Press release
Global Smart Agriculture Market to Progress at $24886.56 Million by 2028
SMART AGRICULTURE MARKET
A recent study by Triton Market Research titled Global Smart Agriculture Market includes the Global Analysis and Forecasts by Component (Connectivity Technology [LoRa, NB-IoT, Wireless Personal Area Network (WPAN), Global Navigation Satellite System, Cellular IoT, Wi-Fi, Wireline, Sigfox, Other Connectivity Technologies], Service [Support & Maintenance, System Integration & Deployment, Consulting], Solution [Software {Smart Water Management, Agriculture Asset Management, Network Management, Irrigation Management}, Hardware {LED Grow Lights, HVAC Systems, Sensors & Control Systems, Valves & Pumps, Other Hardware}]), Type (Smart Greenhouse, Livestock Monitoring, Precision Farming, Precision Agriculture), and Regional Outlook (Asia-Pacific, Latin America, North America, Europe, Middle East and Africa).
Smart agriculture has a wide range of uses, including field mapping, crop identification, irrigation control, weather monitoring, collecting vegetables and milk, yield monitoring, etc.
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Triton Market Research's report indicates that the global market for smart agriculture would progress at a CAGR of 10.35% during 2022-2028, reaching a revenue worth $24886.56 million by 2028.
Automation has gained momentum in agriculture to increase farm efficiency and automate crop cycle & lifestyle production. Robotics innovation is being prioritized by an increasing number of companies to produce equipment that can automatically irrigate crops, sow seeds, operate tractors, and harvest crops. The agriculture industry has seen an increase in traditional companies integrating farm automation into their operations. Thus, the growing inclination towards automation by this industry is anticipated to contribute to the growth of the smart agriculture market.
However, the agriculture industry is gradually losing its workforce due to increased urbanization, a surge in local labor migration, and declining farm profitability. Skilled personnel are required to operate certain smart farming equipment to carry out various activities. As a result, the development of the smart agriculture market is being constrained by the lack of technical knowledge among farmers, especially in developing countries.
The smart agriculture market is bifurcated into component and type. The component segment includes connectivity technology, service, and solution. Based on connectivity technology, the market is segmented into LoRa, NB-IoT, wireless personal area network (WPAN), global navigation satellite system, cellular IoT, Wi-Fi, wireline, sigfox, and other connectivity technologies. The service segment includes support & maintenance, system integration & deployment, and consulting.
The solution segment is bifurcated into software and hardware. Based on software, the market is branched into smart water management, agriculture asset management, network management, and irrigation management. The hardware segment consists of LED grow lights, HVAC systems, sensors & control systems, valves & pumps, and other hardware. Lastly, the type segment includes smart greenhouse, livestock monitoring, precision farming, and precision agriculture.
North America leads the smart agriculture market globally, accounting for the highest share in 2021. The technological advancements in crop production, such as implementing IoT systems and equipment, are anticipated to offer significant prospects for the region's market expansion.
Additionally, the utilization of digital technologies in various farms is anticipated to significantly advance the adoption of precision agriculture and smart farming throughout the region. The aforementioned factors are anticipated to consequently boost the growth of the smart agriculture market in the region.
The prominent players in the smart agriculture market include MSD Animal Health (Merck & Co), Raven Industries, Afimilk Ltd, Topcon Positioning Systems Inc, AgJunction, Deere & Company, AKVA, AgEagle Aerial Systems Inc, Trimble Inc, LumiGrow Inc, Aker Technologies Inc, AGCO Corporation, DeLaval, The Climate Corporation (Bayer AG), InnovaSea Systems Inc, and SemiosBio Technologies Inc.
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Question & Answer: Smart Agriculture Market
Question 1: What is anticipated to contribute to the growth of the global smart agriculture market?
Answer: Automation has gained momentum in agriculture to increase farm efficiency and automate crop cycle & lifestyle production. Robotics innovation is being prioritized by an increasing number of companies to produce equipment that can automatically irrigate crops, sow seeds, operate tractors, and harvest crops. The agriculture industry has seen an increase in traditional companies integrating farm automation into their operations. Thus, the growing inclination towards automation by this industry is anticipated to contribute to the growth of the smart agriculture market.
Question 2: Which factors constrain the growth of the smart agriculture market?
Answer: The agriculture industry is gradually losing its workforce due to increased urbanization, a surge in local labor migration, and declining farm profitability. Skilled personnel are required to operate certain smart farming equipment to carry out various activities. As a result, the development of the smart agriculture market is being constrained by the lack of technical knowledge among farmers, especially in developing countries.
Question 3: Which region leads the global smart agriculture market?
Answer: North America leads the smart agriculture market globally, accounting for the highest share in 2021. The technological advancements in crop production, such as implementing IoT systems and equipment, are anticipated to offer significant prospects for the region's market expansion.
Additionally, the utilization of digital technologies in various farms is anticipated to significantly advance the adoption of precision agriculture and smart farming throughout the region. The aforementioned factors are anticipated to consequently boost the growth of the smart agriculture market in the region.
Question 4: Which are the prominent players in the smart agriculture market?
Answer: The prominent players in the smart agriculture market include MSD Animal Health (Merck & Co), Raven Industries, Afimilk Ltd, Topcon Positioning Systems Inc, AgJunction, Deere & Company, AKVA, AgEagle Aerial Systems Inc, Trimble Inc, LumiGrow Inc, Aker Technologies Inc, AGCO Corporation, DeLaval, The Climate Corporation (Bayer AG), InnovaSea Systems Inc, and SemiosBio Technologies Inc.
Related Report:
Agricultural Robots Market - https://www.tritonmarketresearch.com/reports/agricultural-robots-market
According to a report by Triton Market Research, the Global Agricultural Robots Market is likely to surge at a CAGR of 19.98% during the forecast period 2022-2028.
Artificial intelligence has made great progress with the introduction of robots in the agriculture industry. For example, the "Apple Packer" by Robotics Plus is a gadget that enables robotic robots to pick and pack apples. Such innovations are anticipated to drive market expansion.
Additionally, using robotics in agriculture eliminates barriers, such as investment in machinery and limitations of farmers. This is because robots can work autonomously and more efficiently, thereby reducing the need for farmers. Thus, using robots in farms is cost-effective and beneficial for companies and boosts market growth.
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