Smart Agriculture Market is Forecast to Grow at more than 11% until 2028
Published | 31 May 2022
Smart agriculture market is growing at a high CAGR due to rising investment by the governments as well as large enterprises into integrating smart technologies into the agriculture sector coupled with increasing awareness about the benefits…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global smart agriculture market was worth USD 11.5 billion in the year 2021. The market is projected to grow at a CAGR of more than 11%, earning revenues of around USD 24.3 billion by the end of 2022. The smart agriculture market is growing at a high rate owing to the rising burden of the global population and surging food demand. The environmental consequences of agricultural activities and depleting level of resources such as groundwater is also influencing the adoption of advanced technologies such as artificial intelligence, Internet of Things (IoT), data analytics, etc., for better management of resources is anticipated to provide lucrative growth opportunities to the global smart agriculture market in the forecast period.
Rising Demand For Weather Monitoring Systems Is Driving The Growth Of The Smart Agriculture Market
The demand for weather monitoring systems is very prominent in the agriculture sector and is also increasing at a high rate owing to the changing climatic conditions and their adverse effects on the crops. The weather monitoring system is highly capable of detecting any sudden changes in the weather and can make real-time alerts. This can help the farmers prevent and reduce weather-related losses. It is also extremely helpful in determining the ideal environmental conditions to grow specific crops.
Increasing Investment Towards Human Resources Is Propelling The Overall Market Growth
Smart agriculture technologies may generate data or create insights but it will go in vain without skilled people who are not well-equipped with the knowledge. This also acts as a major restraint for market growth. Therefore, many public and private bodies are focusing and investing in the training of human resources for smart agriculture management. For instance, Tanzania has trained over 12,000 young university graduates on smart agriculture to develop professional skills.
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Smart Agriculture Market - By Farm Size
Based on farm size, the smart agriculture market is segmented into small farms, medium farms, and large farms. Medium-sized farms account for the largest market share because of high ownership in this type of land size. A high number of peasants working on medium-sized farms, especially in developing countries such as India, also plays a crucial factor in propelling its market growth. Furthermore, the implementation of smart agriculture tools and technologies is much more convenient in this land size along with a high return on investment compared to other farm sizes, which also favor its market growth.
Smart Agriculture Market - Regional Insights
Geographically, the smart agriculture market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the smart agriculture market. However, the Asia-Pacific region is anticipated to witness the highest CAGR during the forecast period. The rising government support and increasing population density of the developing countries in this region are emerging as the major driving factors for the smart agriculture market. Furthermore, the production of smart agriculture components and hardware in countries such as China, Japan, India, etc., is also increasing its penetration, driving the overall market growth.
Impact of COVID-19 on Smart Agriculture Market
The smart agriculture market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. Agricultural activities in different parts of the world were halted due to lockdown and social distancing norms. Furthermore, the disruptions in the supply chain and manufacturing activities also hindered the production and distribution of hardware components involved in smart agriculture. However, the market is projected to recover in the post-lockdown period owing to the expanding scope of cloud computing and data analytics and the availability of hardware components.
The leading market players of the smart agriculture market are John Deere, LumiGrow, Trimble, Heliospectra, Topcon Positioning Systems, InnovaSea Systems, DeLaval, Afimilk, AKVA, Antelliq, AgEagle Aerial Systems Inc., Raven Industries, Inc., GEA Group, The Climate Corporation, Autonomous Solutions, Inc., SST Development Group, Inc., Argus Control Systems Ltd, Gamaya, Grownetics, Inc., Granular, Inc., DroneDeploy, Farmers Edge Inc., BouMatic Robotic B.V., and other prominent players.
The smart agriculture market is fragmented with the presence of several global and regional industry participants. However, several startups are also emerging with significant growth potential owing to a flourishing market. The companies constantly launch new technologies to gain market traction and significantly invest in r&d activities to innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the smart agriculture market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the smart agriculture market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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