Smart Agriculture Solution Market to grow US$ 44,358.5 Mn by end of 2027, Says Coherent Market Insights

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Market Drivers

1.  Increasing pressure on the food supply system due to rising global population is expected to drive growth of the global Smart Agriculture Solution market during the forecast

The global food supply system has been witnessing massive pressure with a rapidly increasing population across the globe. According to the United Nations (UN), the global population is expected to reach 9.7 billion by 2050 and around 11 billion by 2100, increasing from 7.75 billion in 2020. Growing population has encouraged farmers and agriculture organizations to focus on better yield or produce at a lesser cost. Smart Agriculture Solution technologies such as drone farming, IoT, robotics, and artificial intelligence can aid in increasing the quality and quantity of the products while optimizing human labor.

2.  Growing focus of farmers on livestock monitoring and disease detection is expected to propel the global Smart Agriculture Solution market growth over the forecast period.

Farmers across the globe are laying significant emphasis on livestock monitoring, due to the potential risk regarding the outbreak of the zoonotic virus. Therefore, these farmers are increasingly adopting advanced smart farming technologies such as IoT and robotics to increase their yields and optimize the labor required.

Market Opportunities

1.  Increasing adoption of drones in agricultural activities can present lucrative growth opportunities

Agriculture drones are witnessing significant popularity across the globe as they are used for various applications including monitoring crops, assessing crop growth, spraying insecticides and herbicides, and increasing crop production. Recently, in December 2020, XAV launched a new series of smart agri-tech including XAG Agricultural Drone and two editions of R150 Unmanned Ground Vehicle.

2.  Growing focus on the integration of smartphones with agricultural hardware and software applications can provide major business opportunities

Smartphones have become a useful tool in modern agricultural practices as their mobility is complementary to the nature of farming. Since smartphones are highly accessible and available at a comparatively cheaper price, their integration has become an important part of smart farming. Furthermore, these smartphones can be integrated with agricultural hardware such as irrigation devices. Furthermore, they can also be used to capture and process digital images of the soil nearby the root zone of the crop.

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Market Trends

1.  Advent of Precision Farming

Precision farming or precision agriculture has emerged as a novel method of farming management that is based on observing, measuring, and responding to inter and intra-field variability in crops. The primary goal of precision farming is to define a decision support system for the entire farm management and optimize returns. With rising adoption of drones and AI, precision farming is expected to gain significant traction in the near future.

2.  Smart greenhouse

Smart greenhouse refers to a novel agricultural practice where a self-regulating, microclimate is created suitable for plant growth through the use of actuators, sensors, and monitoring and control systems, in order to optimize growth conditions. Smart greenhouse offers various benefits including enhanced irrigation and fertilization practices, infection control and prevention of disease outbreaks, prevention of theft and improved security, etc.

Competitive Section

Major companies involved in the global Smart Agriculture Solution market are Ag Leader Technology, AGCO Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., Deere & Company, Trimble Inc., DeLaval Inc., and BouMatic Robotic B.V.

Major companies are focused on partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in May 2021, Wadhwani AI partnered with Google.org to deploy artificial intelligence to prevent crop damage.

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Global Smart Agriculture Solution Market, By Region:

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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