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Smart Agriculture Market Evolution and Future Projections 2024
Smart Agriculture Market
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According to The Business Research Company's, The smart agriculture market size has grown rapidly in recent years. It will grow from $14.53 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to rising global population, climate change concern, government initiatives and support, farm labor shortages, water scarcity concerns.
The smart agriculture market size is expected to see rapid growth in the next few years. It will grow to $25.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to emphasis on sustainable agriculture, market demand for organic produce, focus on sustainable agriculture practices, adoption of smart irrigation systems. Major trends in the forecast period include precision farming and precision agriculture, adoption of internet of things (iot) sensors, farm management software and platforms, robotics and automation in farming, blockchain for supply chain transparency, climate-smart agriculture, collaborations and partnerships in the agtech ecosystem.
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Market Drivers and Trends:
The increasing adoption of the Internet of Things (IoT) is expected to propel the growth of the smart agriculture market going forward. The Internet of Things (IoT) is a networked system of interconnected computing devices, mechanical and electronic machinery with unique identities (UIDs), and the capacity to transfer data without needing human-to-human or human-to-computer contact. IoT plays an important role in smart agriculture by enabling the collection of real-time data from various sensors and devices, allowing farmers to make informed decisions on crop management, irrigation, and livestock monitoring, leading to increased efficiency and productivity. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to 34.7 billion connections by 2028 . Therefore, there is an increasing adoption of the smart agriculture market.
Technological advancement is a key trend in the smart agriculture market. Major companies operating in the market are developing innovative technologies, including livestock biometrics, infrastructure health sensors, agricultural robots, RFID, biometrics, and GPS, to assist farmers in automatically obtaining information on livestock in real-time to sustain their position in the market. For instance, in March 2021, DeLaval, a Sweden-based provider of milking equipment and solutions, launched a new line of robotic collectors, including the DeLaval RC550 and RC700, to enhance cow welfare and, in particular, hoof health. The robot collector can handle most forms of manure and doesn't need to add water because of its unique rotational manure intake mechanism. It works with the majority of bedding materials, including sawdust and chopped straw. It is less expensive since the robots adjust to the barn rather than the barn having to adapt to the manure system. In addition to improving the health of the herds and the quality of their milk, cleaner udders, cubicles, and hooves also enable the VMS milking robot to clean its teats more quickly.
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Major Key Players of the Market:
Hikvision Digital Technology Co. Ltd., Dahua Technology Co. Ltd., Axis Communications AB, Bosch Security Systems Inc., Hanwha Techwin Co. Ltd., Avigilon Corporation, Teledyne FLIR LLC, Huawei Technologies Co. Ltd., Seon Design Inc., Pro-Vigil Inc., Strongwatch Corporation, Rosco Inc., BriefCam Ltd., Uniview Technologies Co. Ltd., Agent Video Intelligence Ltd., Aditya Infotech Ltd, Genetec Inc., Safety Vision LLC, Maryland Security Professionals, Apollo Video Technology, Floatograph Technologies LLC, Maxxess Systems Inc., Evolv Technologies, DynaColor, Webgate, Motorola Solutions, Tiandy Technologies, Allegion, Dnake, Jovision, Xiamen Leading Optics Co. Ltd., Ava Group, RFHIC Corporation, Anaren Inc., Tokyo Denki Kagaku Kogyo Kabushiki Kaisha, KYOCERA AVX Corporation, Johanson Technology Inc.
Smart Agriculture Market 2024 Key Insights:
• The smart agriculture market size is expected to see rapid growth in the next few years. It will grow to $25.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Population Growth Pressures Drive Smart Agriculture Market Growth
• Technological Advancements Reshaping The Smart Agriculture Market
• North America was the largest region in the smart agriculture market in 2023
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