Smart Agriculture Market is Forecasted to Reach US$ 29.34 Billion in 2029, Says Stratview Research

The global smart agriculture market is projected to witness a growth rate of 10.5% annually from 2023 to 2029, with an anticipated size of US$ 29.34 billion by 2029, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global smart agriculture market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2029: US$ 29.34 billion
Growth (CAGR): 10.5% during 2023-2029
Forecast Period: 2023-2029
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Smart Agriculture Market:

The global smart agriculture market is segmented based on offering type, agriculture type, farm size type, and region.

Based on offering type - "Software segment is expected to experience the highest growth rate."
The software segment is expected to experience the highest growth rate during the forecast period, followed by the hardware segment, which includes automation & control systems, HVAC systems, LED grow lights, RFID tags, and sensing devices. Automation & control systems are further segmented into application control devices, milking robots, guidance systems, and drones.
The dairy & food industry is expected to see a surge in demand for milking robots due to the increasing automation of raw material production and product manufacturing. Automation technology has improved milk quality and animal welfare, and the need to reduce labor costs and improve productivity is expected to boost profitability.

Based on agriculture type - "Precision farming holds the largest market share in the smart agriculture market."
Precision farming holds the largest market share in the smart agriculture market during the forecast period. The primary factor driving the growth of the precision farming market is the strong focus of farmers on improving farm efficiency and increasing crop productivity in response to the growing global population. This growing emphasis on farm efficiency and productivity accounts for a significant portion of the market's overall share.
The adoption of precision farming tools has the potential to revolutionize traditional agricultural practices, making them more efficient and predictable. The precision farming market is currently in a growth phase and is expected to continue expanding due to the increasing adoption of technologies such as global positioning systems (GPS), guidance technology, and remote sensing technology by farmers and growers. The high focus of farmers on improving farm efficiency and increasing crop productivity in response to the growing global population is the primary driver of the market's growth.

Based on farm size type - "Small-sized farms to adopt farm automation and other modern technologies at the highest rate."
Small-sized farms to adopt farm automation and other modern technologies at the highest rate in the upcoming years. Small farms, which are defined as farms with less than 100 acres, often lack access to essential precision farming technologies, including yield monitoring, guidance, and variable rate technologies. However, government initiatives and the rise of startups that understand the importance of adopting advanced farming technologies to increase crop yields are driving demand for precision farming technologies.
For instance, in July 2021, ELAI AgriTech, a Bengaluru-based startup, began providing free precision agriculture advice to farmers, including information on weather updates to determine when to irrigate fields, measures to combat diseases and pest attacks, and nutrition measurement. Such initiatives offer opportunities for small farm owners to adopt precision farming technologies.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/3338/smart-agriculture-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia Pacific to meet the increasing demand for food by the fast-increasing population. This growth outlook is majorly attributed to the following-

• The Asia Pacific region is a burgeoning market for smart agriculture, with the market in its early stages of adoption. The market in this region is expected to grow at a double-digit rate during the forecast period. India, China, and Japan have already embraced this technology and hold a major share of the smart agriculture market. However, there are significant opportunities yet to be tapped in other Asian countries.
• The adoption of smart agriculture technologies in the Asia Pacific is driven by several factors, including the growing demand for food, increasing pressure on farmers to improve yields with limited available resources, and rising requirements to protect crops from unexpected climatic changes.

Smart Agriculture Market Drivers:

Some of the key drivers listed in the report are given below.
The global aquaculture industry has seen significant advancements in tools, techniques, and technologies, driven by the growing demand for protein-rich diets. This has led aquaculture farm owners to adopt advanced technologies like IoT, machine learning, ROVS, AI, automatic feeders, and acoustic telemetry tracking systems. These technologies increase production, improve efficiency, minimize resource wastage, and improve accuracy, precision, and repeatability, resulting in high profitability for farm owners.

Top Companies in the Smart Agriculture Market:
Stratview Research has identified the following companies as the top market players.
• Akva
• Antelliq (Subsidiary of Merck & Co., Inc.)
• Afimilk
• Abaco Group
• Delaval
• Heliospectra
• Innovasea Systems
• John Deere
• Lumigrow
• Trimble
• Topcon Positioning Systems

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Smart Agriculture Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Related Reports:
• Precision Agriculture Market: https://www.stratviewresearch.com/2690/precision-agriculture-market.html
• Artificial Intelligence in Agriculture Market: https://www.stratviewresearch.com/3265/artificial-intelligence-in-agriculture-market.html

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This release was published on openPR.