Transparency Market Research delivers key insights on the global smart agriculture market. In terms of revenue, the global smart agriculture market is estimated to expand at a CAGR of 13.30% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global smart agriculture market.
Smart agriculture mainly focuses on the development of infrastructure for the agricultural business by adopting new technology. Technological advancement among various connected technologies such as WiFi, Zigbee, and other wireless communication technology helps farmers to perform numerous agriculture operations such as harvesting, purchasing, and inventory, which further reduces the manual effort in agriculture. Increasing demand for quality food and rising production of food by implementing advanced technology in the agriculture sector are projected to expand the smart agriculture market during the forecast period.
Smart agriculture helps farmers to earn more revenue; hence they are ready to pay extra money for the adoption of advanced technologies provided they can improve efficiency and productivity. Increasing investment by farmers in precision farming and farm management helps to drive the smart agriculture market. Furthermore, advancements in software and hardware technology are creating a new wave in agriculture with the penetration of smart sensors, robotic automation, digital data, and various innovative techniques that helps farmers to adopt smart agriculture.
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The influx of AI Helps Bridge Technology Gap for Farmers
Since the market is expected to advance at a striking CAGR during the assessment period, smart agriculture holds promising potential to help farmers earn more revenue. Potential farmers are showing great interest to pay extra money for the adoption of advanced technologies, provided they can improve efficiency and productivity. Advancements in software and hardware technologies are creating a significant change in the agricultural landscape. The proliferation of digital data, smart sensors, robotic automation, and various innovative techniques is helping farmers to adopt smart agriculture techniques.
The growing acceptance of advanced technologies such as cloud and artificial intelligence (AI) in agriculture is facilitating real-time assistance to farmers. Such trends are expected to propel the smart agriculture market during the forecast period. However, the lack of connected devices used in the agriculture sector creates disruptions in the communication between the developer and the farmer. The fragmented agriculture sector negatively impacts the growth of the smart agriculture market. Hence, tech giants should increase focus groups and provide training to farmers in order to help them adopt smart agriculture systems in large numbers.
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Smart Agriculture Market: Dynamics
Smart agriculture has been offering rapid transformation in terms of products and services offered by the agriculture sector over the past few years. The adoption of advanced technologies such as cloud and artificial intelligence (AI) in agriculture to provide real-time assistance to farmers is expected to propel the growth of the smart agriculture market during the forecast period. However, the lack of connected devices used in the agriculture sector creates disruptions in the communication between the developer and farmer. The fragmented agriculture sector negatively impacts the growth of the smart agriculture market.
Smart Agriculture Market: Prominent Regions
North America is expected to account for the largest share of the smart agriculture market during the forecast period due to the rise in the number of agricultural start-ups in the U.S. and Canada that helps to deliver better customer experiences. Another factor responsible for the dominance of North America is the presence of major smart agriculture market players in the region. Hence, North America is fueling the growth of the smart agriculture market.
The market in the Asia Pacific is likely to expand at the highest CAGR during the forecast period due to increasing investments by governments to introduce automation in the agriculture sector through technology innovations in different countries such as India, China, and Japan to improve agriculture productivity. Hence, demand for smart agriculture is expected to grow in the region during the forecast period. The smart agriculture market in Europe is anticipated to rise at a significant CAGR during the forecast period. The increasing demand for advanced equipment and automation products helps farmers earn significant profits from the agriculture sector.
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Smart Agriculture Market: Key Players
Key players operating in the global smart agriculture market are Deere & Company, AGCO Corporation
Global Smart Agriculture Market: Segmentation
Smart Agriculture Market, by Component
Smart Agriculture Market, by Type
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