Smart Agriculture Market Currently Valued at $13.1 Billion in 2022 – IndustryARC

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The Smart Agriculture Market is currently valued at $13.1 Billion in 2022 and is expected to reach a valuation of $20.8 Billion by 2027, growing at a CAGR of 9.5%.

HYDERABAD, TELANGANA, INDIA, Sept. 2, 2022 /EINPresswire.com/ — The smart agriculture market is currently valued at $13.1 billion in 2022 and is expected to reach a valuation of $20.8 billion by 2027, with a CAGR of 9.5%. The integration of IoT and the use of robots, drones, remote sensors and computer imagery for crop monitoring, field surveying and mapping will provide data to farmers to streamline their farming process based on environmental needs, which will rapidly accelerate the growth of this market.

Key points to remember:

1. Precision agriculture will be the fastest growing segment with a CAGR of 10.25% in the smart agriculture market due to the efficient use of water, the ability to collect real-time data on crop variables and reduced herbicide/fertilizer application that will encourage their widespread adoption.

2. APAC region holds the largest market share at 33% owing to rapid technological advancements, increased adoption of techniques such as data analytics and AI to improve productivity, and a population high due to the presence of countries such as India and China.

3. Software will be the fastest growing segment by offering in this market owing to the integration of cloud and web-based software in agricultural tools and the management of huge amount of agricultural data accumulated in the cloud.

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Segmental analysis:

1. The smart agriculture market can be categorized into several segments by types such as precision agriculture, animal husbandry, aquaculture, greenhouse, and others. Among them, precision agriculture will witness the fastest growth with a CAGR of 10.25% during the forecast period 2022-2027.

2. The installation of sophisticated software in sensors, cameras and other monitoring devices installed at particular locations of the farm enables the farmer to monitor various areas of the farm remotely, which greatly improves his ability to make the necessary changes to changing requirements.

3. Smart agriculture market in APAC region will account for the highest share at 33% in 2021. Factors propelling the growth of smart agriculture market in APAC region are increasing population, climate change and water scarcity. Growing automation, technological advancements such as AI, ML, and deteriorating soil quality will give impetus to the growth of this market in this region.

Competitive Landscape:

The top 5 players in the smart farming industry are:

1. AFIMILK LTD

2. AGJONCTION INC.

3. AGCO COMPANY

4. AGEAGLE AIR SYSTEMS INC

5. DEERE&COMPANY

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Related reports:

A. Precision Agriculture Market
https://www.industryarc.com/Report/7444/precision-agriculture-market-forecast.html

B. Market for food and agricultural technologies and products
https://www.industryarc.com/Research/Food-Agriculture-Technology-And-Products-Market-Research-510266

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