Smart Agriculture Market Growth & Trends
The global smart agriculture market size is anticipated to reach USD 54.71 Billion by 2030, expanding at a CAGR of 13.4% during the forecast period, according to a new report by Grand View Research, Inc. The major factors driving the growth of the agtech industry are the increasing use of Artificial Intelligence (AI) and Internet of Things (IoT) and the integration of image processing technologies into agriculture. Agriculture has grown significantly in recent years owing to precision agriculture practices. The development plan of several nations, such as India, China, and Brazil, emphasizes digital transformation and digitization across various sectors, including agriculture.
The smart agriculture business is predicted to be driven by factors such as constant population increase, favourable government incentives, a scarcity of cultivable land, and a desire for high and fresh-quality food. According to World Health Organization (WHO) and Population Council, an estimated 80% of the world’s population lives in urban cities. However, the current land constraint in metropolitan areas has compelled producers to find a new way to produce fresh vegetables. The adoption of smart agriculture techniques will allow producers to grow crops indoors, in a multi-story building, stacked on racks, and in warehouse.
Smart farming can be utilized to produce organic crops on a vast scale. Vertical farming can be used in the large-scale production of organic crops. Controlled growing technologies such as hydroponics and aeroponics eliminate the use of chemical pesticides. Crops are produced in carefully chosen and well-monitored circumstances to guarantee optimal growth all year. As compared to open-field agriculture and other farming practices, vertical farm systems provide more crop rotation. Controlled humidity, temperature, and daylight will eventually result in a faster crop cycle. It takes 21 days for the system to produce fresh vegetables and greens. The growth rate is controlled with the help of a computer database that manages optimum growing conditions for various varieties such as baby spinach, lettuces, baby rocket, tatsoi, and basil.
Technological improvements in numerous industries have also positively impacted agriculture, as landowners and farmers are always striving to get the most out of their resources and land. Furthermore, due to labor difficulties such as a shortage of qualified farmers, a rising number of aged farmers, and a growing trend of large-scale farms, agriculture automation is gaining pace. Innovations in GPS mapping and associated farm applications, as well as advancements in precision agriculture, are also assisting farmers in operating more effectively and increasing their profit margins.
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Smart Agriculture Market Report Highlights
Precision farming agriculture type held the largest market share in 2022 as it allows measured application of agriculture inputs such as fertilizers and pesticides, thereby boosting the crop yield
The software segment is expected to register the highest growth rate, registering a CAGR of 16.1% over the forecast period. Cloud-based software is expected to be in high demand in the coming years
Smart greenhouse application is expected to be the fastest-growing segment during the forecast period of 2023 to 2030. HVAC management applications held the largest share in terms of revenue in 2022
The increasing adoption of modern technologies in agriculture, along with the reduced price of connected devices, is likely to influence the demand for smart agriculture solutions in the Asia Pacific regional market
Various key players are investing heavily in R&D to offer efficient and low-cost solutions to consumers. Key players in the smart agriculture market include Drone Deploy, CropMetrics LLC, DeLaval International AB, DICKEY-john, and Farmers Edge, Inc., among others
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