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Smart Agriculture Market: Key Insights 2028

Smart farming has gained momentum with automation in activities using technologies such as the IoT, machine learning etc. Read more about Smart Agriculture Market.

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Smart Agriculture Market: Key Insights 2028

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  1. Smart Agriculture Market: Key Insights 2028 Theagricultureindustryisconstantlylosingitsworkforceduetotheriseinurbanization,increasedmigrationoflocallaborers,andlowerfarmrevenue.Thesefactorshaveledfarmerstolookfornewsolutions.SmartfarminghasgainedmomentumwithautomationinactivitiesusingtechnologiessuchastheIoT,bigdata&analytics,artificialintelligenceandmachinelearning.Theglobal smartagriculture marketisanticipatedtosurgeataCAGRof10.35%overtheforecastperiod2022-2028. Withaboominpopulation,fooddemandisanticipatedtoriseincrementallyby2050.Therewillbeimmensepressureonfarmerstoincreasecropproductionandyield.Thiscanonlybeachievedbyincreasingthelandtogrowcropsoroptingfornewtechniques,suchasprecisionandverticalfarming.Theuseoftechnologies,suchasLEDindoorfarming,tocreatenature-likeconditionswillhelpfarmerstomatchtheexpecteddemandforfoodsupplyinthefuture. Digitalization– KeyDriver Accordingtoourreports,basedonthetypesegment,precisionfarmingcurrentlyholdsthelargestshareofover42.04%andisanticipatedtomaintainitsstrongholdthroughouttheforecastperiod.

  2. Precisionfarmingisexperiencingarapidtransformationfromaserviceandproductperspective.Theemergenceofsmartsensors,roboticautomation,sophisticatedbiologicals,digitaldata,andmanybigincumbentsareafewtechnologicaladvancementsthatareusheringanewerainagriculture.Theintegrationoftechnologyinprecisionfarmingequipmentisanticipatedtodrivethestudiedmarket’sgrowth.Precisionfarmingisexperiencingarapidtransformationfromaserviceandproductperspective.Theemergenceofsmartsensors,roboticautomation,sophisticatedbiologicals,digitaldata,andmanybigincumbentsareafewtechnologicaladvancementsthatareusheringanewerainagriculture.Theintegrationoftechnologyinprecisionfarmingequipmentisanticipatedtodrivethestudiedmarket’sgrowth. • Irrigationproductshavebeenamajorcontributortotheprecisionfarmingmarket.Withthegrowingneedforappropriateagriculturalequipment,variablerateapplication(VRA)productsareexpectedtopropagatethestudiedmarketinthenextfiveyears. • Globally,theAsia-Pacific smart agriculture marketisprojectedtobethefastest-growingregionduringtheforecastperiod2022-2028.Theregionpresentsimmensescopefordevelopment,owingtotheincreasingurbanpopulationsize,growingpenetrationoftheinternetinfarmmanagement,andfavorablegovernmentinvestments.Moreover,thepresenceofeconomicallyadvancingcountriessuchasIndiaandChinaisexpectedtocreateavenuesforprecisionagricultureintheregion. • AutomationTrends • Ashiftintheglobalagingdemographichaspromptedtheadoptionofautomationinfarmingpractices. • Automationandcontrolsystemmanufacturershaveseenasignificantincreaseinsalesduetothisprofoundchangeinthefarmingindustry. • Overthelast5years,agriculturalrobotshavebeendeployedforthepurposeofcropmanagement.Theserobotsselectivelytreatsoilandcropsbasedontheirneeds,therebyreducingmanuallabor.Outofalltherobotsusedinsmartfarming,UAVs/dronesgeneratedthemostrevenue. • CompaniestoWatchintheMarket • Inrecentyears,partnershipandcollaborationhavebeenkeystrategiesforexpansioninthesmartagriculturefarmingmarket.Withtheincreasinggrowthintheglobalmarket,companiesinthisindustryhaveincorporatedcollaborativestrategieswithotheragriculturalOEMstoremaincompetitive. • Someofthemareasfollows: • InMay2022,AGCOCorpacquiredJCAIndustriesInc(aleadingautonomoussoftwareproviderofagricultural-relatedproducts)toenhancethecompany’sautomationsystemportfolio.

  3. InJune2021,AgJunctionInccollaboratedwithRobertBoschLLCtojointheNEVONEXpartnernetwork.ThepartnershipintegratedNEVONEXintoAgJunction’shardwaremodules.ThecollaborationalsoenabledAgJunctionInctoprovideitscustomerswithawiderrangeofautomatedprocesses.InJune2021,AgJunctionInccollaboratedwithRobertBoschLLCtojointheNEVONEXpartnernetwork.ThepartnershipintegratedNEVONEXintoAgJunction’shardwaremodules.ThecollaborationalsoenabledAgJunctionInctoprovideitscustomerswithawiderrangeofautomatedprocesses. • InFebruary2021,DroneDeploycollaboratedwithCortevaAgriscience,aleadingmanufacturerandsupplierofagriculturalseedsandchemicals,todesign,develop,andprovideadvancedartificialintelligenceandmachinelearningplatformstofarmerstoimproveproductivity. • InJanuary2021,FarmersEdgeInccollaboratedwithGoogleCloudtopromotethe • company’sservicesandboostitsprogram’simplementationofartificialintelligence,machinelearning,andpredictiveanalysis. • Conclusion • Technologicaladvancementsandtheirincorporationintofarmingactivitieshavebenefitedtheagriculturalsector.Outofalltheequipment,suchassensorsandrobots,dronesareanticipatedtorevolutionizethesector,ascompaniesandfarmersareeagertoincorporatethemintotheirbusinessmodels.AccordingtotheAssociationforUnmannedVehiclesSystemsInternational(AUVSI),around80%ofcommercialdroneswilleventuallybeusedforagriculture.Thedatacollectedfromdroneshelpfarmerstoimprovetheyieldandprovidewater,fertilizer,andchemicalpesticidestothecropswhenneeded.Italsohelpstomonitorcrophealthwhilecheckingforsignsofdiseases.Thus,theincreasingbenefitsofautomationandtheuseofdronesinagricultureareanticipatedtocreatenewavenuesforthesmartagriculturemarket. FAQ: Q1)Whataretherevenueestimationsfortheglobalsmartagriculturemarket? Theglobalsmartagriculturemarketwasvaluedat$12.52billionin2021andisexpectedtoreach $24.88billionby2028. Q2)Whichsegmentsarecoveredunderthesmartagriculturemarket? Typeandcomponentarethesegmentscoveredinthesmartagriculturemarket.

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