September 23, 2022 05:26 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Smart Agriculture Market Size, Share, Growth Analysis Report By Type (Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse, and Others), By Offering (Hardware, Software, and Services), By Application (Irrigation Management, Yield Management, Crop Scouting, Field Mapping, Weather Tracking & Forecasting, Inventory Management, and Farm Labor Management), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Smart Agriculture Market size & share was valued at approximately USD 17,392.40 million in 2021. The market is expected to grow above a CAGR of 9.30% and is anticipated to reach over USD 29,653.81 million by 2028.”
The report analyses the drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Smart Agriculture market.
Smart agriculture describes an integrated management approach to growing the agricultural industry. Big data, cloud-based services, and the Internet of Things are just a few of the cutting-edge technologies used (IoT). For data analytics, field mapping, irrigation control, weather monitoring, soil scanning with sensors, and labor management, smart agriculture also uses optimization platforms, GPS, telecommunication, sensors, satellites, and wide area networks. Farmers can use these tools to harvest crops, manage inventories, and purchase essential supplies to increase crop yields.
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The use of modern technologies in agricultural products drives the market growth
One of the main factors propelling the growth of the global smart agriculture market is the increasing acceptance of the technology across various applications, including smart greenhouses, precision farming, aquaculture, and animal monitoring, to ensure minimal manual intervention. In keeping with this, integrating cloud-based artificial intelligence (AI) and Internet of Things (IoT) solutions to perform ongoing agricultural monitoring is another growth-inducing driver. The market is expanding due to the introduction of several advanced gadgets, including digital screens, smart sensors, contemporary biologicals, and robotic automation. Governments from many countries are launching several measures to encourage sustainable agricultural practices due to growing environmental concerns, fostering further market expansion. As a result, the ecosystem is better able to maintain balance, resulting in optimal agricultural output and food security.
Additionally, the growing use of light-emitting diode (LED) grow lights in the CEA setup, combined with the increasing acceptance of the controlled environment agriculture (CEA) concept in greenhouses, is boosting market growth. A good outlook for the market is being created by additional variables, such as the growing need for livestock technology to spot early diseases and significant research and development (R&D) efforts to introduce improved agricultural techniques.
Key questions answered in this report:
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Smart Agriculture Market: COVID-19 Impact Analysis
In the midst of the ongoing COVID-19 outbreak, astute participants in the agricultural market have been operating at breakneck speed in order to meet the massive demand for products of the highest possible quality. As more people become aware of the importance of maintaining a high level of food safety, participants in the smart agriculture sector have been subjected to a stringent inspection of their contactless equipment management and other activities.
Key Insights from Primary Research
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Smart Agriculture Market: Segmentation Analysis
The global smart agriculture market has been segmented into type, offering, application, and region.
Based on the type, the smart agriculture market is segregated into precision farming, livestock monitoring, precision aquaculture, precision forestry, smart greenhouse, and others. Among these, the livestock monitoring segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the offering, the smart agriculture market is segregated into hardware, software, and services. Among these, the software segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.
Based on the application, the smart agriculture market is segregated into irrigation management, yield management, crop scouting, field mapping, weather tracking & forecasting, inventory management, and farm labor management. Among these, the irrigation management segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.
The global smart agriculture market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America dominated the global market for smart agriculture in 2021. Increased government initiatives and rules to advance the region's agricultural industry are anticipated to support regional demand in North America during the projected period. Several agricultural organizations came together to form the North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and supplying growers with tools for sustainable agricultural productivity.
In response to the rising concern over water conservation, governments in North America are aggressively providing incentives to improve the applications of smart irrigation. For instance, the state of California has discounted smart controllers.
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The report contains qualitative and quantitative research on the global Smart Agriculture Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Smart Agriculture market include:
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The global Smart Agriculture market is segmented as follows:
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