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Global Smart Agriculture Market to Progress at a CAGR of 10.35% by 2028
Smart Agriculture Market
The report further discusses the Market Summary, Industry Outlook (Key Insights, Impact of COVID-19, Market Attractiveness Index, Porter's Five Forces Analysis, Vendor Scorecard, Key Market Strategies, Regulatory Framework), Market Drivers, Market Challenges, Market Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).
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The term smart agriculture refers to the application of technology, such as robotics, sensors, location systems, and artificial intelligence, for farming. Triton's report estimates that the global market for smart agriculture would witness growth at a CAGR of 10.35% over the forecast period 2022-2028.
Corporate farming is gaining momentum globally, positively impacting the smart agriculture market. It refers to the ownership of farms by corporations and their role in the sale of agricultural products & promoting agricultural education & research.
The organizations in this farming practice are well equipped with smart agriculture resources, such as automation equipment, robots, and connectivity technologies. These businesses also have substantial transportation & storage facilities and marketing & advertising tools. Therefore, an increase in corporate farming is anticipated to boost the market's growth.
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However, certain smart agriculture techniques, such as IoT-based farming, require various soil, temperature, humidity, and water sensors. They are equipped with advanced technology, which increases operational costs. The high investments required to deploy these equipment are a major setback for the smart agriculture market.
Globally, the Asia-Pacific is anticipated to be the fastest-growing market over the forecasted period. The region's robust growth is due to the rise in urbanization, rapid technological advancements, and growing disposable income. Additionally, the support by the governments to adopt modern agriculture is also anticipated to provide lucrative opportunities to countries in this region.
In addition, the Asia-Pacific is anticipated to develop into a global center for innovations related to vertical farming, primarily due to the increased usage of IoT technology. Thus, the aforementioned factors are projected to bolster the region's smart agriculture market's growth.
The leading players in the market include MSD Animal Health (Merck & Co), DeLaval, LumiGrow Inc, Topcon Positioning Systems Inc, Aker Technologies Inc, SemiosBio Technologies Inc, Raven Industries, Afimilk Ltd, AgJunction, Deere & Company, AgEagle Aerial Systems Inc, AKVA, AGCO Corporation, InnovaSea Systems Inc, The Climate Corporation (Bayer AG), and Trimble Inc.
The primary costs of stepping into the market are high owing to the need for large networks, services, and platforms required for smart products, devices, solutions, etc. Also, the presence of prominent vendors with enhanced access to resources and distribution networks poses a substantial challenge for new players.
Further, buyers have become more aware of technological advancements, and thus place increased pressure on vendors. However, government funding for research, the rising number of public/private partnerships, and increasing interest by venture capitalists present lucrative opportunities to new entrants.
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