by Smart Agriculture refers to the use of various technologies like IoT sensors, automation, robotics and analytics to help farmers monitor their crops and resources like soil, water in real time. This helps farmers take quicker decisions to maximize crop yields. Smart Agriculture solutions help optimize resource usage through precision farming which leads to higher productivity and quality. The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of advanced technologies like IoT, AI and machine learning is a major factor driving growth in the smart agriculture market. These technologies help farmers gather real time data through sensors in fields regarding weather, soil quality, moisture levels etc. and analyze these insights to take informed decisions regarding irrigation, fertilizer use etc. AI and machine learning tools also help in predicting crop yields more accurately which helps farmers plan their production and minimize food wastage. Technologies are also optimizing agricultural logistics and supply chain through real time monitoring of food transport and storage. This is decreasing food spoilage and improving the efficiency of farming operations.
SWOT Analysis
Strength: Smart agriculture solutions enable efficient farm management and maximize crop yields through precision farming techniques. This reduces costs and increases profits.
Weakness: Initial investments required for setting up the smart agriculture infrastructure are quite high. This poses affordability challenges, especially for small farmers.
Opportunity: Increasing global population and declining arable land emphasize the need for optimized agriculture production. This drives the demand for smart agriculture technologies.
Threats: Cybersecurity threats can compromise sensitive farm and crop data. Lack of proper network infrastructure in remote areas also restricts the scope of smart agriculture adoption.
Key Takeaways
The Global Smart Agriculture Solution Market Size is expected to witness high growth over the forecast period driven by the need to optimize agriculture production.
Regionally, North America currently dominates the market owing to widespread technological adoption. However, Asia Pacific is expected to offer lucrative opportunities with rapid digitalization of the agriculture sector in countries like India and China.
Key players operating in the smart agriculture solution market are Halliburton, Ashland Global Specialty Chemicals Inc., Ecolab Inc., Baker Hughes Inc., Innospec Inc., JSC Gazprom Neftekhim Salavat, BASF SE, Evonik Industries AG, Clariant AG, GasHydrate LLC, and Schlumberger Limited. These players are focusing on developing advanced solution offerings and establishing strong distribution networks to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
