Industry Size, Regions, Emerging Trends, Growth Prospects, Opportunities and Forecasts by 2027 – The Greater Binghamton Business Journal

The global smart agriculture market was rated at $15,390.2 million in 2020 at $29,234.6 million by 2027, at a CAGR of 9.7% from 2021 to 2027. Agriculture is one of the most important activities in most countries in the world. It has evolved from a manual craft to one based on technology in all its aspects. Additionally, smart agricultural services for farmers and land managers enable them to better manage the risks and impacts of climate change and take action. Additionally, smart farming services help farmers decide what to do next with their farm and how technology provides data for better agricultural production at low cost. Additionally, services such as consulting, support and maintenance, and others provide accuracy and precision, which are essential aspects of farming. Thus, increased benefits for farmers and land managers to mitigate risk and provide better agricultural production technology further drive the market growth.

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There is an increase in the adoption of smartphones and other mobile devices among farmers as these provide farmers with the latest developments in agriculture. Additionally, farmers depend on broadband and other wireless technologies to keep up with the latest news in their area of ​​interest and participate in hands-on knowledge-sharing initiatives in the agricultural industry. Thanks to the Internet, agricultural resources are available in a wide range of local languages, which helps farmers to become aware of the skills of the agricultural industry and stimulate the growth of the market for smart agriculture.

Vertical farming is a revolutionary approach used to produce vertically stacked layers of food such as a skyscraper, used warehouse, or shipping container. It facilitates a huge amount of nutritious and quality fresh food without relying on favorable weather conditions, high water consumption, skilled labor and soil fertility. Moreover, there is an increase in the demand for vertical farming, due to different factors such as the optimal use of vertical space, the balanced use of energy and the growth of urban population, which requires organic food. Additionally, surging adoption of technology-driven vertical farming in developing countries is expected to provide a lucrative opportunity for market growth. In addition, an increase in population leads to an increase in the gap between supply and demand for food. Thus, the need for alternative farming techniques such as vertical farming is expected to grow in the near future.

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Global Smart Agriculture Market Dynamics

Factors: Ease of monitoring and crop harvesting

Technologies developed in smart agriculture are being used in remote research stations and refugee camps in flooded or earthquake-affected areas. In such cases, various growth mechanisms used in agriculture contribute to the artificial growth of the crop in a controlled environment. Additionally, the use of the Internet of Things in components used in agriculture reduces human intervention and follows the growth of the crop. This, in turn, reduces labor costs and material waste. Additionally, farmers are adopting smart agriculture to maintain, monitor and control proper soil moisture for better plant growth, quality and overall yield, which is the major growth driver of the market.

Constraints: Lack of skilled labor to exploit smart farming technologies

In developing countries like India, Brazil and China, despite advances in technology, less attention is paid to smart farming. Moreover, the current state of agriculture is not satisfactory to produce maximum harvest due to lack of skilled labor and farmers’ awareness of smart farming technologies. Moreover, experienced farmers are not ready to do farming and head to the metropolises to find a job. Furthermore, no clear and unambiguous direction is available regarding the Center’s financial and technical support at Panchayat levels, which can provide comprehensive advice or knowledge on the use of smart farming tools. Hence, the lack of technical support and awareness among farmers is limiting the growth of the smart farming market.

Opportunities: Increased Adoption of Vertical Farming

Vertical farming is a revolutionary approach used to produce vertically stacked layers of food such as a skyscraper, used warehouse, or shipping container. It facilitates a huge amount of nutritious and quality fresh food without relying on favorable weather conditions, high water consumption, skilled labor and high soil fertility. Moreover, there is an increase in the demand for vertical farming, due to different factors such as the optimal use of vertical space, the balanced use of energy and the growth of urban population, which requires organic food. Furthermore, an increase in the adoption of technology-driven vertical farming in developing countries is expected to provide a lucrative opportunity for market growth. In addition, an increase in population leads to an increase in the gap between supply and demand for food. Thus, the need for alternative farming techniques such as vertical farming is expected to grow in the near future.

Report scope

The study categorizes the smart agriculture market based on type, component, and region.

By Outlook Type (Sales, USD Million, 2017-2027)

  • Precision farming
  • Cattle
  • Aquaculture
  • Tight

Outlook by Component (Sales, USD Million, 2017-2027)

  • Software
  • kind of service
  • Type of connectivity technology

Outlook by Region (Sales, USD Million, 2017-2027)

  • North America (United States, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)

Precision agriculture, by type segment, accounts for the largest market share

By type, the smart agriculture market is split into precision agriculture, animal husbandry, aquaculture, and greenhouse. The precision agriculture segment is expected to generate the highest revenues in 2027. Precision agriculture, also known as satellite agriculture, is an agricultural management concept based on observation, measurement and response to inter- and intra-field crop variability. Additionally, precision agriculture is an agricultural management approach that uses information technology to ensure that crops and soil receive exactly what they need for optimal health and productivity.

Precision agriculture is undergoing rapid transformation from both a service and product perspective. Business model transformation, technological disruption and organizational change create an exciting yet challenging opportunity. Additionally, software and hardware technological improvements are opening a new chapter in agriculture, especially with the introduction of smart sensors, robotic automation, modern biologics, digital data and many large incumbents, which have identified the need to adopt precision agriculture. Thus, the increase in technological revolution in precision agriculture drives the growth of the global smart agriculture market in terms of sales value.

North America accounts for the highest CAGR over the forecast period in the smart agriculture market

Based on region, the global smart agriculture market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has a growth rate of 12.1% and a revenue share of 22.94% globally during the forecast period.

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The North America Smart Agriculture Market is studied in the United States, Canada, and Mexico. In terms of macro-economic factors, the United States is the world’s largest economy by GDP, with greater flexibility than Western European companies. Furthermore, an increase in the demand for smart agriculture is expected to generate growth opportunities for market players in several developed economies across North America. Additionally, the market is expected to grow in this region, driven by a large number of established players and an increase in government initiatives for smart agriculture across the region. Rising population and improving lifestyle are the key factors driving the growth of the smart agriculture market. An increase in purchasing power in this region significantly boosts the sale of smart agricultural products in this region. Additionally, technological advancements in crop production and increase in the production of hybrid crops are expected to provide lucrative opportunities for market growth. Also, the high expenditure on premium smart agricultural products is due to the high per capita income and the current tendency of farmers to use advanced technologies in agriculture.

Main market players

Major players operating in the smart agriculture industry include Trimble Inc., Deere & Company, Topcon Positioning Systems, DeLaval Inc., AgEagle Aerial Systems Inc., Afimilk Ltd, Raven Industries, Inc., Ag Junction LLC., AGCO Corporation and GE Group.

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