A study by Future Market Insights (FMI) predicts that the global market for smart agriculture solutions will grow at a CAGR of 10.3% during the forecasted time. The market for smart agriculture solutions is anticipated to reach a value of more than US$ 13.2 billion by the end of 2031.
The adoption of advanced technology, such as artificial intelligence in drones, will fuel market expansion by increasing agricultural production.
An important factor influencing demand for cutting-edge agricultural technologies, such as sensor-based variable rate technology, is the growth of the agriculture sectors in China, Australia, and India.
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Global demand for smart agriculture solutions increased at a CAGR of 5.7% from 2016 to 2020. Thanks to the adoption of precision farming and agriculture 5.0 technology, sales of smart agriculture solutions increased by 4.6 percent in 2021.
As precision farming and smart greenhouses gain in popularity, there will be a greater demand for sensor-based and map-based solutions. According to FMI, the global market for smart agricultural solutions would grow by 6.8% annually in 2021.
FMI’s Smart Agriculture Solution Market Study Highlights
- The variable rate technology category is expected to grow at the fastest rate through 2021 and beyond.
- The hardware category, which accounts for about half of the market share, is predicted to expand the quickest.
- Through 2031, the drones sector will account for a significant portion of the worldwide market.
- During the projected period, the sensor monitoring system segment is predicted to increase significantly.
- Through 2031, India is predicted to be one of the most attractive markets for smart agricultural solutions.
- Latin America’s smart agricultural solution market is predicted to develop at a CAGR of 12.3% during the forecast period, with Brazil leading the way.
Competitive Landscape
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 Ex:
- Dirt Road Data Inc.
- Iteris Inc.
- CropMetrics LLC
- Agribotix LLC
- AgriSight Inc.
- SemiosBio Technologies Inc.
- Granular Inc.
- Trimble Navigation Ltd.
- Site-Specific Technology Development Group Inc.
Why is the Demand for Smart Agriculture Solution Hardware Increasing?
As per the study, the hardware sub-segment of the component segment in smart agriculture solution market is expected to account for more than 50% of global market share. Increasing adoption of drones in agricultural activities to improve the crop productivity is the major factor driving the growth in the segment.
Also, integration of smartphones and adoption of artificial intelligence in sensor monitoring system and GPS enabled ranging system to monitor and manage the farm in precision farming will boost growth in the segment.
Due to the surging demand for automation in precision farming, smart agriculture solution providers are introducing new products such as drones with GPS and aerial-climate detection to expand their customer base.
For instance, in November 2021, XAG, leading agriculture robotics and AI-powered smart agriculture solution provider, launched its V40 and P40 Agricultural Autonomous Drone, that can conduct mapping, spraying, and broadcast on farm, supporting farmers’ transition to climate smart practices and reducing carbon footprints.
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Smart Agriculture Solution Market by Category
Component Type:
- Hardware
- Sensor Monitoring System
- Smart Detection System
- GPS Enabled Ranging System
- Drones
- Software
- Services
- Climate Information Service
- Supply Chain Management Service
- Others (System Integration, Maintenance and Consulting Service)
Application:
- Automated Machinery Guidance Control
- Tractor Collision and Obstacle Detection
- Machinery Safety and Parameter Monitoring
- Variable Rate Technology
- Building and Premises Surveillance
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa
- Japan
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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