ALBANY, N.Y., April 04, 2022 (GLOBE NEWSWIRE) -- The value of the global smart agriculture market stood at US$ 10.02 Bn in 2020. The global market is estimated to rise at a CAGR of 13.30%during the forecast period, from 2021 to 2031.The global smart agriculture market is likely to surpass valuation of US$ 39.02 Bn by 2031. Farmers' abilities to respond to substantial changes in humidity, weather, and air quality are improving, as IoT technology becomes more widely adopted in the agriculture industry.
Companies in the smart agriculture market are developing next-generation manure cleaning systems that use robotic technology to increase comfort of cows. These smart devices also assist in improving their hoof health without the need of water. Smartphone firms are collaborating to develop a new smart agriculture as a service solution that will use sensor technologies to boost the output of Indian farmers. New precision agriculture applications are being released by key participants in the global smart agriculture market to assist in collecting precise data irrespective of the machine type or breadth of the equipment.
During the projected timeframe, North America is estimated to hold major share of the global smart agriculture market, owing to increase in the number of agricultural start-ups in Canada and the U.S., which help to offer better services to customers. The existence of notable smart agriculture companies in North America is another element likely to add to the regional supremacy. As a result, North America is projected to drive the global smart agriculture market in the years to come.
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Key Findings of Market Report
- Growing usage of smartphones in agriculture aids in increasing deployment of numerous types of software and hardware applications in the agricultural business. This factor is contributing to the agriculture industry's increasing demand for smartphones, which is further expected to drive the global market.
- Innovations in linked technologies such as Zigbee, WiFi, as well as other wireless communication technologies enable farmers to undertake a variety of agricultural tasks such as inventory management, purchasing, and harvesting, thereby reducing manual labor in the process
- The global smart agriculture market is expected to grow in the near future due to the burgeoning demand for high quality food products and greater food production by using advanced technologies in the agriculture industry
- High deployment of the IoT technology aids farmers' responsiveness toward substantial changes in the climate. It also helps in driving automation in conventional farming activities through different data analytics, management, and visualization systems &solutions.
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Global Smart Agriculture Market: Growth Drivers
- Increasing penetration of telecom operators in the agriculture industry assists in expanding the number of smartphone users, allowing for more extensive linkages between users to offer value-added services to prospective customers. This factor is expected to contribute to continued revenue and profit in the global smart agriculture market. Usage of smartphones in agriculture assists in offering real-time data about crops and machines to users regardless of the farmer's physical presence. As a result, increasing smartphone usage in the agriculture industry is expected to accentuate demand for smart agriculture throughout the projected period.
- The market in Asia Pacific is projected to expand at a significant pace during the forecast period, owing to rising government expenditures on farm automation through technological advances in countries such as Japan, China, and India to boost agricultural output. As a result, the demand for smart agriculture in the region is likely to rise throughout the forecast period.
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Global Smart Agriculture Market: Key Competitors
- Huawei Technologies Co. Ltd.
- Semiosbio Technologies Inc.
- InnovaSea Systems
- Topcon Positioning Systems
- Aker Technologies
- Trimble Inc.
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Global Smart Agriculture Market: Segmentation
Component
- Hardware
- Software
- Services
Type
- Precision Farming
- Livestock Monitoring
- Precision Aquaculture
- Smart Greenhouse
- Others
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