Global Smart Agriculture Market 2022-2028: Automation in the Agricultural Industry and Increasing Corporate Farming Drive Growth

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Apr 04, 2023, 06:15 ET

DUBLIN, April 4, 2023 /PRNewswire/ -- The "Global Smart Agriculture Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The publisher's report depicts that the global smart agriculture market is forecasted to register growth at a CAGR of 10.35% in the projected period from 2022 to 2028.

Companies Mentioned

Agco Corporation
Afimilk Ltd
Akva
Ageagle Aerial Systems Inc
Deere & Company
The Climate Corporation (Bayer Ag)
Delaval
Trimble Inc
Raven Industries
Lumigrow Inc
Topcon Positioning Systems Inc
Agjunction
Innovasea Systems Inc
Msd Animal Health (Merck & Co)
Semiosbio Technologies Inc
Aker Technologies Inc

Factors such as the growing advancements in agricultural technology globally and rising automation in the agricultural industry are key drivers of the studied market. In addition, the rise in corporate farming and supportive government initiatives to aid the agriculture industry's growth are also expected to foster market development.

On the other hand, the high cost of advanced agricultural equipment and the dearth of skilled operators are anticipated to hinder the market growth. However, the usage of drones is revolutionizing the agro sector and the growing popularity of vertical farming are expected to provide the market with growth opportunities.

The global smart agriculture market reports covers the Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa regions.

North America is the leading regional market globally, as it accounted for the highest revenue share in 2021 and is expected to maintain its dominance over the forecasted period. The developments in crop production technology and the growing output of hybrid crops have significantly bolstered the market's prospects in this region.

Whereas, the Asia-Pacific is expected to showcase the fastest growth rate in the global market over the forecasted period. This can be attributed to the increased government support to adopt modern agricultural techniques. Also, owing to rapid innovation, the adoption of smart agricultural solutions has increased, thereby offering lucrative opportunities for market growth.

The major contenders profiled in the report on the smart agriculture market include SemiosBio Technologies Inc, Trimble Inc, Deere & Company, Afimilk Ltd, InnovaSea Systems Inc, Raven Industries, AgEagle Aerial Systems Inc, AGCO Corporation, MSD Animal Health (Merck & Co), DeLaval, The Climate Corporation (Bayer AG), Topcon Positioning Systems Inc, Aker Technologies Inc, AKVA, LumiGrow Inc, and AgJunction.

Founded in 1990, AGCO Corporation is engaged in manufacturing and distributing agricultural equipment and related replacement parts. It offers tractors, forage equipment, combines, self-propelled sprayers, hay tools, and grain storage & protein production systems. The company distributes its products via independent dealers and distributors across the world. It markets products under brands, such as Challenger, Massey Ferguson, GSI, Valtra, and Fendt. AGCO operates across Latin America, Europe, Africa, and Asia and has a strong workforce of more than 23,300 employees.

Key Topics Covered:

1. Global Smart Agriculture Market - Summary

2. Industry Outlook
2.1. Key Insights
2.2. Impact of Covid-19 on the Smart Agriculture Market
2.3. Porters Five Forces Analysis
2.4. Market Attractiveness Index
2.5. Regulatory Framework
2.6. Vendor Scorecard
2.7. Key Market Strategies
2.7.1. Acquisitions
2.7.2. Product Launches
2.7.3. Partnerships & Agreements
2.8. Market Drivers
2.8.1. Automation in the Agricultural Industry
2.8.2. Increasing Corporate Farming
2.8.3. Advancements in Agricultural Technology Around the Globe
2.8.4. Government Initiatives to Help the Agricultural Sector
2.9. Market Challenges
2.9.1. High Cost of Modern Agricultural Equipment
2.9.2. Shortage of Skilled Operators
2.10. Market Opportunities
2.10.1. Drone Usage is Revolutionizing the Agricultural Sector
2.10.2. Increase in the Use of Vertical Farming

3. Global Smart Agriculture Market Outlook - by Type

4. Global Smart Agriculture Market Outlook - by Component

5. Global Smart Agriculture Market - Regional Outlook

6. Competitive Landscape

7. Research Methodology & Scope

For more information about this report visit https://www.researchandmarkets.com/r/y59gsb

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SOURCE Research and Markets