Global Smart Agriculture Market to Reach $25.4 Billion by 2028, Fueled by Increasing Global Population and Adoption of Modern Technologies

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Jul 25, 2023, 13:00 ET

DUBLIN, July 25, 2023 /PRNewswire/ -- The "Global Smart Agriculture Market by Offering (Hardware, Software, Services), Agriculture Type, Farm Size (Large, Medium, Small), Application (Precision Farming, Livestock Monitoring) and Region (America, Europe, Asia-Pacific, RoW) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global smart agriculture market is poised for significant growth, projected to reach USD 25.4 billion by 2028, with a CAGR of 9.4% from 2023 to 2028, as per latest estimates.

The market growth is driven by factors such as the increasing global population, which exerts pressure on the food supply system, and the shortage of skilled labor in the agriculture industry.

The precision farming segment is expected to lead the smart agriculture market during the forecast period, fueled by the rapid adoption of state-of-the-art technologies and innovative devices to cultivate high-yield crops. Factors such as improved access to education and training modules for farmers, data sharing facilities, availability of financial resources, and growing consumer demand for organic food are facilitating the adoption of precision farming tools.

Additionally, the services segment is anticipated to grow at the highest CAGR during the forecast period. This growth is attributed to the rising deployment and installation of precision feeding systems, field and livestock monitoring systems, and robotic systems on farms, leading to an increased demand for specialized services in the smart agriculture industry.

Geographically, the Americas held the largest share of the overall smart agriculture market in 2022, followed by Europe, Asia-Pacific, and the Rest of the World (RoW).

The significant presence of key companies offering smart agriculture solutions, coupled with the increasing scarcity of water, growing food demand, and the prevalence of medium and large farms, are the major factors driving market growth in the Americas. North America, in particular, is a significant contributor to the growth of the smart agriculture market, with government support for the utilization of smart irrigation tools through rebates and subsidies to farm owners.

Premium Insights:

Rising Global Population and Emergence of Agriculture 4.0 to Fuel Market Growth.
Hardware Segment to Dominate the Market During the Forecast Period.
Precision Farming Projected to Lead the Smart Agriculture Market from 2023 to 2028.
Medium-Sized Farms to Dominate the Smart Agriculture Market During the Forecast Period.
Americas to Capture the Largest Market Share from 2023 to 2028.
China to Register the Fastest Growth During the Forecast Period.

Market Dynamics

Drivers

Increasing global population creating pressure on the food supply system.
Shortage of skilled labor in the agriculture sector.
Surging use of modern technologies in agriculture.
Benefits offered by livestock monitoring solutions.
Rising adoption of IoT, ROVs, and AI in aquaculture farming.

Restraints

High cost of smart agriculture solutions.
Fragmented agriculture sector.

Opportunities

Growing vegetarian and vegan population.
Rising adoption of livestock monitoring solutions in emerging countries.
Growing use of UAVs or drones in agricultural activities.
Increasing popularity of land-based recirculating aquaculture systems.

Challenges

Reduced profitability due to the rising cost of cattle feed.
Adverse impact of livestock farming on the environment.

Case Study Analysis:

Innovasea System Inc. Helps Open Blue Become Largest Open-Ocean Fish Farm in the World.
Innovasea System Inc. Enables Earth Ocean Farms to Expand Production with Rugged Evolution Pens.
Philips Led Solutions Offer New Possibilities for the Salmon Industry.
AKVA Group Helps Erko Seafood as with Precision Aquaculture Products.

Companies Mentioned:

Abaco Group
Afimilk Ltd.
AG Leader Technology
Agco Corporation (Precision Planting, LLC)
Agjunction LLC
AKVA Group
Allflex Livestock Intelligence (MSD Animal Health)
Argus Control Systems Limited
Boumatic
Ceres Imaging, Inc.
Certhon
CPI Equipment Inc.
Dairymaster
Deere & Company
Delaval
Dickey-John
Earth Ocean Farms
Erko Seafood AS
Fancom BV (Subsidiary of CTB, Inc.)
GIFAS
Heliospectra AB
Innovasea Systems Inc.
Komatsu Forest
Lumigrow, Inc.
Nedap N.V.
Open Blue
Ponsse OYJ
Raven Industries, Inc. (CNH Industrial N.V.)
ScaleAQ
Sensaphone
Teejet Technologies
Tigercat International Inc.
Topcon Positioning Systems
Trimble Inc.

For more information about this report visit https://www.researchandmarkets.com/r/lio8iy

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