Smart Agriculture Market Worth $32.1 Billion By 2030 | CAGR: 10.4%
The global smart agriculture market is projected to reach USD 32.1 billion by 2030 and is expected to grow at a CAGR of 10.4% during the forecast period, as per a new research report published by Polaris Market Research. The report ‘Smart Agriculture Market, By Application (Precision Farming, Yield Monitoring, Soil Monitoring, Irrigation System, Fish Farming, Horticulture, Livestock Monitoring, Smart Greenhouse, Others); By Component, By Region, Market Size & Forecast, 2022 – 2030’ offers a wide analysis of different applications in smart farming along with insights related to current and future trends in the market.
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During the last decade, the agricultural industry has encountered a major transformation due to increasing food demand and worsening climatic conditions globally. This paradigm shift has been due to the increasing human population and the depletion of natural resources. Sustainable agricultural practices are the need of the hour. Since the 2000s, this industry has been experiencing the leveraging of many modern-day technologies to solve this supply side and climatic uncertainty.
Many AgriTech companies are providing smart agricultural solutions backed by technologies like – Big data, Remote sensing, AI, Blockchain, Machine Learning, etc. These practices can help farmers to improve their yields by optimizing the inputs and automating farming activities. Improving crop production and its quality, better crop management, and better irrigation facilities drive the need to adopt these technologies. Other factors driving the smart agriculture market include a limited supply of manual labor, rising labor costs and constantly changing weather patterns, etc.
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However, the high initial investment costs of adopting these technologies, improper knowledge of utilization, and power unavailability might be the restraining factors in the growth of this market. Cumulatively, this market is anticipated to have significant growth in the forecast period owing to the rising demand for sustainable agricultural practices from different developed and emerging economies in North America and Asia-Pacific regions.
Smart Agriculture Market Report Highlights
- In 2021, North America dominated the smart agriculture market. The reasons for leading this market are attributed to high market penetration in the U.S., key players supported by extensive R&D activities, and the presence of a proper regulatory environment in this region.
- During the forecast period, Asia Pacific countries like Singapore, India, and Japan are expected to experience the highest growth rate due to rising support from the government and the entering of many new players.
- The impact of Covid 19 pandemic had remain moderate for this sector. Factors playing against the growth of this market are labor supply shortages and supply chain disruptions due to lockdowns implemented by the government. But stringent government regulations regarding food safety and increasing awareness of health boost the need for adopting smart agricultural solutions.
- In the forecast period, software segment is anticipated to dominate the market due to increasing technological advancements and their implementation. The growth for this segment has been attributed to the rapid adoption of smartphones globally and greater investments in IT solutions from private players.
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Polaris Market Research has segmented the global Smart Agriculture market on the basis of component, Application and region:
Smart Agriculture by Component Outlook (Revenue, USD Billion, 2018 – 2030)
Smart Agriculture by Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Precision Farming
- Yield Monitoring
- Soil Monitoring
- Irrigation System
- Fish Farming
- Livestock Monitoring
- Smart Greenhouse
Polaris Market Research
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