Smart Agriculture Market Trends and Opportunity 2023-2030

 The global smart agriculture market is experiencing significant growth, driven by the pervasiveness of technology in the agriculture industry. The adoption of new age technologies such as Internet of Things (IoT) and artificial intelligence (AI) by farmers, coupled with the growing focus on livestock monitoring and disease detection, is enhancing farming efficiency and fueling the demand for smart agriculture practices.

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Several macroeconomic factors, including shrinking arable land, the need to reduce Green House Emissions (GHG), the increasing global population, and the rising dependency on agriculture products to combat hunger issues, are further propelling the adoption of smart agriculture techniques.

According to a 2020 report by the UN Food and Agriculture Organization (FAO), if current agricultural production trends continue, the number of individuals suffering from hunger is projected to exceed 840 million by the end of 2030. This presents a significant opportunity for technology providers to scale their IT services in the agriculture domain, offering support for new technologies such as robotics, cloud-based solutions, AI sensors, and IoT-enabled RFID tags.

Governments around the world are also promoting the adoption of technology in agriculture. For example, the Indian government has partnered with Microsoft to empower small-scale farmers in optimizing crop yields through AI sensors. Microsoft, in collaboration with state governments, farmers, and relevant ministries, is developing an AI ecosystem for farming. This rising technology penetration, supported by government initiatives, is expected to drive the demand for smart agriculture practices and contribute to the growth of the smart agriculture market.

5G to Create an Impactful Opportunistic Scenario in the Smart Agriculture Market

The rollout of 5G technology worldwide is expected to have a significant impact on the smart agriculture market. With its high bandwidth and low latency, 5G enables the collection of data remotely, facilitating effective equipment management for agri-businesses. It opens up new opportunities in the smart agriculture market by enabling data aggregation, predictive analytics, animal monitoring and tracking, video-equipped drone operations, and the monitoring of autonomous vehicles in agriculture practices.

Precision Farming to Contribute to the Growth of the Global Smart Agriculture Market

Precision farming is expected to make a significant contribution to the growth of the smart agriculture market. By enhancing the accuracy of agricultural practices and inputs based on agro-climatic conditions and crop-specific needs, precision farming offers numerous benefits, including increased productivity, prevention of soil degradation, efficient use of water resources, and reduced production costs. These advantages have fueled the adoption of precision farming practices worldwide, thereby driving the growth of the smart agriculture market.

North America to Maintain Dominance; APAC to Offer Lucrative Opportunities

North America, with its developed economies, is expected to maintain its dominance in the smart agriculture market. Factors such as high GDP per capita, the presence of technology start-ups, and collaborative efforts among agricultural organizations, as seen in the North America Climate Smart Agriculture Alliance (NACSAA), contribute to the region's leadership in the market.

Meanwhile, Asia Pacific (APAC) is emerging as a lucrative region for smart agriculture. With favorable government support, smart agriculture has gained significant traction in APAC. Initiatives such as providing funds for precision farming by the Ministry of Agriculture in Japan and various smart agriculture programs in India, including digitalization of Primary Agricultural Credit Society (PACS) and mentoring start-ups in agri-tech, are fueling the growth of the smart agriculture market in the region.

Competitive Landscape

Prominent players in the global smart agriculture market include AGCO Corporation, CropMetrics, DeLaval, Ag Leader Technology, Granular Inc., and The Climate Corporation. These companies are at the forefront of developing innovative solutions to meet the evolving needs of the agriculture industry.

 

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