The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart agriculture solutions involve the integration of information and communication technologies with agricultural equipment, devices and practices to help farmers improve crop yields. Precision technologies such as sensor networks, drones, GPS tracking and robotic automation help farmers optimise resource usage leading to sustainable and profitable farming.
Market key trends:
The growing application of IoT devices in agricultural practices is one of the major trends that is fueling the growth of the smart agriculture solution market. IoT enables equipment interconnection and real-time monitoring of crops and livestock. Devices such as sensors help farmers remotely monitor soil moisture, monitor environmental changes and device operating temperatures. This data helps farmers optimize irrigation, detect diseases and implement preventive measures. The use of IoT is improving productivity and reducing production costs.
Segment Analysis:
The global smart agriculture solutions market is segmented on the basis of offering, agriculture type, application, and geography. By offering, the market is divided into hardware, software, and services. The hardware segment currently dominates the market due to high adoption of automation and control devices such as GPS/GNSS, irrigation controllers, guidance and steering systems, and drones in agricultural fields. By agriculture type, the market is bifurcated into precision farming and precision forestry. Precision farming holds a larger market share owing to increasing applicability of various solutions like GPS/GNSS, drone analytics, sensors for soil, climate, and water across multiple crop types.
Key Takeaways:
The Global Smart Agriculture Solution Market Growth is expected to witness high, exhibiting CAGR of 11% over the forecast period, due to increasing need to raise agricultural productivity and optimize crop monitoring with the help of various automated solutions.
Regional analysis – North America dominates the market currently due to widespread technological adoption in the agriculture sector and presence of leading technology providers in the region. However, Asia Pacific is expected to grow at the fastest pace owing to government initiatives to promote precision farming practises and a large agricultural landscape in countries like India and China.
Key players – Key players operating in the smart agriculture solution market are Dirt Road Data, Inc., AgJunction LLC, Iteris, Inc., Site-Specific Technology Development Group, Inc., CropMetrics LLC, Trimble Navigation Ltd., Agribotix LLC, AgEagle Aerial Systems Inc., Granular, Inc., AgriSight, Inc., and SemiosBio Technologies Inc. Trimble Navigation Ltd. holds the largest market share currently due to its vast portfolio of precision farming hardware and software products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it