12, December 2022
The agriculture industry is constantly losing its workforce due to the rise in urbanization, increased migration of local laborers, and lower farm revenue. These factors have led farmers to look for new solutions. Smart farming has gained momentum with automation in activities using technologies such as the IoT, big data & analytics, artificial intelligence and machine learning. The global smart agriculture market is anticipated to surge at a CAGR of 10.35% over the forecast period 2022-2028.
With a boom in population, food demand is anticipated to rise incrementally by 2050. There will be immense pressure on farmers to increase crop production and yield. This can only be achieved by increasing the land to grow crops or opting for new techniques, such as precision and vertical farming. The use of technologies, such as LED indoor farming, to create nature-like conditions will help farmers to match the expected demand for food supply in the future.
According to our reports, based on the type segment, precision farming currently holds the largest share of over 42.04% and is anticipated to maintain its stronghold throughout the forecast period.
Precision farming is experiencing a rapid transformation from a service and product perspective. The emergence of smart sensors, robotic automation, sophisticated biologicals, digital data, and many big incumbents are a few technological advancements that are ushering a new era in agriculture. The integration of technology in precision farming equipment is anticipated to drive the studied market’s growth.
Irrigation products have been a major contributor to the precision farming market. With the growing need for appropriate agricultural equipment, variable rate application (VRA) products are expected to propagate the studied market in the next five years.
Globally, the Asia-Pacific smart agriculture market is projected to be the fastest-growing region during the forecast period 2022-2028. The region presents immense scope for development, owing to the increasing urban population size, growing penetration of the internet in farm management, and favorable government investments. Moreover, the presence of economically advancing countries such as India and China is expected to create avenues for precision agriculture in the region.
A shift in the global aging demographic has prompted the adoption of automation in farming practices.
Automation and control system manufacturers have seen a significant increase in sales due to this profound change in the farming industry.
Over the last 5 years, agricultural robots have been deployed for the purpose of crop management. These robots selectively treat soil and crops based on their needs, thereby reducing manual labor. Out of all the robots used in smart farming, UAVs/drones generated the most revenue.
In recent years, partnership and collaboration have been key strategies for expansion in the smart agriculture farming market. With the increasing growth in the global market, companies in this industry have incorporated collaborative strategies with other agricultural OEMs to remain competitive.
Some of them are as follows:
In May 2022, AGCO Corp acquired JCA Industries Inc (a leading autonomous software provider of agricultural-related products) to enhance the company’s automation system portfolio.
In June 2021, AgJunction Inc collaborated with Robert Bosch LLC to join the NEVONEX partner network. The partnership integrated NEVONEX into AgJunction’s hardware modules. The collaboration also enabled AgJunction Inc to provide its customers with a wider range of automated processes.
In February 2021, DroneDeploy collaborated with Corteva Agriscience, a leading manufacturer and supplier of agricultural seeds and chemicals, to design, develop, and provide advanced artificial intelligence and machine learning platforms to farmers to improve productivity.
In January 2021, Farmers Edge Inc collaborated with Google Cloud to promote the company’s services and boost its program’s implementation of artificial intelligence, machine learning, and predictive analysis.
Technological advancements and their incorporation into farming activities have benefited the agricultural sector. Out of all the equipment, such as sensors and robots, drones are anticipated to revolutionize the sector, as companies and farmers are eager to incorporate them into their business models. According to the Association for Unmanned Vehicles Systems International (AUVSI), around 80% of commercial drones will eventually be used for agriculture. The data collected from drones help farmers to improve the yield and provide water, fertilizer, and chemical pesticides to the crops when needed. It also helps to monitor crop health while checking for signs of diseases. Thus, the increasing benefits of automation and the use of drones in agriculture are anticipated to create new avenues for the smart agriculture market.
The global smart agriculture market was valued at $12.52 billion in 2021 and is expected to reach $24.88 billion by 2028.
Q2) Which segments are covered under the smart agriculture market?Type and component are the segments covered in the smart agriculture market.
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