July 21, 2024
Smart Agriculture Solutions Market
Ict

Global Smart Agriculture Solutions Market Estimated To Witness High Growth Owing To Rising Adoption of Advanced Technologies

The smart agriculture solutions 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Smart agriculture solutions involve the integration of technologies such as GPS/GNSS, RFID, sensors, connected infrastructure and others, with agriculture practices and equipment. These advanced technologies help farmers to optimize resource utilization, enhance crop yields and reduce wastage. It facilitates precision farming through crop monitoring, soil analysis, irrigation control and livestock monitoring among others.

Market Dynamics:

The growing adoption of advanced technologies such as IoT, connected infrastructure and data analytics is driving the growth of the smart agriculture solutions market. IoT sensors are used for soil and climate monitoring which helps farmers take timely actions to increase productivity. Hydroponics and aeroponics offer controlled environment for crop cultivation and yield improvement. Government initiatives for digitization of agriculture are also propelling the market growth. However, high initial investment costs for precision farming equipment poses a challenge for small scale farmers.

Rising concerns about food security due to increasing global population has also augmented the demand for optimum resource utilization through smart farming techniques. This is positively impacting the adoption of smart agriculture solutions. Furthermore, data science applications in agriculture help farmers gain insights on weather, soil and market patterns for informed decision making.

SWOT Analysis:

  • Strength: Smart agriculture solutions provide precision and accuracy in farming which increases crop yield and farm efficiency. These solutions help farmers monitor soil and weather conditions in real-time which enables better decision making. Adoption of smart technologies reduces cost of labor and chemicals usage resulting in higher profit margins.
  • Weakness: High initial investment costs for deployment of smart agriculture technologies like sensors, devices, software etc makes it unsuitable for small scale farmers. Lack of technical skills and knowledge among farmers is a barrier for effective use of these solutions.
  • Opportunity: Shortage of farm labor and growing need to increase agriculture production globally presents opportunities for smart agriculture solution providers. Rising environmental concerns is driving the demand for sustainable precision farming techniques.
  • Threats: Cyber security threats from malware and hacking can disrupt functioning of connected devices and steal critical farm data. Impact of extreme weather events due to climate change poses risks for crop yields and return on investments

Key Takeaways:

The Global Smart Agriculture Solution Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for smart irrigation and yield monitoring tools globally. Farmers are increasingly adopting solution like soil sensors, guidance systems and farm management software to monitor crop growth in real time and optimize inputs for improving yields.

Regional analysis: North America dominated the smart agriculture solution market in 2023 with market share of over 30% owing to large scale farms and rapid technological adoptions in the US and Canada. Asia Pacific is anticipated to exhibit fastest growth during the forecast period supported by increasing government initiatives for development of smart agriculture practices in major economies like China and India.

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. These players are focusing on developing innovative solutions integrated with IoT, GIS technology, remote sensing and cloud for farm management.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it