Smart Agriculture Market size to grow by USD 8.91 billion from 2022 to 2027, Growth driven by the availability of low-cost cloud services encouraging the adoption of smart farming, Technavio

NEW YORK, March 8, 2024 /PRNewswire/ -- The smart agriculture market size is to grow by USD 8,917.85 million from 2022 to 2027. Also, the growth momentum will progress at a CAGR of 9.23% during the forecast period, according to Technavio. The widespread availability of affordable cloud services is catalyzing the widespread adoption of smart farming practices on a global scale. Presently, agricultural operations are migrating towards cloud-based platforms, driven by the prospect of enhanced data accessibility, streamlined information dissemination, improved coordination across farming activities, and secure storage of critical data. Historically, the cost of cloud solutions has posed a significant challenge for farmers. Yet, proactive initiatives by cloud service providers to boost agricultural productivity, coupled with escalating competition within the industry, have resulted in a notable reduction in cloud service expenses. This trend underscores a pivotal shift towards cost-effective yet cutting-edge technological solutions tailored to the needs of modern agricultural enterprises.

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The smart agriculture market is fragmented, and the degree of fragmentation will accelerate. The availability of low-cost cloud services encouraging the adoption of smart farming will offer immense growth opportunities. However, the High initial investment in smart farming technology will hamper the market growth.

The adoption of big data in smart farming is a major trend in the market.

Higher production levels can be achieved by improving wireless communication in the agricultural sector. Thus, this will lead to Equipment repair and maintenance. Furthermore, improved operational reliability in the field can also lead to higher crop production levels. Data collection and storage have become easier with the help of big data analytics. It also facilitates decision-making and other farmer practices. Therefore, increasing adoption of big data is expected to drive market growth during the forecast period.

• The high initial investment in smart farming technology is a significant challenge restricting market growth. 

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Segment Analysis

• Type 
• Precision Farming
• Smart Greenhouse
• Livestock Monitoring
• Others
• Product 
• Hardware
• Software
• Services
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East and Africa

Segmentation Highlights

• The precision farming segment will account for a major share of the market's growth during the forecast period. This is due to the increased efficiency and productivity provided to farmers. Precision agriculture uses advanced technologies such as remote sensing, GPS, and IoT devices to optimize farming practices and improve productivity. The goal of precision agriculture is to use resources efficiently, minimize environmental impact, and improve crop yield and quality. Hence, these factors are expected to drive segment growth during the forecast period.
• North America is estimated to contribute 42% to the growth by 2027. The smart farming market is growing in the region due to the rapid adoption of smart farming tools and technologies. The region will see high adoption rates for products such as sensors, cloud computing, secure data storage, and installation-related services. Manufacturers of smart farming hardware and software products are expanding their market in different countries. Hence, these factors are expected to drive market growth in the region during the forecast period.

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report

Analyst Review

In recent years, smart agriculture has emerged as a transformative force in the farming industry, leveraging advanced technologies to optimize growing conditions and enhance productivity. Cultivators worldwide are increasingly turning to innovative solutions, moving away from conventional farming methods towards a more efficient and sustainable approach.

One of the key components driving this shift is the adoption of LED grow lights, which offer superior energy efficiency compared to traditional lighting systems. By harnessing the power of LED technology, farmers can achieve optimal growth conditions while minimizing energy consumption and reducing costs.

Moreover, the integration of RFID tags and readers, along with infrastructural health sensors, enables precise monitoring and management of agricultural operations. These sensing devices provide real-time data on soil moisture, nutrient levels, and environmental conditions, empowering farmers to make data-driven decisions for soil maintenance, irrigation, and weed control.

Agricultural robots have also revolutionized farm labor management, automating tasks such as fruit picking, harvesting, planting, and plowing. Equipped with advanced guidance systems and RF technology, these robots operate seamlessly in the field, improving efficiency and reducing reliance on manual labor.

Furthermore, the advent of Internet of Things (IoT) technology has facilitated machine-to-machine (M2M) applications, enabling seamless connectivity between various agricultural devices and systems. This interconnected network enables precise inventory management, weather monitoring, and irrigation management, optimizing resource utilization and enhancing crop yields.

In addition to technological advancements, strategic partnerships and collaborations within the industry have accelerated innovation and market growth. However, as the smart agriculture market continues to expand, regulatory scrutiny regarding data privacy and environmental sustainability remains a key challenge for stakeholders.

Nevertheless, the potential of smart agriculture to address global food shortages, mitigate inflationary pressures, and improve market concentration is undeniable. By embracing smart farming practices and leveraging cutting-edge software and hardware, farmers can navigate the complexities of modern agriculture with confidence, ensuring a sustainable future for generations to come.

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Market Overview

In the realm of modern agriculture, smart technology is transforming traditional methods. Cultivators are adopting innovative solutions to optimize growing conditions and increase yields. Conventional lighting systems are being replaced by energy-efficient LED grow lights, reducing costs and environmental impact. This shift towards sustainability aligns with the growing demand for energy efficiency in farming practices. The U.S. Smart Agriculture Market is witnessing exponential growth, driven by advancements in livestock biometrics and RFID technology. These technologies enable precise monitoring and management of livestock, enhancing productivity and animal welfare. As the agricultural sector embraces smart solutions, the future promises increased efficiency, sustainability, and profitability.

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Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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