Smart Agriculture Market Size to Grow by USD 13.1 Billion As Precision farming Is Projected To Be A Fastest Growing Segment

IndustryARC, in its latest report, predicts that Smart Agriculture Market size is forecast to reach $13.1 billion by 2027, at a CAGR of 9.5% during 2022-2027. The adoption of advanced technologies such as internet of things (IoT), ML (Machine Learning), GPS (Global Positioning System), GIS (Global Information System), and other technologies has drastically enhanced productivity, reduced the cost of production, and preserve the health of the soil in the long run. The integration of IoT and the usage of robots, drones, remote sensors, and computer imaging for monitoring crops, surveying, and mapping fields will provide data to farmers to rationalize their farming process according to environmental needs, which will rapidly accelerate the growth of this market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

This IndustryARC report on the Smart Agriculture Market highlights the following areas –

• Precision farming will be the fastest-growing segment with a CAGR of 10.25% in the Smart Agriculture market due to efficient water usage, ability to collect real-time data on crop variables, and reduction in herbicide/fertilizer application which will encourage their widespread adoption.

• APAC region holds the largest market share at 33% due to rapid technological advancement, increased adoption of techniques such as data analysis and AI to enhance productivity, and high population owing to the presence of countries such as India and China.

• Software will be the fastest-growing segment by offering in this market due to the integration of cloud and web-based software in agricultural tools and management of the huge amount of agri-data that is being accumulated in the cloud.

Segmental Analysis:

• The Smart Agriculture market can be classified into many segments according to types such as Precision Farming, Livestock farming, Aquaculture, Greenhouse, and others. Among them, Precision Farming will have the fastest growth at a CAGR of 10.25% in the forecast period of 2022-2027.

• Software will be the fastest growing segment in this sector which will grow at a CAGR of 10.86% in the forecast period. Ease of integration of software in agri tools, reduction in labour costs and real-time data collection are some of the major factors that are driving the growth of software in the Smart Agriculture market.

• The Smart Agriculture market in the APAC region will account for the highest share at 33% in 2021. The factors that are propelling the growth of the Smart Agriculture market in APAC are increasing population, climate change, and water scarcity. Rising automation, technological advancements such as AI, ML, and deteriorating soil quality will provide impetus to the growth of this market in this region.

Source: https://www.einnews.com/pr_news/600340300/smart-agriculture-market-size-to-grow-by-usd-13-1-billion-precision-farming-to-be-a-fastest-growing-segment