According to the report by Future Market Insights (FMI), the global smart agriculture solution market will register growth at 10.3% CAGR during the forecast period. Sales of smart agriculture solution across the globe are estimated to surpass US$ 13.2 Bn by the end of 2031.
Increasing adoption of advanced technologies such as artificial intelligence in drones to improve the crop production will drive the market growth.
Expansion of agriculture sector across India, Australia, and China is the major factor fueling the demand for modern technologies such as sensor based variable rate technology in agriculture sector.
Historically, the global smart agriculture solution market grew at 5.7% CAGR between 2016 and 2020. With advent of precision farming and adoption of agriculture 5.0 technologies, sales of smart agriculture solution registered an inclination of 4.6% in 2021.
With increasing adoption of precision farming and smart greenhouses application, demand for sensor based and map based technologies will drive the sales. As per FMI, the global smart agriculture solution registered year-on-year growth of 6.8% in 2021.
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Key Takeaways from FMI’s Smart Agriculture Solution Market Study
- In terms of application, variable rate technology segment is anticipated to record highest CAGR through 2021 & beyond
- Based on component, hardware segment is expected to witness fastest growth, accounting for nearly half of the market share
- Drones segment will account for substantial global market share through 2031
- Sensor monitoring system segment is expected to witness significant growth during the forecast period
- India is expected to emerge as one of the most lucrative smart agriculture solution market through 2031
- With Brazil leading the growth of Latin America smart agriculture solution market, Latin America is expected to record a CAGR of 12.3% during the forecast period
“Smart agriculture solution providers are collaborating with local and small- and medium sized agriculturists and IT companies to expand their product portfolio. Besides this they are integrating advanced technologies such as artificial intelligence and machine learning to offer smart farming solutions. This is expected to improve the crop productivity and efficiency,” says the FMI analyst.
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As per the study, key players operating in the smart agriculture solution market are investing in developing modern and smart agriculture products such as smart aerial drones to gain competitive edge.
Some of the players are focusing on introducing new products and forming strategic partnerships with local agricultural product providers to expand their consumer base. For instance:
- In March 2021, to improve cow comfort and hoof condition, leading player DeLaval announced the launch of its new robot collector series, DeLaval robot collector RC550 and RC700, designed for solid floors with unique rotary manure intake system.
- In November 2020, John Deere, to improve the crop yield in precision farming, announced the launch of its new precision agriculture farming application Auto Path which uses data collected from the first pass in the field to establish precise row guidance for all field passes.
Get Valuable Insights on Smart Agriculture Solution Market
Future Market Insights, in its updated report, presents an exhaustive analysis on the global smart agriculture solution market, covering historical demand data and forecast figures for the period between 2021 and 2031. The study divulges compelling insights on growth drivers and market potential in detailed segmentation basis of component (hardware (sensor monitoring system, smart detection system, GPS enabled ranging system, and drones), software, and services (climate information service, supply chain management service, and others)) and application (automated machinery guidance control, tractor collision and obstacle detection, machinery safety and parameter monitoring, variable rate technology, and building and premises surveillance) across seven major regions including North America, Latin America, Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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