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The global Smart Agriculture Market is projected to reach USD 35.2 billion by 2031, at a CAGR of 9.8%, from USD 15.1 billion in 2022. The smart agriculture market is expected to continue to grow in the coming years due to the increasing global population and growing concerns about environmental conservation and sustainable farming.
As precision agriculture or smart agriculture, these terms refer to a revolutionary way of farming that uses data-driven solutions and technology to improve the productivity, sustainability, and efficiency of farming operations. Using a variety of cutting-edge technology, including drones, artificial intelligence, Internet of Things (IoT) sensors, and data analytics, this cutting-edge field monitors and controls many parts of the agricultural ecosystem. In order to maximize resource efficiency and minimize waste, smart agriculture allows farmers to make well-informed decisions in real time based on continuous data collection and analysis on variables such as livestock welfare, weather patterns, crop health, and soil quality.
This strategy is especially important for tackling the problems of feeding the world’s expanding population, reducing the effects of climate change, and reducing agriculture’s environmental footprint. Because of this, the market for smart agriculture is growing quickly and drawing innovation and investments from both tech startups and well-established agricultural companies. By raising yields, cutting expenses, and encouraging sustainable practices, it promises to completely transform the sector and, in the end, ensure food production’s survival in a technologically advanced world.
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In August 2023, the acquisition of the ARAG Group and its subsidiaries by Nordson Corporation was completed. ARAG develops, produces, and distributes smart fluid components for agricultural spraying as well as precise control systems. The precision agriculture end market will benefit from Nordson’s core dispensing capabilities being expanded by this acquisition.
In July 2023, John Deere has acquired Smart Apply, a precision agtech company specializing in the development of sprayer kits designed to decrease chemical usage in vineyards, orchards, and tree nurseries. The Intelligent Spray Control System offered by Smart Apply serves as an environmentally conscious solution for growers, aiming to reduce airborne drift and runoff, ultimately leading to enhanced yields and increased profits.
Segment Analysis and Market Dynamics
The global smart agriculture market is segmented into three categories based on component types these are, connectivity technology, solution, and service. With the largest revenue share, the service category leads the market. Services play a pivotal role in the smart agriculture market, providing support, consulting, and maintenance to farmers and organizations implementing smart farming practices. These services include consulting on technology adoption, training, and ongoing technical support. Service providers ensure that farmers effectively utilize the technology and solutions in place, helping them maximize their benefits and navigate the evolving landscape of smart agriculture. The global smart agriculture market is segmented into four categories based on agriculture type these are, precision farming, livestock monitoring, fish farming, and smart greenhouse.
The category with the highest revenue share in the market is precision farming. Precision farming, also known as precision agriculture, focuses on optimizing crop cultivation. It involves the use of advanced technologies like GPS, drones, sensors, and data analytics to monitor and manage crop conditions, soil health, and weather patterns. Precision farming allows farmers to make data-driven decisions, ensuring efficient resource utilization, reduced wastage, and increased crop yields.
The development of smart farming practices has been pushed by the growing global population and the need to improve the efficiency of food production. Smart agriculture monitors and optimizes many areas of farming, from crop management to animal surveillance, by utilizing technology like the Internet of Things (IoT), data analytics, and remote sensing. Precision agricultural solutions are becoming more and more popular as a result of the increased need for ecologically friendly and sustainable farming methods. These technologies help farmers maximize yields while minimizing environmental impact and wasting less resources. Furthermore, by increasing worker efficiency and lowering operating costs, the growth of automation and robotics in agriculture including self-driving tractors and drones has completely transformed the sector. Furthermore, more accurate decision-making, predictive analysis, and the creation of creative agricultural solutions have been made possible by developments in artificial intelligence and machine learning. The combination of these technologies might turn conventional farming into a data-driven, incredibly productive sector. The demand for more productive farming, better resource management, and sustainable food production in the face of global issues like food security and climate change is driving the evolution of the smart agriculture sector.
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Regional Analysis
The smart agriculture market in Asia Pacific is expected to lead globally. With nations like China and India being significant agricultural producers, the Asia Pacific region is home to a sizable and diverse agricultural sector. Technology related to smart agriculture is being more widely used as a result of the necessity to increase food production to fulfill the demands of these countries’ constantly expanding populations. In addition, the area must deal with issues including resource shortages, shifting climatic trends, and the requirement for sustainable farming methods. In order to mitigate these issues, smart agriculture solutions which combine data analytics, precision farming methods, and the Internet of Things are essential. Asia Pacific farmers are using these technologies more and more to increase yields, enhance crop management, and cut down on resource waste. Smart agricultural adoption is also being aided by regional government programs and funding. Farmers are being encouraged to invest in modern farming practices by means of subsidies, incentives, and regulations that support them. Furthermore, the Asia Pacific region is seeing the growth of regional startups and collaborations with global technology companies, fostering a strong ecosystem for innovation in the field of smart agriculture. Asia Pacific is a vibrant and attractive market for technology breakthroughs in farming, driven by the region’s agricultural significance, the need for sustainable methods, and government backing.
The report “Smart Agriculture Market Size, Share & Trends Analysis Report by Component (Solution, Service, and Connectivity Technology), by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse, Others), by Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting, Irrigation Management, Farm Labor Management, Financial Management, Feeding Management, Milk Harvesting, Breeding Management), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/
Further key findings from the report suggest:
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Econ Market Research has segmented the global smart agriculture market based on component, agriculture type, application, and region:
Smart Agriculture Market by Component (Revenue, USD Billion, 2023-2031)
Smart Agriculture Market by Agriculture Type (Revenue, USD Billion, 2023-2031)
Smart Agriculture Market by Application (Revenue, USD Billion, 2023-2031)
Smart Agriculture Market Regional Analysis (Revenue, USD Billion, 2023-2031)
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