc.
- BouMatic Robotic B.V.
- Deere & Company
- DroneDeploy
- Farmers Edge Inc
- Topcon Corporation
- Raven Industries
- Trimble Inc.
Key Questions Answered in Smart Agriculture Market Report
- What are the major driving factors of smart agriculture market?
- Which is the fastest growing region in the smart agriculture market report?
- Who are the key players in smart agriculture market?
This report provides the following insights:
Analysis of key drivers (Growing adoption of technology in the farming sector and Progressive Government Initiatives), restraints (High initial cost of implementation and Poor Infrastructure and Connectivity), opportunities (Growing Acceptance of Data Driven Analysis and Decision Implementation in Agriculture Sector), and challenges (Concerns Lack of Skilled Labour) influencing the growth of Smart Agriculture market
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- Market Penetration: Comprehensive information on the product offered by the top players in the Smart Agriculture market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Smart Agriculture market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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