Smart Agriculture Market Set to Reach $29.23 Billion by 2027

Smart Agriculture Market by Type (Precision Farming, Livestock, Aquaculture, and Greenhouse), and Component (Solution, Service, and Connectivity Technology): Global Opportunity Analysis and Industry Forecast, 2021–2027″.As per the report, the global smart agriculture industry was pegged at $16.74 billion in 2019, and is projected to reach $29.23 billion by 2027, growing at a CAGR of 9.7% from 2021 to 2027.

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Smart agriculture enables farmers to minimize cost and the efforts associated agricultural activities. Moreover, smart agriculture increases productivity by guiding farmers to expertly invest both resources and time in the appropriate way to achieve and increase the yield production. Furthermore, increase in global population is the major reason for enhancing agriculture productivity. As per a UN report, in 2017, the global population was 7.6 billion, which is expected to grow to 8.6 billion by 2030 and 9.8 billion by 2050—an increase of 13% and 29%, respectively. Therefore, the farmers are increasingly adopting internet-based technology such as smartphone in their day-to-day activities, owing to data-driven methodology for optimizing and managing the production of farm which also results in boosting the growth of the smart agriculture market.

COVID-19 scenario:

• Lack of laborers, increased need for improved yield, and disruption in farm operations due to regulations regarding social distancing have increased the demand for smart agriculture.
• The COVID-19 pandemic has encouraged digitization of farms and integrating internet of things (IoT)in farm activities to maintain the health of crops and monitor livestock without involving labors.

By type, the precision farming segment held the largest share in 2019, accounting for more than two-fifths of the global smart agriculture market, due to increasing revolution of technology in the field of precision farming and benefits of precision farming from service and product perspective. However, the greenhouse segment is expected to manifest the highest CAGR of 12.4% during the forecast period, owing to benefits of smart greenhouse such as maintaining a micro-climate environment for cops, minimizing manual intervention, and optimizing the yielding process.

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By component, the service segment is expected to register the highest CAGR of 11.1% during the forecast period, as it helps farmers in decision-making about the next steps to take with their farm operation and use data gathered by sensors for better crop production with low cost. However, the solution segment held the largest share in 2019, contributing to nearly three-fifths of the global smart agriculture market, as it helps in enhancing the yield production by doing monitoring of water quality, nutrient & mineral quality.

By region, the market across North America is expected to manifest the highest CAGR of 12.1% during the forecast period, due to surge in population, improved lifestyle across the region, and technological advancements in crop production. However, the global smart agriculture market across Asia-Pacific held the largest share in 2019, accounting for more than one-third of the market, owing to surge in adoption of smart agriculture and rise in disposable income to invest in farming in the region.

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The leading market players analyzed in the global meat substitute market report include Trimble Inc., Topcon Positioning Systems, Deere & Company, AgEagle Aerial Systems Inc., DeLaval Inc., Raven Industries, Inc., Afimilk Ltd, AGCO Corporation. . These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.

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