The smart agriculture global industry size accounted for US$ 18.12 billion in 2021 and it is expected to reach US$ 43.37 billion by 2030, at a CAGR of 10.2% from 2022 to 2030.

Smart agriculture is a fairly new term and the majority of farmers are not familiar with what exactly stands behind it. In this post, we will shed light on the concept of smart agriculture and why it is the future of farming.

The smart agriculture global industry size accounted for US$ 18.12 billion in 2021 and it is expected to reach US$ 43.37 billion by 2030, at a CAGR of 10.2% from 2022 to 2030.

Using new technologies, smart agriculture enables farmers to grow crops more efficiently. Growing technical breakthroughs and the adoption of novel technologies are two significant reasons driving the global smart agriculture market forward. Over the projected period, technologies such as the internet of things, artificial intelligence, blockchain, and machine learning are offering attractive chances for the worldwide smart agriculture market's growth and development.

Growing government initiatives for the use of latest and innovative technologies are another factor propelling the global smart agriculture market forward. Furthermore, governments in many emerging and developed regions are granting tax breaks to market participants in the smart agricultural sector. Furthermore, the government is heavily investing in the worldwide smart agriculture market's expansion.

North America is the largest segment for smart agriculture market in terms of region.The U.S. is dominating the smart agriculture market in the North America region. The expanding government initiatives and favorable rules for the advancement of the agriculture sector are credited with the rise of the smart agriculture market in the North American area. Furthermore, the government of this region is offering subsidies and tax breaks to encourage the growth of the smart agriculture sector. All of these reasons are propelling the smart agriculture market in North America to new heights.

Asia-Pacific region is the fastest growing region in the smart agriculture market.Growing government initiatives for the agriculture industry is driving the growth of the smart agriculture market in the Asia-Pacific region. Countries like Singapore, Japan, and India are working hard to expand the smart agricultural business in this region. As a result, the surge in organic agriculture acceptance is also driving the growth of the Asia-Pacific smart agriculture market.

Smart Agriculture Technology Fundamentals

Growing research and development activities

The government of emerging and established regions is constantly working towards the growth of global smart agriculture market. The government of such regions is heavily investing in research and development activities for the development of smart agriculture market. In addition, market players are also doing research for launching new products in the market. As a result, growing research and development activities are driving the growth of global smart agriculture market during the forecast period.

Lack of adequate resources and infrastructure

The infrastructural development in agriculture sector is very important. But in some of the developing and underdeveloped regions lack in such resources. Moreover, these regions do not have proper policies in terms of agriculture industry development. Not even government is working towards this concern. Thus, lack of adequate resources and infrastructure restricts the growth and development of global smart agriculture market.

Growing technological advancements

The advance technologies are used for efficient use of smart agriculture equipment and techniques. The technologies such as artificial intelligence, blockchain, internet of things, and data management software are used widely for the development of smart agriculture market. This is also helping farmers with increased yield and productivity. As a result, growing technological advancements are creating new opportunities for the growth of global smart agriculture market over the forecast period.

Growing concerns regarding data management

The information and data obtained through smart agriculture software and tools is very confidential and crucial in nature. The data which is recorded using smart agriculture tools helps farmers with accurate decision making. Therefore, this data should be managed properly. But there are no strict regulations or guidelines regarding data management. Thus, growing concerns regarding data management is a major challenge for the growth of global smart agriculture market.

To Know Which Types Are Included in the Smart Agriculture, Download PDF Brochure