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.
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
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)
Smart Agriculture by Region Outlook (Revenue, USD Billion, 2018 – 2030)