Smart Agriculture Market Growth or Demand Increase or Decrease for what contains:
Population Growth:
With the global population steadily increasing, there is a growing need to produce more food efficiently. Smart agriculture technologies optimize production and resource utilization.
Resource Scarcity:
Scarcity of arable land, water, and other resources necessitates the adoption of precision agriculture techniques to maximize yields and minimize waste.
Climate Change:
Erratic weather patterns and changing climatic conditions require adaptive farming practices. Smart agriculture provides real-time monitoring and data-driven insights to adapt to changing conditions.
Labor Shortages:
Many regions face labor shortages in the agriculture sector. Automation and robotics in smart agriculture mitigate this issue by performing tasks like planting, harvesting, and monitoring crops.
Smart Agriculture Market CAGR Estimation:
The Smart Agriculture Market was valued at US$ 17.81 Billion in 2023 and market revenue is growing at a CAGR of 12.8% from 2024 to 2030, reaching nearly US$ 41.38 Billion by 2030.
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Smart Agriculture Market Segmentation:
By Agriculture Type:
- Livestock Monitoring: Uses IoT-enabled devices to track and monitor livestock health.
- Fish Farming: Raising fish in enclosures for food.
- Smart Greenhouse: Equipped with sensors to optimize plant growth by regulating heat, humidity, and light.
By Offering:
- Software
- Hardware
By Application:
- Precision Farming Applications: Yield monitoring segment holds the largest share due to growing demand for agricultural growth monitoring and decreasing overall wastage by timely water and mineral delivery.
Smart Agriculture Market Overview:
The Smart Agriculture Market is witnessing significant growth due to the increasing adoption of advanced technologies in the agricultural sector. The integration of digital solutions such as precision farming, remote sensing, and IoT devices has revolutionized farming practices. These technologies assist farmers in monitoring crop conditions, optimizing irrigation systems, and managing resources effectively. Rising global population and food demand have necessitated the implementation of innovative farming techniques to enhance productivity and sustainability. Smart agriculture offers benefits like increased yield, reduced waste, efficient use of resources, and improved profitability for farmers.
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Smart Agriculture Market: Which Regions are Experiencing Growth or Increased Demand?
North America:
The North America region dominated the market in 2023 due to increased usage of variable rate technology, smart irrigation controllers, and AI-based farm analytics services. The growing demand for livestock and aquaculture farm automation is predicted to fuel the market's expansion.
Asia Pacific:
The Asia Pacific region is expected to grow significantly through the forecast period (2024-2030) due to rising government activities and regulations to improve the agriculture business. However, the lack of awareness and high capital cost associated with smart agriculture is holding the region back. Increasing adoption of IoT and AI in agriculture is anticipated to provide lucrative opportunities.
Smart Agriculture Market Scope and Methodology:
Report Coverage:
- Base Year: 2023
- Forecast Period: 2024-2030
- Historical Data: 2018-2023
- Market Size in 2023: US $17.81 Billion
- Forecast Period 2024 to 2030 CAGR: 12.8%
- Market Size in 2030: US $41.38 Billion
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Smart Agriculture Market Key Players:
1. Agjunction, Inc.
2. Trimble, Inc.
3. Deere Company
4. AG Leader Technology
5. Sst Development Group, Inc
6. Precision Planting, Inc.
7.. Semiosbio Technologies Inc
8. DeLaval
9. Raven Industries
10. CropZilla Software, Inc.
11. Topcon Positioning Systems (US),
12. AKVA Group (Norway),
13. Allflex Livestock Intelligence (US),
14. Innovasea Systems Inc. (US),
15. Afimilk Ltd. (Israel),
16. Heliospectra AB (Sweden)
17. TeeJet Technologies
18. BouMatic
19. Granular, Inc
20. Climate Corporation.
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Key questions answered in the Smart Agriculture Market are:
• What is Smart Agriculture?
• What is the growth rate of the Smart Agriculture Market?
• Which are the factors expected to drive the Smart Agriculture market growth?
• What are the different segments of the Smart Agriculture Market?
• What growth strategies are the players considering to increase their presence in Smart Agriculture?
• What are the upcoming industry applications and trends for the Smart Agriculture Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Smart Agriculture Market?
• What major challenges could the Smart Agriculture Market face in the future?
• What segments are covered in the Smart Agriculture Market?
• Who are the leading companies and what are their portfolios in Smart Agriculture Market?
• What segments are covered in the Smart Agriculture Market?
• Who are the key players in the Smart Agriculture market?
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