by The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 11. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart agriculture solutions help farmers to monitor crop growth, detect diseases, monitor soil conditions, predict yield, and analyze farmland remotely using various technologies such asIoT, wireless sensor networks, GPS systems, and mobile applications. These technologies provide valuable field data to farmers to manage agriculture operations efficiently and boost crop productivity.
Market key trends:
One of the major trends in the smart agriculture solution market is the proliferation of IoT and connected devices in agriculture. IoT enables connectivity between various farm equipment and machinery such as sensors, drones, autonomous tractors, harvesting machines, weather stations, and irrigation systems. The data captured from these connected devices is analyzed using analytics solutions to gain real-time insights to improve farm production. IoT helps farmers to remotely monitor crop and soil condition, control irrigation systems, manage machinery operations, and take preventive actions. This is expected to drive significant growth in the smart agriculture solution market during the forecast period.
SWOT Analysis
Strength: Smart agriculture solutions allow farmers to efficiently monitor crops and soil conditions from remote locations in real-time. This helps optimize resource usage and maximize yields.
Weakness: High initial investment costs for precision farming equipment and IoT sensors limit their adoption among smallholder farmers. Lack of internet connectivity in rural areas also poses challenges.
Opportunity: Growing global population is increasing the demand for food, necessitating sustainable and productivity-enhancing smart agriculture practices. Government initiatives are promoting digital agriculture.
Threats: Cybersecurity threats can compromise data privacy and system integrity. Over-reliance on technology reduces traditional farming skills.
Key Takeaways
The Global Smart Agriculture Solution Market Size is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing need to improve farm productivity and optimize resource usage.
Regional analysis: North America dominates the market currently due to large scale smart farms and presence of major players. However, Asia Pacific is expected to grow at the fastest pace owing to initiatives promoting smart agriculture in countries like China and India. Governments are providing subsidies for smart irrigation systems and IoT devices.
Key players operating in the Smart Agriculture Solution market are Dirt Road Data, Inc., AgJunction LLC, Iteris, Inc., Site-Specific Technology Development Group, Inc., CropMetrics LLC, Trimble Navigation Ltd., Agribotix LLC, AgEagle Aerial Systems Inc., Granular, Inc., AgriSight, Inc., and SemiosBio Technologies Inc. AgJunction focuses on precision farming hardware and software, while Trimble provides integrated precision agriculture solutions. CropMetrics and Granular offer cloud-based data management portals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
