Fort Collins, Colorado, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The Smart Agriculture Market size was valued at USD 22.3 Billion in 2022 and is expected to reach a market size of USD 67.8 Billion by 2032 with a CAGR of 11.8%.
Precision agriculture, or smart agriculture, uses technology to improve crop production, resource efficiency, and sustainability in farming. This innovative approach is reshaping the future of agriculture.
Smart agriculture is now possible with new technologies like the Internet of Things (IoT), artificial intelligence (AI), and robotics. These technologies gather data on crops, soil, and weather conditions to help farmers make informed decisions about agricultural practices.
Precision agriculture leverages IoT sensors and data from crops, soil, and weather to create accurate field maps. This information is used to optimize irrigation, fertilization, and pest control for improved efficiency and reduced labor costs. Robotics automates planting, harvesting, and weeding, while AI analyzes data from sensors and robots to identify issues and recommend solutions, increasing crop yields and preventing losses. IoT-enabled devices and sensors are transforming farming practices by providing real-time data for data-driven decision-making and optimized operations.
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Segmentation Overview:
The global smart agriculture market has been segmented into the offering, agriculture type, farm size, and region. The hardware segment dominates the smart agriculture market due to the increasing demand for sensors, drones, and robots. Precision farming, which uses sensors, drones, and other technologies to optimize irrigation, fertilization, and pest control, is the most widely adopted agriculture type.
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Smart Agriculture Market Report Highlights:
- The global smart agriculture market growth is anticipated at a CAGR of 11.8% by 2032.
- The demand for food is increasing due to global population growth and dietary changes. With the world's population expected to reach 9.7 billion by 2050, there is a need to improve crop yields, reduce food waste, and make agriculture more sustainable. Smart agriculture, also known as precision agriculture or digital farming, is revolutionizing the industry by leveraging advanced technologies to optimize crop production and resource efficiency.
- North America leads the smart agriculture market due to government initiatives promoting sustainable agriculture, digital infrastructure development, research and development in precision farming technologies, and many technology companies and startups in the region.
- Some prominent players in the smart agriculture market report 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 mbH, 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 among others.
Industry Trends and Insights:
- AgEagle Aerials Systems will exhibit at the Milipol Homeland Security and Safety event in Paris from November 14-17, 2023, and Modern Warfare Week from November 13-16, 2023, in Fayetteville, NC.
- BouMatic has acquired SAC Group, a full-line producer of milking systems for cows, sheep, and goats headquartered in Kolding, Denmark, and will operate SAC as a fully owned subsidiary.
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Smart Agriculture Market Segmentation:
By Offering: Hardware, Software, Services
By Agriculture Type: Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse, Others.
By Farm Size: Small Farms, Medium Farms, Large Farms
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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