Press release
Smart Agriculture Market, Increase in Demand, Evolving Opportunities and Forecast By 2028
Smart Agriculture Market Demand, Smart Agriculture Market Size, Smart Agriculture Market
The smart agriculture market size is expected to grow from US$ 15.45 billion in 2022 to US$ 32.37 billion by 2028; it is estimated to grow at a CAGR of 12% from 2022 to 2028.
The developments in sensor technology, IT, and robotics are expected to extend the possibilities in smart agriculture further. It is expected that we will be able to determine the needs of a crop at any specific location and moment in a way that will be increasingly accurate and from a distance. The automation of agricultural activities such as plowing and harvesting will also lead to further developments in smart farming. According to experts, the expansion of smart farming will result in increased production per crop and more efficient production systems. Developments in smart farming will create a positive result on overall smart agriculture market growth.
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Major Key Points of Smart Agriculture Market
• Smart Agriculture Market Overview
• Smart Agriculture Market Competition
• Smart Agriculture Market, Revenue and Price Trend
• Smart Agriculture Market Analysis by Application
• Company Profiles and Key Figures in Smart Agriculture Market
• Market Dynamics
• Methodology and Data Source
The Key Players in The Global Smart Agriculture Market Are:
• AGCO Corporation
• Ag Junction Inc.
• AG Leader Technology
• Deere & Company
• Raven Industries, Inc.
• Semiosbio Technologies Inc.
• SST Development Group, Inc.
• Teejet Technologies
• Topcon Precision Agriculture
• Trimble Navigation Limited among others.
Market Insights - Smart Agriculture Market
Application-Based Insights
Based on application, the smart agriculture market size is segmented into precision farming, livestock monitoring, yield monitoring, soil heath monitoring, irrigation system, variable rate application, asset management and smart greenhouse. In 2021, the livestock monitoring segment held the second-largest share in smart agriculture market. Livestock monitoring system is used for monitoring bovinae, ovine, and poultry animals for avoiding slaughtering and monitor all animal products. The mentioned features are contributing towards the demand for livestock monitoring systems. The use of smart devices and IoT solutions is making significant transformations in livestock and farming, thereby leading the path for the adoption of different smart agriculture solutions. The Electronics and Telecommunications Research Institute (ETRI) developed "Smart Safe Livestock Barn Platform" technology in December 2022. This platform has the potential to manage pig disease and breeding situations systematically. The platform is projected to greatly enhance productivity and respond to diseases by determining a smart safety livestock barn based on ICT.
With livestock monitoring gaining popularity globally, the number of startups is also increasing. Anitrack (cattle monitoring), Ewetrack (sheep monitoring), Faromatics (poultry monitoring), Serket (pig monitoring), and Eruvaka Technologies (fish monitoring) are some of the startups operating from different parts of the world.
Growing number of startups is creating a positive impact on the smart agriculture market.
Regional Analysis of Smart Agriculture Market
From the regional perspective, North America ranks third in terms of smart agriculture market share in 2022. According to a report by the Association for Unmanned Vehicle Systems International (AUVSI), agricultural drones are anticipated to hold 80% of the commercial UAV market and have the prospective to create over 100,000 job opportunities in the US. This signifies the increasing adoption of drones used for agricultural applications in the US. With the increasing adoption of drone technology, North Dakota State University (NDSU) introduced an agricultural research project named "the first of its kind in the nation," incorporating drone technology.
A key technological driver accelerating crop production in the American agriculture industry is drones. The use of drones has facilitated the farms to surge crop yields while reducing pesticide use. The growing use of smart agriculture in America depends on automating operations and implementing various precision farming methods. Along with the aforementioned aspect of drones, it also helps in decreasing costs while performing farming activities. The average US farmer using agricultural drones witnesses an ROI of US$ 12 per acre for corn, and US$ 2 to US$ 3 per acre for soybeans and wheat, as per the American Farm Bureau Federation. High ROI on using drones will have a positive impact on their demand, and thus, will assist in fueling the smart agriculture market.
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