New York, United States , June 12, 2023 (GLOBE NEWSWIRE) -- The Global Smart Agriculture Market Size is To Grow from USD 19.32 Billion in 2022 to USD 48.76 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
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Smart agriculture, or precision agriculture, is the integration of modern technologies into farming practices to improve efficiency and sustainability. By utilizing sensors, data analytics, and automation, farmers can monitor and optimize various aspects of agriculture, such as irrigation, fertilization, pest control, and crop management. Internet of Things (IoT) devices and remote sensing technologies provide real-time data on soil moisture, weather conditions, crop health, and livestock monitoring. This data-driven approach enables farmers to make informed decisions, minimize waste, reduce environmental impact, and increase yields. Smart agriculture has the potential to transform the farming industry, addressing global challenges like climate change and food security.
Report Coverage
This research report categorizes the market for smart agriculture market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the smart agriculture market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the smart agriculture market.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Smart Agriculture Market Size, Share, and COVID-19 Impact Analysis, By Agriculture Type (Precision Farming, Livestock Monitoring, Smart Greenhouse, and Others), By Offering (Hardware, Software, and Services), By Application (Precision Farming Application, Livestock Monitoring Application, Smart Greenhouse Application, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The software segment is expected to grow at a CAGR of around 11.5% during the forecast period.
Based on offering type, the global smart agriculture market is segmented into hardware, software, and services. The software segment is projected to experience significant growth in the forecast period within the smart agriculture industry. This growth can be attributed to several factors. There is an increasing demand for advanced software solutions that enable farmers to analyze and interpret the vast amount of data collected from various smart agriculture technologies. These software platforms provide valuable insights, actionable recommendations, and data visualization, empowering farmers to make informed decisions for optimizing farm operations. Secondly, the integration of artificial intelligence (AI) and machine learning (ML) algorithms into smart agriculture software further enhances its capabilities in predictive analytics, crop modeling, and risk assessment.
The smart greenhouse segment is expected to grow at a CAGR of 13.4% during the forecast period.
Based on agriculture type, the global smart agriculture market is segmented into precision farming, livestock monitoring, smart greenhouse, and others. The smart greenhouse segment is anticipated to witness substantial growth in the forecast period within the smart agriculture market. This growth can be attributed to several factors. The smart greenhouse technologies offer precise control over environmental factors such as temperature, humidity, and lighting, creating optimal growing conditions for plants. This leads to increased crop yield, quality, and year-round production, which is particularly advantageous in regions with adverse climates. The rising demand for locally grown, pesticide-free produce and the need for sustainable agricultural practices drive the adoption of smart greenhouse solutions. Additionally, advancements in automation, IoT integration, and data analytics further enhance the efficiency and productivity of smart greenhouses, making them a promising solution for future agriculture.
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Asia-Pacific is predicted To Grow at a highest CAGR of around 15.6% over the projected period
Based on region, Asia-Pacific is poised to experience fastest growth in the forecast period within the smart agriculture market. Several factors contribute to this anticipated growth. The region has a large and growing population, leading to increased food demand and the need for enhanced agricultural productivity. There is an increasing awareness of the benefits of smart agriculture technologies, coupled with government initiatives promoting digital transformation in the agricultural sector. Additionally, the presence of a large number of small-scale farmers in the region provides immense potential for the adoption of cost-effective smart agriculture solutions. Moreover, advancements in Internet of Things (IoT) infrastructure and connectivity, coupled with the availability of affordable smart devices, further support the growth of the smart agriculture market in Asia-Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global smart agriculture market include Ag Leader Technology, AGCO Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., Argus Control Systems Ltd, BouMatic Robotic B.V., CropMetrics LLC, CLAAS KGaA GmbH, CropZilla, Deere & Company, DICKEY-john, DroneDeploy, DeLaval Inc., Farmers Edge Inc., Grownetics, Inc., Granular, Inc., Gamaya, GEA Group Aktiengesellschaft, Raven Industries, Trimble Inc., and Topcon Positioning Systems.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global smart agriculture market based on the below-mentioned segments:
Smart Agriculture Market, By Agriculture Type
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Others
Smart Agriculture Market, By Offering
- Hardware
- Software
- Services
Smart Agriculture Market, By Application
- Precision Farming Application
- Livestock Monitoring Application
- Smart Greenhouse Application
- Others
Smart Agriculture Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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